1. Short title This Act may be cited as the Worker Ownership, Readiness, and Knowledge Act or the WORK Act . 2. Worker ownership, readiness, and knowledge (a) Definitions In this section: (1) Existing program The term existing program means a program, designed to promote employee ownership and employee participation in business decisionmaking, that exists on the date the Secretary is carrying out a responsibility authorized by this section. (2) Initiative The term Initiative means the Employee Ownership and Participation Initiative established under subsection (b). (3) New program The term new program means a program, designed to promote employee ownership and employee participation in business decisionmaking, that does not exist on the date the Secretary is carrying out a responsibility authorized by this section. (4) Secretary The term Secretary means the Secretary of Labor, acting through the Assistant Secretary for Employment and Training. (5) State The term State means any of the 50 States within the United States. (b) Employee Ownership and Participation Initiative (1) Establishment The Secretary of Labor shall establish within the Employment and Training Administration of the Department of Labor an Employee Ownership and Participation Initiative to promote employee ownership and employee participation in business decisionmaking. (2) Functions In carrying out the Initiative, the Secretary shall— (A) support within the States existing programs designed to promote employee ownership and employee participation in business decisionmaking; and (B) facilitate within the States the formation of new programs designed to promote employee ownership and employee participation in business decisionmaking. (3) Duties To carry out the functions enumerated in paragraph (2), the Secretary shall— (A) support new programs and existing programs by— (i) making Federal grants authorized under subsection (d)