This legislation, known as the Reward Work Act, introduces significant changes for public companies by prohibiting them from repurchasing their own equity securities on national securities exchanges , thereby eliminating open-market stock buybacks. This prohibition also renders a key Securities and Exchange Commission rule, 10b-18, without force or effect, though it does not impact tender offers. Furthermore, the bill mandates substantial changes to corporate governance by requiring that at least one-third of an issuer's board of directors be elected by its employees through a one-employee-one-vote process. The Securities and Exchange Commission, in consultation with the National Labor Relations Board, is directed to establish regulations to ensure these director elections are fair and democratic, with the goal of achieving one-third employee representation on boards within two years of the Act's enactment.