The Employee Ownership Financing Act aims to promote employee ownership in businesses across the United States, particularly in situations where facilities are at risk of closing. The legislation seeks to empower workers by facilitating their ability to purchase their workplaces through employee stock ownership plans and worker-owned cooperatives. A key aspect of the Act is the establishment of the Office of Employee Ownership within the Department of Labor, which will oversee the Employee Ownership Initiative and manage a loan program designed to help workers buy into companies.