FTC bans noncompetes nationwide to promote competition and protect workers

The Federal Trade Commission issued a final rule banning noncompetes nationwide to promote competition and protect workers' freedom. The rule is expected to increase new business formation by 2.7% annually, create over 8,500 new businesses yearly, raise average worker earnings by $524 per year, reduce healthcare costs by up to $194 billion over a decade, and lead to 17,000 to 29,000 more patents annually.