New Hampshire Gov. Chris Sununu, a Republican, launched a bold occupational licensing reform effort during his annual budget address on Tuesday by promising to sign legislation that broadly recognizes occupational licenses issued by other states.

"If you have a substantially similar license and are in good standing in another state, there's no reason you shouldn't have a license on day one in New Hampshire," Sununu said. "We are committed to breaking down regulatory barriers, lowering the cost of entry to do business here, increasing free-market competition."