To establish an Employee Ownership and Participation Initiative, and for other purposes.

Worker Ownership, Readiness, and Knowledge Act This bill requires the Department of Labor to: (1) establish within the Employment and Training Administration an Employee Ownership and Participation Initiative to promote employee ownership and participation in business decisionmaking; and (2) establish a program that may include grants for outreach, technical assistance, and training, to encourage new and existing state programs to foster employee ownership and participation in business decisionmaking.