NEW: FTC moves to ban noncompete clauses for workers
The FTC, led by Chairwoman Lina Khan, announced the proposal on Thursday morning. Noncompete clauses are used to bar workers from employment with competitors for a certain period of time, sometimes months and years. The FTC contends that the practice is exploitative.
The commission voted 3-1 in favor of issuing the proposal, and the public will now have 60 days to weigh in on the plan. “Noncompetes block workers from freely switching jobs, depriving them of higher wages and better working conditions, and depriving businesses of a talent pool that they need to build and expand,” Khan said. “By ending this practice, the FTC’s proposed rule would promote greater dynamism, innovation and healthy competition.”
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