U.S. Chamber says it will sue to overturn the rule.
The Federal Trade Commission yesterday issued a final rule to promote competition by banning noncompete agreements nationwide, protecting the fundamental freedom of workers to change jobs, increasing innovation, and fostering new business formation.
As CollisionWeek reported in January, the FTC in a Notice of Proposed Rulemaking (NPRM) proposed the rule to ban noncompetes stating they are are “…a practice that the Commission states is widespread and often exploitative that suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses.
“Noncompete clauses keep wages low, suppress new ideas, and rob
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