; and (2) by inserting after section 48 the following: 49. Employee stock ownership plans (a) Definitions In this section— (1) the term ESOP means an employee stock ownership plan, as defined in section 4975(e)(7) of the Internal Revenue Code of 1986; and (2) the term ESOP business concern means a business concern that was a small business concern eligible for a loan, preference, or other program under this Act before the date on which more than 49 percent of the business concern was acquired by an ESOP. (b) Continued eligibility In determining whether an ESOP business concern qualifies as a small business concern for purposes of a loan, preference, or other program under this Act, each ESOP participant shall be treated as directly owning his or her proportionate share of the stock in the ESOP business concern owned by the ESOP. . (b) Effective date The amendments made by this section shall take effect on January 1 of the first calendar year beginning after the date of the enactment of this Act. 6. Establishment of the advocate for employee ownership (a) In general Subtitle A of title III of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1201 et seq. ) is amended by adding at the end the following: 3005. Advocate for employee ownership (a) In general The Secretary of Labor shall appoint an Advocate for Employee Ownership within the Employee Ownership Initiative established under section 346(b)(1) of the SECURE 2.0 Act of 2022 (division T of the Consolidated Appropriations Act, 2023 ( Public Law 117–328 )). The appointment shall be made without regard to the provisions of title 5, United States Code, relating to appointments in the competitive service or Senior Executive Service. (b) Duties The Advocate for Employee Ownership shall— (1) consult with the head of the Employee Ownership Initiative established under section 346(b)(1) of the SECURE 2.0 Act of 2022 (division T of the Consolidated Appropriations Act, 2023 ( Public Law 117–328 ))