FTC bans noncompete agreements for 30 million U.S. workers

Summary: The FTC voted 3-2 to ban noncompete agreements affecting around 30 million U.S. workers. The rule will prohibit new agreements, require companies to inform employees they won't enforce existing ones, and exempt senior executives. Pro-business groups plan legal action against the ban. The FTC estimates the rule could increase earnings by nearly $300 billion annually. Biden's administration supports the ban, while the Chamber of Commerce plans to sue.

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