This Act may be cited as the Empowering Small-business Ownership Participation Act or the ESOP Act.

Section 874 of the National Defense Authorization Act for Fiscal Year 2022 (10 U.S.C. 3204U.S. Code — Title 10, Section 3204View official source on GovInfo note) is amended— (1) by striking wholly-owned each place it appears and inserting owned; (2) in subsection (a)— (A) in the heading, by striking Wholly-owned and inserting Owned; and (B) by striking 100 percent and inserting not less than 30 percent; (3) in subsection (b), in the heading, by striking Wholly-owned and inserting Owned; and (4) in subsection (c), in the heading, by striking Wholly-owned and inserting Owned.