FTC votes to ban noncompete clauses that bar employees from working for competitors

(CNBC) The Federal Trade Commission on Tuesday voted 3-2 for a nationwide ban against noncompete agreements, which companies use to prevent employees from taking jobs with competitors in the same industry. The new rule is slated to go into effect 120 days after it is officially published in the Federal Register, though business groups are expected to challenge it. Within hours of the vote, the U.S. Chamber of Commerce pledged to sue the agency over the rule.

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