It Doesn’t Add Up: FTC Rule on Noncompetes
The FTC’s attempted noncompete rules will impact a significant portion of the economy.
Feedback from Business: Given the breadth of the rule, a sufficient comment period is needed to ensure the business community can fully assess its effects.
- Failure to provide an accurate assessment indicates that the agency is being misleading about the accrual of associated wage increases with its proposed rule.
- Sweeping regulations, like banning non-competes, should be based on sound data that is widely understood and vigorously vetted.
- For the business community, this overreach means that the FTC can find business operations deemed ‘unfair’ and possibly illegal.
WY We Care: Considering the potential impact of this proposal, the Greater Cheyenne Chamber of Commerce urged the FTC to extend the comment period an additional 60 days.
Among the issues raised are: whether the FTC has the legal authority to issue such a rule, the rule’s potential effect on numerous state laws and regulations, and how this will alter the business community’s legal obligations.