Hochul Vetoes Ban on Noncompete Clauses, Citing Need to Balance Business and Worker Interests
• Gov. Hochul vetoes NY bill that would have banned noncompete agreements between employers and employees • Hochul open to future legislation that finds "right balance" between worker and business interests • Labor groups argued noncompetes hurt workers; Wall Street said needed to retain talent and protect strategies • Estimated 30 million American workers bound by noncompetes, including low-wage Jimmy John's employees • Advocates say noncompete ban could raise U.S. worker earnings by $250-296 billion/year