ABYC Announces Outstanding Technician Winners

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FEATURED INDUSTRY NEWS ABYC Announces Outstanding Technician Winners The American Boat and Yacht Council (ABYC) has announced the recipients of the 2024 Outstanding Technician Awards during the International Marine Service Technician Week, running from April 24–29. Sponsored by Yamaha, the awards were given to 10 technicians selected from over 130 nominees. Read More LEADING ECONOMIC AND POLICY NEWS Business Groups Challenge FTC’s Authority To Ban Noncompete Agreements Bloomberg reports that on Wednesday, the US Chamber of Commerce, the Business Roundtable and other business groups sued the Federal Trade Commission “seeking to block a rule finalized this week that would outlaw non-compete provisions that prohibit workers from switching jobs within an industry.” Bloomberg continues, “In a complaint filed in Texas federal court, the nation’s largest business lobby argued that the antitrust and consumer protection agency lacks the authority to issue rules that define unfair methods of competition. The FTC Act, which established the agency, allows it to bring cases challenging particular practices, the group said, but not to write rules.” Reuters Legal has more on the suit.         In addition, the New York Times notes that Ryan LLC, “a tax services firm in Dallas, also sued the F.T.C., generally raising similar arguments in a lawsuit filed in another U.S. District Court in Texas.” The Times pints out that Ryan is “represented by Eugene Scalia, a partner at Gibson Dunn who was secretary of labor during the Trump administration.” The Wall Street Journal reports that Ryan LLC CEO Brint Ryan said, “It’s one of the most outrageous examples of government overreach that I have seen. It’s such an aggressive position.”         The Washington Post reports that on Wednesday, the FTC “defended its stance on rulemaking. The agency’s authority to issue the noncompete rule is ‘crystal clear’ said Douglas Farrar, an FTC spokesman. ‘This authority has repeatedly been upheld by courts and reaffirmed by Congress,’ he said.”         In another piece, the Washington Post says, “Labor advocates cheered Tuesday’s decision as a huge victory for workers, arguing that such agreements smother competition and hinder Americans’ earning powers. ‘The FTC’s final rule to ban noncompetes will ensure Americans have the freedom to pursue a new job, start a new business, or bring a new idea to market,’ FTC Chair Lina M. Khan said in a statement after the panel’s 3-2 vote.”         In an editorial, the Wall Street Journal takes issue with the FTC’s claim to the legal authority to ban noncompete clauses, writing, “Is there anything that Federal Trade Commission Chair Lina Khan doesn’t think she can do? Apparently not.” The Journal notes that her rule says that “where Congress wished to limit the scope of the Commission’s authority over particular entities or activities, it did so expressly, demonstrating its intent to give the Commission broad enforcement authority over activities in or affecting commerce outside the scope of the enumerated exceptions.” The Journal concludes, “So unless Congress tells the FTC it can’t do something, it can do it. Got that, judges?” Stocks Relatively Stagnant As Treasury Yields Continue To Move Higher CNBC reports that in trading on Wednesday, the S&P 500 “eked out a 0.02% gain to close at 5,071.63, while the Dow Jones Industrial Average fell 42.77 points, or 0.11%, to 38,460.92. The Nasdaq Composite edged 0.1% higher to finish the session at 15,712.75.” Previous Top Stories  • Axios Journalists Mike Allen And Alex Thompson To Keynote NMMA’s 2024 Advocacy Event  • FTC Votes To Ban Noncompete Agreements

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