The current 60-day comment period is a remarkably short window for the business community to assess the sweeping effects of the startling proposal to ban noncompete agreements.
The legislation, which passed on partisan lines, was the House Republicans’ first major bill of the year and was one of their top campaign issues throughout the midterms.
The rule would apply to employees, independent contractors, interns, volunteers, apprentices, and other types of workers.
The new mandate took effect on Jan. 1 and applies to both resident and nonresident licensees.
The executive order includes 72 initiatives by over a dozen federal agencies to tackle what President Biden deems are some of the most pressing competition problems in the U.S.
The bill would narrow the use of noncompete agreements to include only necessary instances of a dissolution of a partnership or the sale of a business.
The U.S. House of Representatives Financial Services Committee and Housing and Insurance Subcommittee held a hearing that featured perspectives from insurers and academia regarding insurance regulatory standards.