[Congressional Record Volume 170, Number 115 (Thursday, July 11, 2024)]
[Senate]
[Page S4773]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2457. Mrs. SHAHEEN (for herself, Mr. Rubio, Mr. Van Hollen, and 
Mr. Young) submitted an amendment intended to be proposed by her to the 
bill S. 4638, to authorize appropriations for fiscal year 2025 for 
military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the end of subtitle D of title VIII, add the following:

     SEC. 865. MODIFYING UNCONDITIONAL OWNERSHIP AND CONTROL 
                   REQUIREMENTS FOR CERTAIN EMPLOYEE-OWNED SMALL 
                   BUSINESS CONCERNS.

       (a) Definitions.--In this section--
       (1) the term ``Administrator'' means the Administrator of 
     the Small Business Administration;
       (2) the term ``budget justification materials'' has the 
     meaning given that term in section 3(b)(2) of the Federal 
     Funding Accountability and Transparency Act of 2006 (31 
     U.S.C. 6101 note);
       (3) the term ``eligible worker-owned cooperative'' has the 
     meaning given that term in section 1042(c) of the Internal 
     Revenue Code of 1986;
       (4) the term ``employee stock ownership plan'' has the 
     meaning given that term in section 4975(e) of the Internal 
     Revenue Code of 1986; and
       (5) the term ``small business concern owned and controlled 
     by women'' has the meaning given that term in section 8(m)(1) 
     of the Small Business Act (15 U.S.C. 637(m)(1)).
       (b) Report on Ownership and Control Through an Employee 
     Stock Ownership Plan or Eligible Worker-Owned Cooperative 
     Relating to Set-Aside Procurement.--
       (1) Sense of congress.--It is the sense of Congress that--
       (A) employee stock ownership plans and eligible worker-
     owned cooperatives have unique ownership structures that 
     create barriers to accessing set-aside procurement programs 
     due to unconditional ownership and control requirements; and
       (B) the ownership structures of an employee stock ownership 
     plan or an eligible worker-owned cooperative should not 
     prevent an otherwise eligible entity from accessing set-aside 
     procurement programs.
       (2) Study and report.--
       (A) Study.--Not later than 180 days after the date of 
     enactment of this Act, the Administrator, in coordination 
     with stakeholders, including national certifying agencies 
     approved by the Administrator for certifying small business 
     concerns owned and controlled by women and relevant Federal 
     agencies, shall complete a study and recommend alternatives 
     to unconditional ownership and control requirements for 
     employee stock ownership plans and eligible worker-owned 
     cooperatives that would enable access to set-aside 
     procurement programs.
       (B) Report.--The Administrator shall--
       (i) not later than 5 days after the date on which the 
     Administrator completes the study required under subparagraph 
     (A), make that study, including the recommendations developed 
     under that subparagraph, publicly available on the website of 
     the Small Business Administration; and
       (ii) not later than 30 days after the date on which the 
     Administrator completes the study required under subparagraph 
     (A), submit to Congress the recommendations developed under 
     that subparagraph and a plan to implement the recommendations 
     for all set-aside procurement programs.
       (C) Necessary statutory changes.--In the first budget 
     justification materials submitted by the Administrator on or 
     after the date on which the Administrator submits the 
     recommendations and plan required under subparagraph (B)(ii), 
     the Administrator shall identify any applicable statutory 
     changes necessary to implement the recommendations.
       (c) Rulemaking.--Not later than 1 year after the submission 
     of the recommendations and plan required under subsection 
     (b)(2)(B)(ii), the Administrator shall issue or revise any 
     applicable rules, informed by the recommendations in the 
     report.
       (d) Definitions.--Section 3(q) of the Small Business Act 
     (15 U.S.C. 632(q)) is amended--
       (1) in paragraph (2), by striking ``(not including any 
     stock owned by an ESOP)'' each place it appears;
       (2) by striking paragraph (6); and
       (3) by redesignating paragraph (7) as paragraph (6).
                                 ______