From Fortune Magazine:



New York governor Kathy Hochul vetoed a bill that would have banned noncompete agreements, which restrict workers from leaving their jobs for roles with rival businesses. Hochul called the bill a “one-size-fits-all-approach” and expressed openness to future legislation that achieves the right balance. Labor groups, the Federal Trade Commission, and others argued that noncompete agreements hurt workers and stifle economic growth, but the legislation was fiercely attacked by Wall Street and top business groups. The Federal Trade Commission has proposed its own rule nationwide, banning noncompete agreements. An employment attorney expressed disappointment at the governor’s decision, citing a missed opportunity to help workers gain leverage in negotiations with employers. The Federal Trade Commission estimates that banning noncompete agreements could increase workers’ earnings by approximately $250 billion to $296 billion per year. Overall, the governor’s veto of the bill is viewed as a setback for labor groups and workers’ rights.



Original: New York Gov. Kathy Hochul vetoes bill that would ban noncompete agreements