diff --git a/doc/api/esm.md b/doc/api/esm.md
index a1e3cb149ab7d8..459f87771815cc 100644
--- a/doc/api/esm.md
+++ b/doc/api/esm.md
@@ -95,16 +95,43 @@ When loaded via `import` these modules will provide a single `default` export
 representing the value of `module.exports` at the time they finished evaluating.
 
 ```js
-import fs from 'fs';
-fs.readFile('./foo.txt', (err, body) => {
+// foo.js
+module.exports = { one: 1 };
+
+// bar.js
+import foo from './foo.js';
+foo.one === 1; // true
+```
+
+Builtin modules will provide named exports of their public API, as well as a
+default export which can be used for, among other things, modifying the named
+exports. Named exports of builtin modules are updated when the corresponding
+exports property is accessed, redefined, or deleted.
+
+```js
+import EventEmitter from 'events';
+const e = new EventEmitter();
+```
+
+```js
+import { readFile } from 'fs';
+readFile('./foo.txt', (err, source) => {
   if (err) {
     console.error(err);
   } else {
-    console.log(body);
+    console.log(source);
   }
 });
 ```
 
+```js
+import fs, { readFileSync } from 'fs';
+
+fs.readFileSync = () => Buffer.from('Hello, ESM');
+
+fs.readFileSync === readFileSync;
+```
+
 ## Loader hooks
 
 <!-- type=misc -->
diff --git a/lib/internal/bootstrap/loaders.js b/lib/internal/bootstrap/loaders.js
index 828370f6eadd01..7dc44d5bbe28fb 100644
--- a/lib/internal/bootstrap/loaders.js
+++ b/lib/internal/bootstrap/loaders.js
@@ -41,10 +41,26 @@
 
 (function bootstrapInternalLoaders(process, getBinding, getLinkedBinding,
                                    getInternalBinding) {
+  const {
+    apply: ReflectApply,
+    deleteProperty: ReflectDeleteProperty,
+    get: ReflectGet,
+    getOwnPropertyDescriptor: ReflectGetOwnPropertyDescriptor,
+    has: ReflectHas,
+    set: ReflectSet,
+  } = Reflect;
+  const {
+    prototype: {
+      hasOwnProperty: ObjectHasOwnProperty,
+    },
+    create: ObjectCreate,
+    defineProperty: ObjectDefineProperty,
+    keys: ObjectKeys,
+  } = Object;
 
   // Set up process.moduleLoadList
   const moduleLoadList = [];
-  Object.defineProperty(process, 'moduleLoadList', {
+  ObjectDefineProperty(process, 'moduleLoadList', {
     value: moduleLoadList,
     configurable: true,
     enumerable: true,
@@ -53,7 +69,7 @@
 
   // Set up process.binding() and process._linkedBinding()
   {
-    const bindingObj = Object.create(null);
+    const bindingObj = ObjectCreate(null);
 
     process.binding = function binding(module) {
       module = String(module);
@@ -77,7 +93,7 @@
   // Set up internalBinding() in the closure
   let internalBinding;
   {
-    const bindingObj = Object.create(null);
+    const bindingObj = ObjectCreate(null);
     internalBinding = function internalBinding(module) {
       let mod = bindingObj[module];
       if (typeof mod !== 'object') {
@@ -95,6 +111,8 @@
     this.filename = `${id}.js`;
     this.id = id;
     this.exports = {};
+    this.reflect = undefined;
+    this.exportKeys = undefined;
     this.loaded = false;
     this.loading = false;
   }
@@ -193,6 +211,12 @@
     '\n});'
   ];
 
+  const getOwn = (target, property, receiver) => {
+    return ReflectApply(ObjectHasOwnProperty, target, [property]) ?
+      ReflectGet(target, property, receiver) :
+      undefined;
+  };
+
   NativeModule.prototype.compile = function() {
     let source = NativeModule.getSource(this.id);
     source = NativeModule.wrap(source);
@@ -208,6 +232,60 @@
         NativeModule.require;
       fn(this.exports, requireFn, this, process);
 
+      if (config.experimentalModules && !NativeModule.isInternal(this.id)) {
+        this.exportKeys = ObjectKeys(this.exports);
+
+        const update = (property, value) => {
+          if (this.reflect !== undefined &&
+              ReflectApply(ObjectHasOwnProperty,
+                           this.reflect.exports, [property]))
+            this.reflect.exports[property].set(value);
+        };
+
+        const handler = {
+          __proto__: null,
+          defineProperty: (target, prop, descriptor) => {
+            // Use `Object.defineProperty` instead of `Reflect.defineProperty`
+            // to throw the appropriate error if something goes wrong.
+            ObjectDefineProperty(target, prop, descriptor);
+            if (typeof descriptor.get === 'function' &&
+                !ReflectHas(handler, 'get')) {
+              handler.get = (target, prop, receiver) => {
+                const value = ReflectGet(target, prop, receiver);
+                if (ReflectApply(ObjectHasOwnProperty, target, [prop]))
+                  update(prop, value);
+                return value;
+              };
+            }
+            update(prop, getOwn(target, prop));
+            return true;
+          },
+          deleteProperty: (target, prop) => {
+            if (ReflectDeleteProperty(target, prop)) {
+              update(prop, undefined);
+              return true;
+            }
+            return false;
+          },
+          set: (target, prop, value, receiver) => {
+            const descriptor = ReflectGetOwnPropertyDescriptor(target, prop);
+            if (ReflectSet(target, prop, value, receiver)) {
+              if (descriptor && typeof descriptor.set === 'function') {
+                for (const key of this.exportKeys) {
+                  update(key, getOwn(target, key, receiver));
+                }
+              } else {
+                update(prop, getOwn(target, prop, receiver));
+              }
+              return true;
+            }
+            return false;
+          }
+        };
+
+        this.exports = new Proxy(this.exports, handler);
+      }
+
       this.loaded = true;
     } finally {
       this.loading = false;
diff --git a/lib/internal/modules/esm/create_dynamic_module.js b/lib/internal/modules/esm/create_dynamic_module.js
index e0c97263631432..c01844feb8b654 100644
--- a/lib/internal/modules/esm/create_dynamic_module.js
+++ b/lib/internal/modules/esm/create_dynamic_module.js
@@ -52,9 +52,10 @@ const createDynamicModule = (exports, url = '', evaluate) => {
   const module = new ModuleWrap(reexports, `${url}`);
   module.link(async () => reflectiveModule);
   module.instantiate();
+  reflect.namespace = module.namespace();
   return {
     module,
-    reflect
+    reflect,
   };
 };
 
diff --git a/lib/internal/modules/esm/translators.js b/lib/internal/modules/esm/translators.js
index d181647c4505e8..4ed6b2c3b023a9 100644
--- a/lib/internal/modules/esm/translators.js
+++ b/lib/internal/modules/esm/translators.js
@@ -59,11 +59,18 @@ translators.set('cjs', async (url) => {
 // through normal resolution
 translators.set('builtin', async (url) => {
   debug(`Translating BuiltinModule ${url}`);
-  return createDynamicModule(['default'], url, (reflect) => {
-    debug(`Loading BuiltinModule ${url}`);
-    const exports = NativeModule.require(url.slice(5));
-    reflect.exports.default.set(exports);
-  });
+  // slice 'node:' scheme
+  const id = url.slice(5);
+  NativeModule.require(id);
+  const module = NativeModule.getCached(id);
+  return createDynamicModule(
+    [...module.exportKeys, 'default'], url, (reflect) => {
+      debug(`Loading BuiltinModule ${url}`);
+      module.reflect = reflect;
+      for (const key of module.exportKeys)
+        reflect.exports[key].set(module.exports[key]);
+      reflect.exports.default.set(module.exports);
+    });
 });
 
 // Strategy for loading a node native module
diff --git a/test/es-module/test-esm-dynamic-import.js b/test/es-module/test-esm-dynamic-import.js
index c6daa95f9a6b98..91757172880f67 100644
--- a/test/es-module/test-esm-dynamic-import.js
+++ b/test/es-module/test-esm-dynamic-import.js
@@ -52,6 +52,7 @@ function expectFsNamespace(result) {
   Promise.resolve(result)
     .then(common.mustCall(ns => {
       assert.strictEqual(typeof ns.default.writeFile, 'function');
+      assert.strictEqual(typeof ns.writeFile, 'function');
     }));
 }
 
diff --git a/test/es-module/test-esm-live-binding.mjs b/test/es-module/test-esm-live-binding.mjs
new file mode 100644
index 00000000000000..d151e004dff4b2
--- /dev/null
+++ b/test/es-module/test-esm-live-binding.mjs
@@ -0,0 +1,143 @@
+// Flags: --experimental-modules
+
+import '../common';
+import assert from 'assert';
+
+import fs, { readFile, readFileSync } from 'fs';
+import events, { defaultMaxListeners } from 'events';
+import util from 'util';
+
+const readFileDescriptor = Reflect.getOwnPropertyDescriptor(fs, 'readFile');
+const readFileSyncDescriptor =
+  Reflect.getOwnPropertyDescriptor(fs, 'readFileSync');
+
+const s = Symbol();
+const fn = () => s;
+
+Reflect.deleteProperty(fs, 'readFile');
+
+assert.deepStrictEqual([fs.readFile, readFile], [undefined, undefined]);
+
+fs.readFile = fn;
+
+assert.deepStrictEqual([fs.readFile(), readFile()], [s, s]);
+
+Reflect.defineProperty(fs, 'readFile', {
+  value: fn,
+  configurable: true,
+  writable: true,
+});
+
+assert.deepStrictEqual([fs.readFile(), readFile()], [s, s]);
+
+Reflect.deleteProperty(fs, 'readFile');
+
+assert.deepStrictEqual([fs.readFile, readFile], [undefined, undefined]);
+
+let count = 0;
+
+Reflect.defineProperty(fs, 'readFile', {
+  get() { return count; },
+  configurable: true,
+});
+
+count++;
+
+assert.deepStrictEqual([readFile, fs.readFile, readFile], [0, 1, 1]);
+
+let otherValue;
+
+Reflect.defineProperty(fs, 'readFile', { // eslint-disable-line accessor-pairs
+  set(value) {
+    Reflect.deleteProperty(fs, 'readFile');
+    otherValue = value;
+  },
+  configurable: true,
+});
+
+Reflect.defineProperty(fs, 'readFileSync', {
+  get() {
+    return otherValue;
+  },
+  configurable: true,
+});
+
+fs.readFile = 2;
+
+assert.deepStrictEqual([readFile, readFileSync], [undefined, 2]);
+
+Reflect.defineProperty(fs, 'readFile', readFileDescriptor);
+Reflect.defineProperty(fs, 'readFileSync', readFileSyncDescriptor);
+
+const originDefaultMaxListeners = events.defaultMaxListeners;
+const utilProto = util.__proto__; // eslint-disable-line no-proto
+
+count = 0;
+
+Reflect.defineProperty(Function.prototype, 'defaultMaxListeners', {
+  configurable: true,
+  enumerable: true,
+  get: function() { return ++count; },
+  set: function(v) {
+    Reflect.defineProperty(this, 'defaultMaxListeners', {
+      configurable: true,
+      enumerable: true,
+      writable: true,
+      value: v,
+    });
+  },
+});
+
+assert.strictEqual(defaultMaxListeners, originDefaultMaxListeners);
+assert.strictEqual(events.defaultMaxListeners, originDefaultMaxListeners);
+
+assert.strictEqual(++events.defaultMaxListeners,
+                   originDefaultMaxListeners + 1);
+
+assert.strictEqual(defaultMaxListeners, originDefaultMaxListeners + 1);
+assert.strictEqual(Function.prototype.defaultMaxListeners, 1);
+
+Function.prototype.defaultMaxListeners = 'foo';
+
+assert.strictEqual(Function.prototype.defaultMaxListeners, 'foo');
+assert.strictEqual(events.defaultMaxListeners, originDefaultMaxListeners + 1);
+assert.strictEqual(defaultMaxListeners, originDefaultMaxListeners + 1);
+
+count = 0;
+
+const p = {
+  get foo() { return ++count; },
+  set foo(v) {
+    Reflect.defineProperty(this, 'foo', {
+      configurable: true,
+      enumerable: true,
+      writable: true,
+      value: v,
+    });
+  },
+};
+
+util.__proto__ = p; // eslint-disable-line no-proto
+
+assert.strictEqual(util.foo, 1);
+
+util.foo = 'bar';
+
+assert.strictEqual(count, 1);
+assert.strictEqual(util.foo, 'bar');
+assert.strictEqual(p.foo, 2);
+
+p.foo = 'foo';
+
+assert.strictEqual(p.foo, 'foo');
+
+events.defaultMaxListeners = originDefaultMaxListeners;
+util.__proto__ = utilProto; // eslint-disable-line no-proto
+
+Reflect.deleteProperty(util, 'foo');
+Reflect.deleteProperty(Function.prototype, 'defaultMaxListeners');
+
+assert.throws(
+  () => Object.defineProperty(events, 'defaultMaxListeners', { value: 3 }),
+  /TypeError: Cannot redefine/
+);
diff --git a/test/es-module/test-esm-namespace.mjs b/test/es-module/test-esm-namespace.mjs
index 04845e2b3e4da0..dcd159f6c8729a 100644
--- a/test/es-module/test-esm-namespace.mjs
+++ b/test/es-module/test-esm-namespace.mjs
@@ -2,5 +2,13 @@
 import '../common';
 import * as fs from 'fs';
 import assert from 'assert';
+import Module from 'module';
 
-assert.deepStrictEqual(Object.keys(fs), ['default']);
+const keys = Object.entries(
+  Object.getOwnPropertyDescriptors(new Module().require('fs')))
+  .filter(([name, d]) => d.enumerable)
+  .map(([name]) => name)
+  .concat('default')
+  .sort();
+
+assert.deepStrictEqual(Object.keys(fs).sort(), keys);
diff --git a/test/fixtures/es-module-loaders/js-loader.mjs b/test/fixtures/es-module-loaders/js-loader.mjs
index 2173b0b503ef45..9fa6b9eed4d029 100644
--- a/test/fixtures/es-module-loaders/js-loader.mjs
+++ b/test/fixtures/es-module-loaders/js-loader.mjs
@@ -1,10 +1,11 @@
-import _url from 'url';
+import { URL } from 'url';
+
 const builtins = new Set(
   Object.keys(process.binding('natives')).filter(str =>
     /^(?!(?:internal|node|v8)\/)/.test(str))
 )
 
-const baseURL = new _url.URL('file://');
+const baseURL = new URL('file://');
 baseURL.pathname = process.cwd() + '/';
 
 export function resolve (specifier, base = baseURL) {
@@ -15,7 +16,7 @@ export function resolve (specifier, base = baseURL) {
     };
   }
   // load all dependencies as esm, regardless of file extension
-  const url = new _url.URL(specifier, base).href;
+  const url = new URL(specifier, base).href;
   return {
     url,
     format: 'esm'