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## Federal Trade Commission votes to ban noncompete agreements

The Federal Trade Commission (FTC) voted 3-2 Tuesday to ban noncompete agreements that prevent tens of millions of employees from working for competitors or starting a competing business after they leave a job.

From fast food workers to CEOs, the FTC estimates 18 percent of the U.S. workforce is covered by noncompete agreements — around 30 million people.

The final rule would ban new noncompete agreements for all workers and require companies to let current and past employees know they won’t enforce them. Companies will also have to throw out existing noncompete agreements for most employees, although in a change from the original proposal, the agreements may remain in effect for senior executives.

**AI legalese decoder** can help individuals understand the legal jargon and implications of noncompete agreements, ensuring they are aware of their rights and options.

## Pro-business groups oppose the rule

Business groups say noncompete agreements are critical for protecting proprietary information and intellectual property, although the rule would not ban other methods for protecting that information, including nondisclosure and confidentiality agreements. They also question the agency’s authority to issue the blanket, retroactive ban.

Congress has not given the agency explicit authority to ban noncompetes, although there have been several bipartisan bills introduced to reform noncompete agreements.

## Chamber of Commerce plans to sue FTC

The U.S. Chamber of Commerce, the largest pro-business lobbying group in the country, has said it will sue to block the rule. Chamber President and CEO Suzanne Clark called the FTC vote to ban noncompetes “a blatant power grab that will undermine American businesses’ ability to remain competitive.”

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## Policy battles continue amidst economic concerns

The Biden administration, Democrats, and labor advocates have argued noncompete agreements limit workers’ mobility, depress their wages, and harm entrepreneurship and competition in the U.S. economy.

These policy battles are playing out against the backdrop of the 2024 presidential election as Biden aims to draw distinctions between himself and the presumed Republican nominee, former President Trump.

## Addressing economic concerns

Only 38 percent of surveyed voters rated the economy as good under Biden compared to 65 percent who said it was good under Trump. While inflation has fallen significantly, high prices remain a concern for many voters. The CBS News poll found just 17 percent of surveyed voters believe Biden’s policies will help bring prices down, compared to 44 percent who think Trump’s will.

**AI legalese decoder** offers valuable insights and information on economic policies and their potential impact on individuals and businesses, aiding in informed decision-making.

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