So this is actually big news. This week, two progressive Democrats and two conservative Republicans introduced a ban on non-compete agreements.
1/ Let me tell you why non-compete agreements are so terrible for our economy and why we should pass this bipartisan bill this year.
1/ Let me tell you why non-compete agreements are so terrible for our economy and why we should pass this bipartisan bill this year.
https://twitter.com/JHWeissmann/status/1365023619345227781
2/ Non-compete agreements prohibit you from leaving your company and working for a competitor. First, they stifle innovation, bc many would-be entrepreneurs are stopped from going out and working on any product that might end up competing with their prior employer.
3/ Second, non-competes depress wages, bc if you can't leave and work for any other company in your industry, then you have no leverage to ask for a higher salary. Non-competes impose a form of indentured service.
4/ Third, contrary to popular belief, they are used in low-income jobs AND high income jobs. Many home care workers must sign non-competes. Jimmy John sandwich shop used to require their workers to sign non-competes so they couldn't go work for any other fast food chain.
5/ Finally, they are totally unnecessary. We already have laws on the books prohibiting employees from stealing intellectual property or trade secrets and taking them to to a new company. We should just enforce these laws.
6/ @SenToddYoung and I wrote this bill last Congress, and we are very proud to be joined this year by @timkaine and @SenKevinCramer.
This could be a chance for the Senate to pass a major pro-innovation reform to our economy in a big bipartisan vote.
This could be a chance for the Senate to pass a major pro-innovation reform to our economy in a big bipartisan vote.
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