On April 23, 2024, the FTC issued a new rule banning noncompete agreements nationwide to boost competition, allowing workers more freedom to change jobs or start new businesses. This change is expected to create over 8,500 new companies annually and increase worker earnings. Existing noncompete agreements will no longer be enforceable for most workers, though senior executives can still be bound by their current agreements. This move by the FTC aims to enhance innovation and reduce market restrictions, benefitting both workers and the economy.
