FTC Opens Public Comment Period for Proposed Non-Compete Ban
Subtle Impact on Existing Non-Compete Agreements
While a ban on non-compete agreements is still a possibility in 2024 for certain employees and compensation levels, the current status of the bill remains uncertain. The bill, which was passed by the Federal Trade Commission (FTC) in April 2023, would prohibit employers from enforcing non-compete agreements with employees.
If the bill is enacted, it would have a significant impact on existing non-compete agreements. Many employers rely on these agreements to protect their confidential information and trade secrets. However, the FTC argues that non-compete agreements stifle competition and prevent workers from earning a fair wage.
Public Comment Period Extended
The FTC recently extended the public comment period for the proposed ban until August 22, 2023. The agency is seeking feedback from businesses, workers, and other stakeholders on the potential impact of the ban. The FTC will use this feedback to help it finalize the rule.
If you have an opinion on the proposed ban, you can submit a comment to the FTC online. The comment period will close on August 22, 2023.
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