The majority of CFOS—88 percent—say that the Federal Trade Commission (FTC)’s new rule barring noncompete agreements for most workers will likely have no impact on their careers, CFO magazine reported, based on a recent poll. Another poll found that 59 percent of CFOs believe that the rule will likely have no impact on their ability to retain elite finance talent.

The magazine conducted the polls in partnership with the CFO Leadership Council’s CFO Network and a private LinkedIn group exclusively for finance chiefs and executives.

The FTC announced the new rule on April 23. According to the draft text of the rule, “it is ... a violation of section 5 [of the Federal Trade Commission Act] for persons to, among other things, enter into non-compete clauses (“non-competes”) with workers on or after the final rule’s effective date.” The final rule is scheduled to take effect 120 days from the date of publication in the Federal Register. 

CFO magazine reported that, since the FTC voted, 3-2,  in favor of the ruling, the U.S. Chamber of Commerce has filed suit, asking a federal district court in Texas to stop the FTC from enforcing the ban, on the grounds that the agency exceeded its authority.

Legal Dive reported that the Chamber’s complaint states, “Even if the Commission had any authority to issue substantive regulations proscribing ‘unfair methods of competition,’ the Noncompete Rule would still be unlawful because noncompete agreements are not categorically unlawful under Section 5” of the FTC Act. Unfair trade practices are prohibited under Section 5.

If the FTC rule withstands this legal challenge, CFOs are largely unconcerned about its future impact. Summarizing the finding of both polls, CFO magazine concluded that CFOs do not believe a lack of a noncompete will affect where they want to go and what they want to do in their careers and are generally not concerned about the ruling’s impact on retaining key talent.