U.S. Senators are discussing a draft of federal legislation they say would protect college athletes’ rights. The bill proposes a central oversight entity that would set and enforce standards to protect athletes who enter into endorsement contracts.
U.S. Senators Richard Blumenthal , Jerry Moran and Cory Booker on Thursday circulated a discussion draft of federal legislation they say would protect college athletes’ economic, health and educational rights. The bill is called the College Athletes Protection & Compensation Act, and it would preempt state NIL laws.College Athletics Corporation , a central oversight entity that would set, administer, and enforce rules and standards to protect athletes who enter into endorsement contracts.
An athlete who no longer participates in their sport while operating under an NIL contract of more than a year can rescind it without being held liable for breach of contract. State attorneys general could bring civil action if they believe a citizen has been harmed by a violation of the Act. Schools would be required to report revenues and expenditures of each athletics program, the average number of hours college athletes spent on college athletic events and academic outcomes and majors for college athletes. Athletes would be required to take financial literacy and lifestyle development courses.Booker, Blumenthal and Moran have all been active in NIL legislation for years.
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