FTC votes to ban 'noncompete' agreements for most employees
The Federal Trade Commission voted to ban measures known as noncompete agreements, which bar workers from jumping to or starting competing companies for a prescribed period of time.
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The FTC's ban on noncompete clauses could be good for startups. But it also might be struck down.
The Federal Trade Commission voted 3-2 to ban the use of most noncompete agreements on Tuesday. This ruling means companies can't require employees who aren't senior executives to wait a set amount of time before joining a competitor or launching their own company in the same category. While the FTC's ruling will impact industries like financial services and hedge funds the most, due to the prevalence of such agreements in those industries, it could also impact startups.
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TechCrunch Minute: FTC bans noncompetes, court challenge incoming
The Federal Trade Commission voted 3-2 this week to ban noncompete agreements. While the FTC estimates that nearly one in five American workers is subject to a noncompete, these agreements haven’t been a huge issue in Silicon Valley, because they’re not enforceable in California. This has arguably been one of the region’s competitive advantages, as it allows employees to start something new without worrying (in most cases) that they’ll have to spend the next few years battling their old employer in court.
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FTC bans employers from using noncompete clauses
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