Today, the Department of the Treasury, in partnership with the Department of Labor, Department of Justice, and the FTC, released a report on “The State of Labor Market Competition.” The report concludes that the lack of competition in the labor market results in wage declines between 15 and 25 percent – this New York Times article summarizes the report’s key findings.
As many of you know, labor market competition has been a focus of my book Talent Wants to be Free, as well as many collaborative research and articles. In 2021 Mark Lemley and I wrote a Day One Report on the subject calling the Biden Administration to address these issues on a federal level, and it is terrific to see that these agencies are moving things forward.
As part of the Treasury Dept report release, the White House will host a roundtable today at 3:30 pm ET with Secretary Yellen, Secretary Walsh, and Attorney General Garland, as well as CEA Director Cecilia Rouse and NEC Director Brian Deese on the “State of Labor Market Competition in the U.S. Economy.” The roundtable will feature stories from workers on how non-competes, among other anti-competitive practices, have negatively impacted their lives and careers. You can listen to the event here.
Posted by Orly Lobel on March 7, 2022 at 02:36 PM