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.