H.R. 6492 — ESOP Act

This section revises the pilot program established by Section 874 of the National Defense Authorization Act for Fiscal Year 2022 (10 U.S.C. 3204 note), which authorizes the Department of Defense to use other than competitive procedures for contracts with small businesses owned by employee stock ownership plans (ESOPs). The revisions (1) replace "wholly-owned" with "owned" throughout, including headings for the program and subsections (a), (b), and (c); and (2) lower the required ESOP ownership percentage in subsection (a) to not less than 30% (from 100%).