Noncompete Ban: Greater Work Freedom for Citizens
This bill aims to prohibit most noncompete agreements, which restrict employees from changing jobs. This will give citizens greater freedom to seek better-paying positions and advance their careers, potentially leading to wage growth and innovation. However, the bill includes certain exceptions, such as for business sales.
Key points
End to most noncompete agreements: Employees will have more freedom to change jobs.
Increased earning potential: Greater competition for workers may lead to higher wages.
Trade secret protection: Companies can still protect their confidential information.
Exceptions to the ban: Noncompete agreements will be allowed in business sales or for certain senior executives.
Enforcement: The Federal Trade Commission and Department of Labor will oversee compliance, and citizens can sue companies for violations.
Expired
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