Lincoln City's chief executive Liam Scully has welcomed the arrival of the Football Governance Bill to Parliament on Tuesday.
The legislation introduce a independent football regulator as part of a package of measures introduced following the Fan-Led Review.
Liam said: "This is a really significant moment for football and it is very evident that the current financial model of the game is broken. We hope that this is another step on the journey towards a fairer system which allows clubs to compete without risking their very existence.
"This has been supported by our local MP Karl McCartney who has helped get the Bill to this point having recognised the role clubs such as Lincoln City play in their local communities.
"We will continue to work collaboratively with the Government and DCMS in the coming months to help secure the long-term financial sustainability of the football pyramid."
EFL chair Rick Parry added: “The EFL welcomes the arrival of the Football Governance Bill to Parliament in what we hope will be an important milestone to help us secure the long-term financial sustainability of England’s football pyramid.
“It’s a big moment for football in this country and this landmark legislation can help fix the game’s broken financial model by offering the independent input ultimately needed to help ensure that all clubs can survive and thrive in a fair and competitive environment.
“Our thanks go to MPs and Peers from across the House who know how important football clubs are at the heart of their communities and why they must be protected for generations to come. The EFL appreciates their support and looks forward to working with them in the period ahead.”