The Federal Trade Commission (FTC) voted to ban most noncompete agreements, a significant move for the U.S. workforce. The new rule prohibits companies from using noncompetes and retroactively eliminates most existing agreements. The FTC estimates that the ban could increase worker pay by $300 billion annually and lead to the creation of over 8,500 new businesses each year. Business groups are opposing the rule, and the U.S. Chamber of Commerce has promised to sue to block it.