may grant a waiver of paragraph (a), (b), or (c) of section 73.3555 of title 47, Code of Federal Regulations, to a licensee of a broadcast station to enable the licensee to acquire an interest that would otherwise be prohibited by such paragraph in a broadcast station that is owned by socially and economically disadvantaged individuals. (b) Report to Congress The Commission shall submit to Congress a report on the effectiveness of the program established under subsection (a) not later than the date that is 4 years after the date on which the Commission establishes the program under such subsection. (c) Sunset The Commission may not grant a waiver under subsection (a) after the date that is 5 years after the date on which the Commission establishes the program under such subsection. 6. Definitions In this Act: (1) Broadcast station The term broadcast station has the meaning given such term in section 3 of the Communications Act of 1934 ( 47 U.S.C. 153 ). (2) Commission The term Commission means the Federal Communications Commission. (3) Owned by socially and economically disadvantaged individuals The term owned by socially and economically disadvantaged individuals has the meaning given such term in section 344 of the Communications Act of 1934, as added by section 4.