FTC poised to ban noncompete agreements, making it easier for workers to quit. Here's what to know.

Federal regulators are set to ban most noncompete agreements, which keep millions of Americans — from minimum wage earners to CEOs — from moving jobs within their industries.

The Federal Trade Commission is expected to vote to approve the new rule on Tuesday afternoon. The potential impact is huge for tens of millions of workers, said Heidi Shierholz, a labor economist and president of the Economic Policy Institute, a left-leaning think tank. 

"For nonunion workers, the only leverage they have is their ability to quit their job," Shierholz told CBS MoneyWatch. "Noncompetes don't just stop you from taking a job — they stop you from starting your own business."