,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #cjg  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,janu>y #ca1 #bjai,ms4 
,klobu*> 7= h]self1 ,mr4 ,m>key1 ,mr4   
,blum5?al1 & ,mr4 ,book]7 introduc$ !   
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ! ,judici>y  ,a      
,,bill  ,to am5d ! ,clayton ,act to     
modify ! /&>d = an unlawful acquisition1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,consolidation    
,prev5tion & ,competition ,promotion    
,act ( #bjai4  #b4 ,f9d+s & purposes    
7a7 ,f9d+s ,congress f9ds t-- 7#a7      
competitive m>kets are critical to      
ensur+ opportunity = all p 9 ! ,unit$   
,/ates2  7#b7 :5 companies compete1     
bus9esses (f] ! highe/ quality & *oice (
 goods = ! l[e/ possible prices to      
consum]s & o!r bus9esses2  7#c7         
competition fo/]s small bus9ess gr[?1   
r$uces economic inequality1 & spurs     
innovation2  7#d7 conc5tration t leads  
to m>ket p[] & anticompetitive conduct  
makes x m difficult = p 9 ! ,unit$      

,/ates to />t _! own bus9esses1         
depresses wages1 & increases economic   
inequality2  7#e7 undue m>ket           
conc5tration also contributes to !      
consolidation ( political p[]1 und]m9+ !
 heal? ( democracy 9 ! ,unit$ ,/ates2   
7#f7 ! anticompetitive effects ( m>ket  
p[] creat$ by conc5tration include high]
 prices1 l[] quality1 significantly less
 *oice1 r$uc$ innovation1 =eclosure (   
competitors1 increas$ entry b>ri]s1 &   
monopsony p[]2  7#g7 monopsony p[]--    
7,a7 all[s a firm to =ce suppli]s (     
goods or s]vices to cut _! prices to    
unreasonably l[ levels1 result+ 9 r$uc$ 
bus9ess opportunities = suppli]s & r$uc$
 availability & quality ( products &    
s]vices = consum]s2 &  7,b7 c result 9  
work]s be+ =c$ to accept unreasonably l[
 wages2  7#h7 horizontal consolidation1 
v]tical consolidation1 & conglom]ate    
m]g]s all h pot5tial to cause           
anticompetitive h>m2  7#i7 unprec$5t$   
consolidation is r$uc+ competition &    
?reat5s to place ! ,am]ican dream fur!r 

out ( rea* = _m consum]s 9 ! ,unit$     
,/ates2  7#aj7 s9ce #bjjh1 firms 9 !    
,unit$ ,/ates h engag$ 9 ov]            
#aj1jjj1jjj1jjj1jjj 9 m]g]s &           
acquisitions2  7#aa7 betwe5 #bjaj &     
#bjae1 !re 0 a #ej-p]c5t increase 9 !   
numb] ( m]g]s & acquisitions review$ by 
! ,f$]al ,trade ,commission & !         
,antitru/ ,division ( ! ,dep>tm5t (     
,ju/ice2  7#ab7 ! antitru/ laws1        
p>ticul>ly section #g ( ! ,clayton ,act 
7#ae ,u4,s4,c4 #ah71 are ! fir/ l9e (   
def5se aga9/ anticompetitive m]g]s2 &   
7#ac7 9 rec5t ye>s1 "s c\rt decisions & 
en=cem5t policies h limit$ ! vitality ( 
! ,clayton ,act to prev5t h>mful        
consolidation by--  7,a7 disc\nt+       
previ\sly accept$ presumptions t c]ta9  
acquisitions are anticompetitive2  7,b7 
focus+ inord9ately on ! impact on price 
( an acquisition 9 ! %ort t]m2  7,c7    
und]e/imat+ ! dang]s t horizontal1      
v]tical1 & conglom]ate m]g]s w l[]      
quality1 r$uce *oice1 imp$e innovation1 
exclude competitors1 increase entry     

b>ri]s1 or create monopsony p[]2 &  7,d7
 requir+ ! gov]nm5t to prove h>mful     
effects ( a m]g] to a ne> c]ta9ty4  7b7 
,purposes ,! purposes ( ?is ,act are to 
promote competition & prev5t h>mful     
consolidation by re/or+ ! orig9al int5t 
( ! ,clayton ,act to address ! full     
range ( anticompetitive h>ms1 includ+-- 
7#a7 elim9at+ ! requirem5t t a m]g]     
sub/antially less5s competition to      
cl>ify t ! ,clayton ,act prohibits m]g]s
 t1 z a result ( consolidation1 may     
mat]ially l[] quality1 r$uce *oice1     
r$uce innovation1 exclude competitors1  
increase entry b>ri]s1 or increase      
price2  7#b7 ins]t+ ! phrase mat]ially  
to e/abli% t ! pla9tiff ne$ n %[ an     
acquisition may cause a sub/antial am\nt
 ( h>m to competition1 b r %[ t an      
acquisition may cause m ?an a de m9imis 
am\nt ( h>m to competition2  7#c7 am5d+ 
! ,clayton ,act to include ! t]m        
monopsony to cl>ify t an acquisition t  
t5ds to create a monopsony violates !   
,clayton ,act2 &  7#d7 e/abli%+ simple1 

co/-effective decision rules t require !
 p>ties to c]ta9 acquisitions t ei!r    
significantly increase consolidation or 
are extremely l>ge be> ! burd5 (        
e/abli%+ t ! acquisition w n mat]ially  
h>m competition4  #c4 ,unlawful         
acquisitions ,section #g ( ! ,clayton   
,act 7#ae ,u4,s4,c4 #ah7 is am5d$-- 7#a7
 9 ! fir/ & second undesignat$          
p>agraphs1 by /rik+ sub/antially ea*    
place t t]m appe>s & ins]t+ mat]ially2  
7#b7 by ins]t+ or a monopsony aft]      
monopoly ea* place t t]m appe>s2 &  7#c7
 by add+ at ! end ! foll[+3  ,9 a case  
br\ght by ! ,unit$ ,/ates1 ! ,f$]al     
,trade ,commission1 or a ,/ate attorney 
g5]al1 a c\rt %all det]m9e t ! effect ( 
an acquisition describ$ 9 ?is section   
may be mat]ially to less5 competition or
 create a monopoly or a monopsony if--  
7#a7 ! acquisition w\ld lead to a       
significant increase 9 m>ket            
conc5tration 9 any l9e ( comm]ce or 9   
any activity affect+ comm]ce 9 any      
section ( ! c\ntry2 or  7#b7 7,a7 !     

acquisition is n a transaction t is     
describ$ 9 section #g;,a7c72 &  7,b7 7i7
 z a result ( su* acquisition1 ! acquir+
 p]son w\ld hold an aggregate total     
am\nt ( ! vot+ securities & assets ( !  
acquir$ p]son 9 excess ( #e1jjj1jjj1jjj 
7z adju/$ & publi%$ = ea* fiscal ye>    
beg9n+ aft] ,septemb] #cj1 #bjbj1 9 !   
same mann] z provid$ 9 section          
#h7;a77#e7 to reflect ! p]c5tage *ange 9
 ! gross national product = su* fiscal  
ye> comp>$ to ! gross national product =
 ! ye> end+ ,septemb] #cj1 #bjai72 or   
7ii7 7,i7 ! p]son acquir+ or ! p]son be+
 acquir$ has assets1 net annual sales1  
or a m>ket capitalization great] ?an    
#ajj1jjj1jjj1jjj 7z s adju/$ & publi%$72
 &  7,,ii7 z a result ( su* acquisition1
 ! acquir+ p]son w\ld hold an aggregate 
total am\nt ( ! vot+ securities & assets
 ( ! acquir$ p]son 9 excess (           
#ej1jjj1jjj 7z s adju/$ & publi%$71     
unless ! acquir+ & acquir$ p]son        
e/abli%1 by a prepond]ance ( ! evid5ce1 
t ! effect ( ! acquisition w n be to t5d

 to mat]ially less5 competition or t5d  
to create a monopoly or a monopsony4 ,9 
?is p>agraph1 ! t]m #8mat]ially less5   
competition' means m ?an a de m9imis    
am\nt4  4  #d4 ,po/-settlem5t data      
,section #g;,a ( ! ,clayton ,act 7#ae   
,u4,s4,c4 #ah;a7 is am5d$ by add+ at !  
end ! foll[+3  7l7 7#a7 ,ea* p]son :o   
ent]s into an agreem5t ) ! ,f$]al ,trade
 ,commission or ! ,unit$ ,/ates to      
resolve a proce$+ br\ght "u ! antitru/  
laws or "u ! ,f$]al ,trade ,commission  
,act 7#ae ,u4,s4,c4 #da et seq47 reg>d+ 
an acquisition ) respect to :i*         
notification is requir$ "u ?is section  
%all1 on an annual basis dur+ ! #e-ye>  
p]iod beg9n+ on ! date on :i* ! agreem5t
 is ent]$ into1 submit to ! ,f$]al      
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al1 z applicable1         
in=mation suffici5t = ! ,f$]al ,trade   
,commission or ! ,unit$ ,/ates1 z       
applicable1 to assess ! competitive     
impact ( ! acquisition1 includ+--  7,a7 
! pric+1 availability1 & quality ( any  

product or s]vice1 or inputs !reto1 9   
any m>ket1 t 0 cov]$ by ! agreem5t2     
7,b7 ! s\rce1 & ! result+ magnitude &   
ext5t1 ( any co/-sav+ effici5cies or any
 consum] b5efits t 7 claim$ z a b5efit (
 ! acquisition & ! ext5t to :i* any co/ 
sav+s 7 pass$ on to consum]s2 &  7,c7 ! 
effectiv5ess ( any dive/itures or any   
conditions plac$ on ! acquisition 9     
prev5t+ or mitigat+ h>m to competition4 
7#b7 ,! requirem5t to provide !         
in=mation describ$ 9 p>agraph 7#a7 %all 
be includ$ 9 an agreem5t describ$ 9 t   
p>agraph4  7#c7 ,! ,f$]al ,trade        
,commission1 ) ! concurr5ce ( !         
,assi/ant ,attorney ,g5]al1 by rule 9   
accordance ) section #eec ( title #e1   
,unit$ ,/ates ,code1 & consi/5t ) !     
purposes ( ?is section--  7,a7 %all     
require t ! in=mation describ$ 9        
p>agraph 7#a7 be 9 su* =m & conta9 su*  
docum5t>y mat]ial & in=mation relevant  
to a propos$ acquisition z is necess>y &
 appropriate to enable ! ,f$]al ,trade  
,commission & ! ,assi/ant ,attorney     

,g5]al to assess ! competitive impact ( 
! acquisition "u p>agraph 7#a72 &  7,b7 
may-- 7i7 def9e ! t]ms us$ 9 ?is        
subsection2  7ii7 exempt1 f !           
requirem5ts ( ?is section1 in=mation n  
relevant 9 assess+ ! competitive impact 
( ! acquisition "u p>agraph 7#a72 &     
7iii7 prescribe su* o!r rules z may be  
necess>y & appropriate to c>ry out !    
purposes ( ?is section4  4  #e4 ,(fice (
 ,competition ,advocate  7a7 ,def9itions
 ,9 ?is section-- 7#a7 ! t]m ag5cy has !
 mean+ giv5 ! t]m 9 section #eea ( title
 #e1 ,unit$ ,/ates ,code2  7#b7 ! t]m   
cov]$ company means any company t has1  
at any "t1 be5 requir$ to make a fil+ "u
 section #g;,a ( ! ,clayton ,act 7#ae   
,u4,s4,c4 #ah;a72  7#c7 ! t]m ,(fice    
means ! ,(fice ( ! ,competition         
,advocate e/abli%$ "u subsection 7b72   
7#d7 ! t]m ,*airman means ! ,*airman ( !
 ,commission2 &  7#e7 ! t]m ,commission 
means ! ,f$]al ,trade ,commission4  7b7 
,e/abli%m5t ,!re is e/abli%$ )9 ! ,f$]al
 ,trade ,commission ! ,(fice ( !        

,competition ,advocate4  7c7            
,competition ,advocate  7#a7 ,9 g5]al ,!
 head ( ! ,(fice %all be ! ,competition 
,advocate1 :o %all-- 7,a7 report        
directly to ! ,*airman2 &  7,b7 be      
appo9t$ by ! ,*airman1 ) ! concurr5ce ( 
a majority ( ! ,commission1 includ+ at  
lea/ #a ,commission] :o is n a memb] ( !
 same political p>ty ( ! majority memb]s
 ( ! ,commission1 f among individuals   
hav+ exp]i5ce 9 advocat+ = ! promotion (
 competition4  7#b7 ,comp5sation ,!     
annual rate ( pay = ! ,competition      
,advocate %all be equal to ! highe/ rate
 ( annual pay = o!r s5ior executives :o 
report to ! ,*airman ( ! ,commission4   
7#c7 ,limitation on s]vice ,an          
individual :o s]ves z ! ,competition    
,advocate may n be employ$ by !         
,commission-- 7,a7 dur+ ! #b-ye> p]iod  
end+ on ! date ( appo9tm5t z            
,competition ,advocate2 or  7,b7 dur+ ! 
#e-ye> p]iod beg9n+ on ! date on :i* !  
p]son ceases to s]ve z ! ,competition   
,advocate4  7d7 ,/aff ( ,(fice ,!       

,competition ,advocate1 aft]            
consultation ) ! ,*airman ( !           
,commission1 may reta9 or employ        
indep5d5t c\nsel1 rese>* /aff1 & s]vice 
/aff1 z ! ,competition ,advocate        
det]m9es is necess>y to c>ry out !      
functions1 p[]s1 & duties ( ! ,(fice4   
7e7 ,duties & p[]s ,! ,competition      
,advocate %all-- 7#a7 recomm5d processes
 or proc$ures t w all[ ! ,f$]al ,trade  
,commission & ! ,antitru/ ,division ( ! 
,dep>tm5t ( ,ju/ice to improve ! ability
 ( ea* ag5cy to solicit reports f       
consum]s1 small bus9esses1 & employees  
ab\t possible anticompetitive practices 
or adv]se effects ( conc5tration2  7#b7 
recomm5d practices 9 c]ta9 indu/ries t  
m]it antitru/ inve/igation1 b may n     
recomm5d practices 9 c]ta9 indu/ries t d
 n m]it antitru/ inve/igation or are n  
anticompetitive2  7#c7 publicly provide 
recomm5dations to o!r ,f$]al ag5cies    
ab\t adm9i/rative actions t may h       
anticompetitive effects & ! pot5tial h>m
 to consum]s if ^? actions are c>ri$    

out2  7#d7 publi% p]iodic reports on--  
7,a7 m>ket conc5tration & its impact on 
! ,unit$ ,/ates1 local geographic areas1
 & diff]5t demographic & socioeconomic  
gr\ps2 &  7,b7 ! success ( m]g] rem$ies 
requir$ by ! ,dep>tm5t ( ,ju/ice or !   
,f$]al ,trade ,commission 9 cons5t      
decrees2  7#e7 collect data reg>d+      
conc5tration levels across indu/ries & !
 impact & degree ( antitru/ en=cem5t2 & 
7#f7 /&>dize ! types & =mats ( data     
report$ & collect$4  7f7 ,subpo5a       
au?ority  7#a7 ,9 g5]al ,! ,competition 
,advocate may ei!r require ! submission 
( or accept volunt>y submissions (      
p]iodic & o!r reports f any cov]$       
company = ! purpose ( assess+ m>ket     
conc5tration & its impact on ! ,unit$   
,/ates1 local geographic areas1 &       
diff]5t demographic & socioeconomic     
gr\ps & on ! success ( m]g] en=cem5t4   
7#b7 ,writt5 f9d+ ,be=e issu+ a subpo5a 
to collect ! in=mation describ$ 9       
p>agraph 7#a71 ! ,competition ,advocate 
%all make a writt5 f9d+ t--  7,a7 ! data

 is requir$ to c>ry out ! functions ( ! 
,competition ,advocate2 &  7,b7 !       
in=mation is n available f a public     
s\rce or ano!r ag5cy4  7#c7 ,mitigation 
( report burd5 ,be=e requir+ !          
submission ( a report f any company     
requir$ to make a fil+ "u section #g;,a 
( ! ,clayton ,act 7#ae ,u4,s4,c4 #ah;a71
 ! ,competition ,advocate %all--  7,a7  
coord9ate ) o!r ag5cies or au?ority2 &  
7,b7 :5ev] possible1 rely on in=mation  
available f su* ag5cies or au?ority4    
7g7 ,data ,c5t]  7#a7 ,e/abli%m5t ,!re  
is e/abli%$ )9 ! ,(fice ! ,data ,c5t]4  
7#b7 ,duties ,! ,data ,c5t] %all--  7,a7
 collect1 validate1 & ma9ta9 data obta9$
 f ag5cies1 z def9$ 9 section #eea (    
title #e1 ,unit$ ,/ates ,code1 comm]cial
 data provid]s1 publicly available data 
s\rces1 & any cov]$ company2 &  7,b7    
prep>e & publi%1 9 a mann] t is easily  
accessible to ! public-- 7i7 a          
conc5tration database2  7ii7 a m]g]     
en=cem5t database2  7iii7 any o!r       
database t ! ,competition ,advocate     

det]m9es is necess>y to c>ry out !      
duties ( ! ,(fice2 &  7iv7 ! =mat &     
/&>ds = ,(fice data1 includ+ /&>ds =    
report+ f9ancial transaction & position 
data to ! ,(fice4  7#c7 ,regulations ,! 
,competition ,advocate %all promulgate  
regulations relat+ to ! collection &    
/&>diz+ ( data "u p>agraph 7#b74  7#d7  
,confid5tiality  7,a7 ,9 g5]al ,! ,data 
,c5t] may n disclose any confid5tial    
data collect$ "u p>agraph 7#b74  7,b7   
,requirem5ts ,data obta9$ f an ag5cy    
%all be subject to ! same confid5tiality
 requirem5ts & protection z ! ag5cy     
provid+ ! data4  7,c7 ,in=mation        
security ,! ,competition ,advocate %all 
ensure t data collect$ & ma9ta9$ by !   
,data ,c5t] are kept secure & protect$  
aga9/ unau?oriz$ disclosure4