EPI’s Heidi Shierholz appeared as a witness and submitted the following written testimony before the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Economic Policy, on Tuesday, July 30 at 2:30 PM, for a hearing titled “Banning Noncompete Agreements: Benefits for Workers, Businesses, and the Economy.”Introduction Chair Warren, Ranking Member Kennedy, and members of the subcommittee, thank you for the opportunity to testify today on the benefits to workers, businesses, and the economy of banning noncompete agreements.
Authors
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Table of Contents
- Testimony prepared for the U.S. Senate Subcommittee on Economic Policy for a hearing titled “Banning Noncompete Agreements” 1
- Introduction 1
- Noncompetes are widely used 1
- Noncompetes lower wages 2
- Long-run wages and employee training 2
- Noncompetes reduce business formation, dynamism, labor mobility, productivity, and innovation 2
- Banning noncompetes will reduce inflation 3
- Noncompetes are often bundled with other restrictive contracts 3
- Employers who need to protect trade secrets have other options 4
- The broad-based nature of the FTC’s rule is important 4
- FTC has the authority to ban noncompetes 4
- Conclusion 5
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