Dare ObasanjoNew York’s governor vetoes a bill that would have banned non-compete agreements because it would have made it harder for companies to “retain” workers.
This ignores the fact that non-compete agreements trap workers not retain them. Banning non-competes is one of the best things California has done and is one of the root causes of the dynamism of Silicon Valley.
It’s also why it’s so hard for other tech hubs to compete. Most governments are in the pockets of businesses.
https://apnews.com/article/noncompete-agreement-bill-veto-new-york-61e53ad13f41f1da574740438ee34e63#
New York governor vetoes bill that would ban noncompete agreements
New York Gov. Kathy Hochul has vetoed a bill days before Christmas that would have banned noncompete agreements, which restrict workers’ ability to leave their job for a role with a rival business. The veto is a blow to labor groups, who have long argued the agreements hurt workers and stifle economic growth. But in the months leading up to the veto, the legislation had come under fierce attack by Wall Street and business groups in the state. They say the agreements are necessary to protect investment strategies and keep highly-paid workers from leaving their companies.
Justin Ferrell