However, the April announcement drew pushback almost immediately from organizations such as the U.S. Chamber of Commerce.
It said it would sue the FTC over what it called an unlawful power grab to overturn noncompetes.
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This effectively, as the name implies, prevents you from becoming the employers competition.
The clauses can make it hard for workers tofind a new jobin their field.
Noncompetes can also stifle innovation, as they can prevent employees from launching aside hustleor business in their industry.
Opposition of the Ban
Not everyone was thrilled by the idea, however.
Whats Next
The FTC maintains its stance that noncompetes hurt employees, which isnt surprising.
In January of 2023, the FTC proposed this major rule change and left it open to public comment.
However, the ruling means businesses can go back to implementing noncompetes as long as they follow existing guidelines.
Also, any individual state rules on noncompetes remain in effect.
The FTC said it still plans to address noncompetes through a case-by-case basis and may even appeal the decision.
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Find his work on sites like USA Today, Forbes, Business Insider, Chime, SoFi and LendEDU.
Mackenzie Raetz, The Penny Hoarders senior editor of freelance, contributed to this report.
