; (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 Not later than 90 days after 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 shall 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 not less than 51 percent employee-owned, or will become not less than 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 not less than 51 percent employee-owned; (3) to allow a company that is already not less than 51 percent employee-owned to increase the level of employee ownership at the company