; (3) the term employee stock ownership plan has the meaning given the term in section 4975(e)(7) of the Internal Revenue Code of 1986; and (4) the term Secretary means the Secretary of the Treasury. 4. Establishment of United States Employee Ownership Bank within the Department of the Treasury (a) Establishment of Bank (1) In general Before the end of the 90-day period beginning on the date of enactment of this Act, the Secretary shall establish the United States Employee Ownership Bank to foster increased employee ownership of United States companies and greater employee participation in company decisionmaking throughout the United States. (2) Organization of the Bank (A) Management The Secretary shall appoint a Director to serve as the head of the Bank, who shall serve at the pleasure of the Secretary. (B) Staff The Director appointed under subparagraph (A) may select, appoint, employ, and fix the compensation of such employees as are necessary to carry out the functions of the Bank. (b) Duties of Bank The Bank is authorized to provide direct loans and loan guarantees, which may be subordinated to the interests of all other creditors— (1) to purchase a company through an employee stock ownership plan or an eligible worker-owned cooperative, which shall be at least 51 percent employee owned, or will become at least 51 percent employee owned as a result of financial assistance from the Bank; (2) to allow a company that is less than 51 percent employee owned to become at least 51 percent employee owned; (3) to allow a company that is already at least 51 percent employee owned to increase the level of employee ownership at the company