The bill establishes an Advocate for Employee Ownership within the Department of Labor to promote employee ownership. The advocate's duties include consulting with employee ownership stakeholders, providing public education, assisting in dispute resolution, identifying potential legislative changes, and coordinating with federal agencies and state and local governments. The Secretary of Labor is required to seek advice from the advocate when developing regulations related to employee stock ownership plans. The advocate will receive compensation at the level of level V of the Executive Schedule and must submit an annual report to Congress. The bill authorizes necessary appropriations for these purposes.