Employee Ownership Representation Act of 2025
What changed between versions
Establishes the Office of Employee Ownership within the Department of Labor (outside the Employee Benefits Security Administration), to be created within 90 days of enactment, headed by a Director appointed by the Secretary of Labor. The office is responsible for carrying out the Employee Ownership Initiative from the SECURE 2.0 Act of 2022.
Creates a 7-member Advisory Council on Employee Ownership with a defined composition: 4 employee representatives, 1 representative of companies with ESOPs or worker-owned cooperatives, 1 ESOP provider representative, and 1 association representative. Members serve 2-year terms, no more than 4 may share the same political party, and the council must meet at least 4 times per year.
Adds a new section 3005 to ERISA establishing an Advocate for Employee Ownership within the Employee Ownership Initiative. The Advocate serves as a liaison between the Department of Labor, ESOP stakeholders, and other agencies (SBA, Treasury, Commerce, state and local governments), provides public education, helps resolve disputes, and recommends legislative or administrative changes to promote employee ownership.
The Advisory Council must submit an annual report to the Secretary of Labor with recommendations on carrying out the Act's functions. Members are compensated at the Level IV Executive Schedule rate plus travel expenses.
The Advocate for Employee Ownership must submit an annual report to the Senate HELP Committee and House Education and Workforce Committee by December 31 of each year, summarizing assistance requests, evaluating effectiveness, identifying problems, making recommendations, and describing progress in employee ownership. Reports must also be made publicly available.
Authorizes appropriations for the Advocate for Employee Ownership position, compensated at the Level V Executive Schedule rate.
Corrected a statutory citation from '29 1142(a)' to '29 U.S.C. 1142(a)' in the effective date provision.