,,ii #aafth ,,congress #ast ,session ,s4 #cjf ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #ca1 #bjai,ms4 ,klobuchar 7for herself1 ,mr4 ,markey1 ,mr4 ,blumenthal1 ,ms4 ,hirono1 ,mr4 ,durbin1 ,mr4 ,booker1 ,ms4 ,baldwin1 ,mr4 ,king1 and ,mr4 ,leahy7 introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to promote merger enforcement and protect competition through adjusting premerger filing fees1 increasing antitrust enforcement resources1 and improving the information provided to antitrust enforcers4 #a4 ,short title ,this ,act may be cited as the ,merger ,enforcement ,improvement ,act4 #b4 ,premerger notification filing fees ,section #fje of ,public ,law #aja-afb 7#ae ,u4,s4,c4 #ah;a note7 is amended-- 7#a7 in subsection 7b7-- 7,a7 in paragraph 7#a7-- 7i7 by striking #de1jjj and inserting #cj1jjj2 7ii7 by striking #ajj1jjj1jjj and inserting #afa1ejj1jjj2 7iii7 by striking #bjjd and inserting #bjbj2 and 7iv7 by striking #bjjc and inserting #bjai2 7,b7 in paragraph 7#b7-- 7i7 by striking #abe1jjj and inserting #ajj1jjj2 7ii7 by striking #ajj1jjj1jjj and inserting #afa1ejj1jjj2 7iii7 by striking but less and inserting but is less2 and 7iv7 by striking and at the end2 7,c7 in paragraph 7#c7-- 7i7 by striking #bhj1jjj and inserting #bej1jjj2 and 7ii7 by striking the period at the end and inserting but is less than #a1jjj1jjj1jjj 7as so adjusted and published722 and 7,d7 by adding at the end the following3 7#d7 #djj1jjj if the aggregate total amount determined under section #g;,a7a77#b7 of the ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7a77#b77 is not less than #a1jjj1jjj1jjj 7as so adjusted and published7 but is less than #b1jjj1jjj1jjj 7as so adjusted and published72 7#e7 #hjj1jjj if the aggregate total amount determined under section #g;,a7a77#b7 of the ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7a77#b77 is not less than #b1jjj1jjj1jjj 7as so adjusted and published7 but is less than #e1jjj1jjj1jjj 7as so adjusted and published72 and 7#f7 #b1bej1jjj if the aggregate total amount determined under section #g;,a7a77#b7 of the ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7a77#b77 is not less than #e1jjj1jjj1jjj 7as so adjusted and published74 2 and 7#b7 by adding at the end the following3 7c7 7#a7 ,for each fiscal year commencing after ,september #cj1 #bjbj1 the filing fees in this section shall be increased as of ,october #a each year by an amount equal to the percentage increase1 if any1 in the ,producer ,price ,index1 as determined by the ,department of ,commerce or its successor1 for the year then ended over the level so established for the year ending ,september #cj1 #bjai4 7#b7 ,as soon as practicable1 but not later than ,january #ca of each year1 the ,federal ,trade ,commission shall publish the adjusted amounts required by this section4 7#c7 ,the ,federal ,trade ,commission shall not adjust amounts required by this section if the percentage increase described in paragraph 7#a7 is less than #a percent4 7#d7 ,an amount adjusted under this section shall be rounded to the nearest multiple of #e1jjj4 4 #c4 ,post-settlement data ,section #g;,a of the ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7 is amended by adding at the end the following3 7l7 7#a7 ,each person who enters into an agreement with the ,federal ,trade ,commission or the ,united ,states to resolve a proceeding brought under the antitrust laws or under the ,federal ,trade ,commission ,act 7#ae ,u4,s4,c4 #da et seq47 regarding an acquisition with respect to which notification is required under this section shall1 on an annual basis during the #e-year period beginning on the date on which the agreement is entered into1 submit to the ,federal ,trade ,commission or the ,assistant ,attorney ,general1 as applicable1 information sufficient for the ,federal ,trade ,commission or the ,united ,states1 as applicable1 to assess the competitive impact of the acquisition1 including-- 7,a7 the pricing1 availability1 and quality of any product or service1 or inputs thereto1 in any market1 that was covered by the agreement2 7,b7 the source1 and the resulting magnitude and extent1 of any cost-saving efficiencies or any consumer benefits that were claimed as a benefit of the acquisition and the extent to which any cost savings were passed on to consumers2 and 7,c7 the effectiveness of any divestitures or any conditions placed on the acquisition in preventing or mitigating harm to competition4 7#b7 ,the requirement to provide the information described in paragraph 7#a7 shall be included in an agreement described in that paragraph4 7#c7 ,the ,federal ,trade ,commission1 with the concurrence of the ,assistant ,attorney ,general1 by rule in accordance with section #eec of title #e1 ,united ,states ,code1 and consistent with the purposes of this section-- 7,a7 shall require that the information described in paragraph 7#a7 be in such form and contain such documentary material and information relevant to a proposed acquisition as is necessary and appropriate to enable the ,federal ,trade ,commission and the ,assistant ,attorney ,general to assess the competitive impact of the acquisition under paragraph 7#a72 and 7,b7 may-- 7i7 define the terms used in this subsection2 7ii7 exempt1 from the requirements of this section1 information not relevant in assessing the competitive impact of the acquisition under paragraph 7#a72 and 7iii7 prescribe such other rules as may be necessary and appropriate to carry out the purposes of this section4 4 #d4 ,federal ,trade ,commission study ,not later than #b years after the date of enactment of this ,act1 the ,federal ,trade ,commission1 in consultation with the ,securities and ,exchange ,commission1 shall conduct and publish a study1 using any compulsory process necessary1 relying on public data and information if available and sufficient1 and incorporating public comment on-- 7#a7 the extent to which an institutional investor or related institutional investors have ownership or control interests in competitors in moderately concentrated or concentrated markets2 7#b7 the economic impacts of such overlapping ownership or control2 and 7#c7 the mechanisms by which an institutional investor could affect competition among the companies in which it invests and whether such mechanisms are prevalent4 #e4 ,,gao studies 7a7 ,in general ,not later than #ah months after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall-- 7#a7 conduct a study to assess the success of merger remedies required by the ,department of ,justice or the ,federal ,trade ,commission in consent decrees entered into since #f years prior to the date of enactment of this ,act1 including the impact on maintaining competition1 a comparison of structural and conduct remedies1 and the viability of divested assets2 and 7#b7 conduct a study on the impact of mergers and acquisitions on wages1 employment1 innovation1 and new business formation4 7b7 ,update ,the ,comptroller ,general of the ,united ,states shall-- 7#a7 update the study under paragraph 7#a7 #c years and #f years after the date of enactment of this ,act based on the information provided under section #g;,a7l7 of the ,clayton ,act1 as added by section #c of this ,act2 and 7#b7 identify specific remedies or alleged merger benefits that require additional information or research4 #f4 ,authorization of appropriations 7a7 ,in general ,there is authorized to be appropriated for fiscal year #bjbj-- 7#a7 #ahj1fjf1jjj for the ,antitrust ,division of the ,department of ,justice2 and 7#b7 #cdb1jjj1jjj for the ,federal ,trade ,commission4