- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-01-05T22:10:00
The Federal Trade Commission (FTC) on Thursday proposed a rule that would ban new and existing noncompete clauses by employers.
Noncompete clauses are legal promises employers, ranging from hair salons to medical practices to technology, require new workers to sign, stating they will not work at a similar company for a certain period after their employment ends. The clauses stifle healthy competition, dampen wages, and raise the price of goods, the FTC stated in a press release.
The clauses are an unfair method of competition and violate Section 5 of the Federal Trade Commission Act, according to the agency.
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Tens of millions of noncompete clauses included in employee contracts nationwide will be null and void by about Labor Day under a final rule issued by the Federal Trade Commission.
Mastercard said it is under investigation by the Department of Justice’s Antitrust Division regarding the company’s debit card program and competition with other payment networks and technologies.
Georgetown visiting law professor Alvaro Bedoya has been confirmed as a member of the Federal Trade Commission, following a Senate vote along party lines.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
