In a long overdue move, the Federal Trade Commission banned noncompete agreements for most U.S. workers.

The FTC says that the new rule will bar employers from enforcing clauses that restrict workers from switching employers within their industry.

They believe that this will bring in more money to employees. The FTC says that banning noncompete agreements could create jobs for 30 million Americans and raise wages by nearly $300 billion per year.

The rule will take effect after 180 days, although business groups have promised to challenge the rule in court, which could delay its implementation.

H/T Washington Post