The FTC or Federal Trade Commission published a final regulation that would defend employees’ fundamental right to job mobility, increase creativity, and encourage the creation of new businesses by outlawing noncompetes on a national level.
FTC Bans Noncompete Agreements
The FTC has finally put a nationwide ban on noncompete agreements in the workspace. A non-compete agreement is a formal contract provision or legal agreement that states an employee is not permitted to compete with their employer following the conclusion of their employment.
“Noncompete clauses keep wages low, suppress new ideas, and rob the American economy of dynamism, including from the more than 8,500 new startups that would be created a year once noncompetes are banned,” said FTC Chair Lina M. Khan. “The FTC’s final rule to ban noncompetes will ensure Americans have the freedom to pursue a new job, start a new business, or bring a new idea to market.”
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