Justice Department and FTC Submit Joint Comment to FERC Explaining that Common Ownership by Investment Companies Can Raise Competition Concerns

🔗: justice.gov/opa/pr/justice…

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FTC 10. I’m so grateful to everyone who submitted a comment and shared their experience & expertise with the FTC. Your public input was essential to our analysis.

I’m also grateful to the many scholars and researchers whose work enabled us to document the effects of noncompetes.

9. The rule will go into effect 120 days after it is published in the Federal Register in the coming weeks.

Employers will then need to inform workers that any existing noncompetes won’t be enforced against them.

FTC has published model notices that employers can use.

8. The final rule prohibits employers from imposing noncompetes going forward.

For senior executives, any existing noncompete can remain in force.

For everyone else, any existing noncompete will not be enforceable after the rule goes into effect.

5. People also shared how noncompetes have undermined their core liberties.

One worker described how a noncompete kept him stuck in place even after a merger led his employer to adopt practices that conflicted with his religious beliefs.

4. Entrepreneurs and startups deceived how noncompetes has stifled innovation and blocked new ideas from coming to market.

Healthcare workers described how noncompetes had led them to leave the profession entirely, depriving rural areas of care.

3. Americans across professions submitted comments describing how noncompetes had affected them.

People shared how noncompetes had kept them stuck in abusive jobs, forced them to uproot their families, or blocked them from pursuing better opportunities.

2. After proposing its noncompete rule last year, FTC received over 26,000 comments from the public.

Over 25,000 of these public comments supported banning noncompetes.

1. Today FTC issued a final rule banning noncompetes for workers across the country.

The rule will ensure that Americans have the freedom to pursue a new job, start a new business, or bring a new idea to market.

ftc.gov/legal-library/…

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Our Administration is taking big action today to support workers:
✅FTC finalized a ban on new non-compete agreements
✅U.S. Department of Labor finalized a rule raising the threshold for overtime pay

These new rules will help put money in the pockets of workers across the country.