New York's total noncompete ban bill gained national attention in 2023, but in December, the bill was vetoed by Gov. Kathy Hochul.
Here's a timeline of what occurred.
June 20, 2023
On June 20, the New York State Legislature passed a bill aiming to stop employers from entering into noncompete agreements with their employees.
December 6, 2023
The Wall Street Journal published an article stating that Ms. Hochul said she wants to see a compensation cap for the ban, floating $250,000 as a level above which noncompetes would be allowed.
December 12, 2023
On Dec. 12, New York lawmakers sent the bill to Ms. Hochul for her signature.
December 23, 2023
Ms. Hochul vetoed the bill.
"New York has a highly competitive economic climate and is home to many different industries," Ms. Hochul said in her veto statement, the Wall Street Journal reported. "These companies have legitimate interests that cannot be met with the legislation's one-size-fits-all approach."