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Tuesday, January 17th, 2023

The FTC Is Back to Being the Activist US Agency Progressives Sought in 1914

Author:     Robert Reich
Source:     Reader Supported News / The Guardian (U.K.)
Publication Date:     16 january 23
 Link: The FTC Is Back to Being the Activist US Agency Progressives Sought in 1914
Stephan:  

Here is some more good news from the Biden administration. This is the sort of thing Biden is doing using the regulatory agencies of the Executive Branch. The media doesn't really cover this sort of thing, but it changes the lives of millions of men and women in America for the better. These kinds of almost unnoticed changes fostering wellbeing have become the hallmark of Biden's presidency. Yet what the media and the Republicans want to talk about is Hunter Biden's laptop. 

Under its Biden-appointed chair, the Federal Trade Commission proposed a new rule banning non-compete agreements. Credit: Alex Edelman / Press Pool

Have you ever been forced to sign a non-compete agreement when you started a job?

About 30 million Americans are trapped by contracts that say if they leave their current job, they can’t take a job with a rival company or start a new business of their own.

These clauses deprive workers of higher wages and better working conditions. In effect, they’re a form of involuntary servitude.

Last week, while America was fixated on Kevin McCarthy’s travails, the Federal Trade Commission (FTC) proposed a sweeping new rule that would ban these non-compete agreements.

This is a big deal. The FTC estimates that such a ban could increase wages by nearly $300bn a year (about $2,000 a worker, on average) by allowing workers to pursue better job opportunities.

Non-competes also harm the economy, depriving growing businesses of talent and experience they need to build and expand. California’s ban on non-competes has been a major reason for Silicon Valley’s success.

The rule isn’t […]

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