The proposed bill establishes new requirements for companies entering into contracts with governmental entities in Wyoming. It mandates that these companies must provide written verification that they do not engage in economic boycotts, which are defined as actions taken to penalize or inflict economic harm on a company based on its involvement in certain industries, such as fossil fuels, agriculture, and firearms, or its failure to meet specific environmental or social criteria. The bill outlines the definitions of key terms, including "company," "economic boycott," and "governmental entity," and specifies that these requirements apply to contracts valued at $1,000 or more and involving companies with at least ten employees. Exceptions are provided for governmental entities that determine compliance would conflict with their constitutional duties or hinder their ability to procure goods and services economically.

Additionally, the bill includes provisions to protect financial institutions from penalties for complying with the new regulations and allows for enforcement by the attorney general or district attorney in cases of violations. Companies found to engage in economic boycotts during the term of their contracts may be liable for damages amounting to three times the contract's value. The act is set to take effect on July 1, 2023, and aims to address concerns regarding the impact of corporate boycotts on essential industries and the state's economy.