This is illegal as hell. It is rule-making in avoidance of the Administrative Procedures Act. If Biden wants to make a rule he has to follow the Act. If he doesn't and it has any intended impact on anyone they can sue because it is a rule just one not made lawfully.
And all the major corporations in the USA (as well as the many multi-nationals operating here with HQ outside the USA) are going to tell Biden to pound sand, “we ain’t complying”? Not a chance in hell. They are all falling over themselves to fall in line and comply with the non-rule rule.
As ClearCase_guy wrote above, “It’s Big Business working the will of Big Government. It’s fascism.”