On April 23, 2024, the Federal Trade Commission issued a final rule which bans noncompete agreements.  Per the FTC's press release, the new rule will "protect the fundamental freedom of workers to change jobs, increase innovation, and foster new business formation."  Under the new rule, existing noncompete agreements will no longer be enforceable.  However, existing noncompetes for senior executives earning more than $151,164 per year and are "policy makers" are still enforceable.  Employers are no longer able to enter into noncompete agreements with senior executives moving forward.  Employers will need to provide notice to workers with an existing noncompete that the agreement will not be enforceable.

FTC's press release: FTC Announces Rule Banning Noncompetes | Federal Trade Commission