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Today's top stories
The Federal Trade Commission yesterday banned nearly all noncompete agreements. These employment agreements bar workers from taking new jobs with a competitor or starting a competing company. An estimated 30 million Americans are bound by these agreements, according to the FTC. It predicts the policy could lead to increased wages totaling nearly $300 billion per year by encouraging people to swap jobs freely. The ban, which will go into effect later this year, includes an exception for existing noncompetes for senior executives.
