,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cdbf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #aj1 #bjbj,ms4    
,klobu*> 7= h]self1 ,mr4 ,blum5?al1 &   
,mr4 ,book]7 introduc$ ! foll[+ bill2   
:i* 0 read twice & ref]r$ to !          
,committee on ! ,judici>y  ,a ,,bill    
,to det] anticompetitive exclusion>y    
conduct t h>ms competition & consum]s1  
to enhance ! ability ( ! ,dep>tm5t (    
,ju/ice & ! ,f$]al ,trade ,commission to
 en=ce ! antitru/ laws1 & = o!r         
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,anticompetitive           
,exclusion>y ,conduct ,prev5tion ,act ( 
#bjbj4  #b4 ,f9d+s & purposes  7a7      
,f9d+s ,congress f9ds t-- 7#a7          
competitive m>kets1 9 :i* multiple firms
 compete to buy & sell products &       
s]vices1 are critical to ensur+ economic
 opportunity = all p 9 ! ,unit$ ,/ates2 
7#b7 :5 companies compete1 bus9esses (f]
 ! highe/ quality & *oice ( goods &     
s]vices = ! l[e/ possible prices to     
consum]s & o!r bus9esses2  7#c7         

competition fo/]s small bus9ess gr[?1   
r$uces economic inequality1 & spurs     
innovation & job creation2  7#d7 9 !    
,unit$ ,/ates economy today1 ! ex]cise (
 m>ket p[] is sub/antial & gr[+2  7#e7  
anticompetitive exclusion>y conduct is  
an important s\rce ( m>ket p[] & a      
sub/antial ?reat to ! ,unit$ ,/ates     
economy2  7#f7 :5 dom9ant sell]s ex]cise
 m>ket p[]1 !y h>m buy]s by ov]*>g+ !m1 
r$uc+ product or s]vice quality1 limit+ 
_! *oices1 & impair+ innovation2  7#g7  
:5 dom9ant buy]s ex]cise m>ket p[]1 !y  
h>m suppli]s by und]pay+ !m1 limit+ _!  
bus9ess opportunities1 & impair+        
innovation2  7#h7 :5 dom9ant employ]s   
ex]cise m>ket p[]1 !y h>m work]s by pay+
 !m l[ wages1 r$uc+ _! b5efits1 & limit+
 _! future employm5t opportunities2     
7#i7 nasc5t or pot5tial rivals c be an  
important s\rce ( competitive discipl9e 
= dom9ant firms2  7#aj7 antitru/        
en=cem5t aga9/ anticompetitive          
exclusion>y conduct has be5 imp$$ :5    
c\rts h decl9$ to rigor\sly exam9e !    

facts 9 favor ( inaccurate economic     
assumptions t are inconsi/5t )          
contempor>y economic le>n+1 su* z       
presum+ t m>ket p[] is n durable & c be 
expect$ to self-correct1 t monopolies   
drive innovation1 t above-co/ pric+ _c  
h>m competition1 & o!r flaw$            
assumptions2 &  7#aa7 ! c\rts ( ! ,unit$
 ,/ates h improp]ly impli$ immunity f ! 
antitru/ laws bas$ on ,f$]al regulatory 
/atutes1 ev5 limit+ ! application (     
/atutory antitru/ sav+s clauses pass$ by
 ,congress4  7b7 ,purposes ,! purposes (
 ?is ,act are to-- 7#a7 det] exclusion>y
 conduct t h>ms competition1 p>ticul>ly 
by dom9ant firms2 &  7#b7 enhance       
antitru/ en=cem5t by ! ,dep>tm5t (      
,ju/ice1 ! ,f$]al ,trade ,commission1 ! 
,/ate en=cem5t ag5cies1 & private       
p>ties4  #c4 ,def9ition ,9 ?is ,act1 !  
t]m antitru/ laws-- 7#a7 has ! mean+    
giv5 ! t]m 9 subsection 7a7 ( section #a
 ( ! ,clayton ,act 7#ae ,u4,s4,c4 #ab72 
7#b7 includes-- 7,a7 section #e ( !     
,f$]al ,trade ,commission ,act 7#ae     

,u4,s4,c4 #de7 to ! ext5t t su* section 
applies to unfair me?ods ( competition2 
&  7,b7 ?is ,act & ! am5dm5ts made by   
?is ,act4  #d4 ,exclusion>y conduct  7a7
 ,9 g5]al ,! ,clayton ,act 7#ae         
,u4,s4,c4 #ab et seq47 is am5d$ by      
ins]t+ aft] section #bf 7#ae ,u4,s4,c4  
#bf;a7 ! foll[+3  #bf;,a4 ,exclusion>y  
conduct  7a7 ,def9itions ,9 ?is section3
 7#a7 ,exclusion>y conduct  7,a7 ,9     
g5]al ,! t]m exclusion>y conduct means  
conduct t-- 7i7 mat]ially disadvantages 
"o or m actual or pot5tial competitors2 
or  7ii7 t5ds to =eclose or limit !     
opportunity ( "o or m actual or pot5tial
 competitors to compete4  7,b7          
,limitations  7i7 ,apply+ = or en=c+ a  
pat5t1 tradem>k1 or copyright1 unless   
su* applications or en=cem5t actions are
 baseless or made 9 bad fai?1 %all n    
alone con/itute exclusion>y conduct1 b  
su* actions may be consid]$ z "p ( a    
c\rse ( conduct t con/itutes exclusion>y
 conduct4  7ii7 ,conduct t is necess>y  
to comply ) ,f$]al or ,/ate law %all n  

alone con/itute exclusion>y conduct1 b  
su* actions may be consid]$ z "p ( a    
c\rse ( conduct t con/itutes exclusion>y
 conduct4  7#b7 ,m>ket p[] ,! t]m m>ket 
p[] means ! ability ( a p]son1 or a gr\p
 ( p]sons act+ 9 conc]t1 to pr(itably   
impose transaction t]ms on c\nt]p>ties1 
includ+ t]ms reg>d+ price1 quantity1    
product or s]vice quality1 or o!r t]ms  
affect+ ! value ( consid]ation ex*ang$ 9
 ! transaction1 t are m favorable to !  
p]son or gr\p ( p]sons ?an :at ! p]son  
or gr\p ( p]sons c\ld obta9 9 a         
competitive m>ket4  7b7 ,violation  7#a7
 ,9 g5]al ,x %all be unlawful = a p]son1
 act+ alone or 9 conc]t ) o!r p]sons1 to
 engage 9 exclusion>y conduct t pres5ts 
an appreciable risk ( h>m+ competition4 
7#b7 ,unfair me?od ( competition ,a     
violation ( p>agraph 7#a7 %all con/itute
 an unfair me?od ( competition "u       
section #e ( ! ,f$]al ,trade ,commission
 ,act 7#ae ,u4,s4,c4 #de74  7c7         
,presumption  7#a7 ,9 g5]al ,exclusion>y
 conduct %all be presum$ to pres5t an   

appreciable risk ( h>m+ competition &   
%all be a violation ( subsection 7b77#a7
 if ! exclusion>y conduct is und]tak51 )
 respect to a relevant m>ket1 by a p]son
 or by a gr\p ( m ?an #a p]son act+ 9   
conc]t t-- 7,a7 has a m>ket %>e ( great]
 ?an #ej p]c5t z a sell] or a buy] 9 !  
relevant m>ket2 or  7,b7 o!rwise has    
significant m>ket p[] 9 ! relevant      
m>ket4  7#b7 ,exception ,! presumption 9
 p>agraph 7#a7 %all be rebutt$ if !     
def5dant e/abli%es1 by a prepond]ance ( 
! evid5ce1 t-- 7,a7 di/9ct              
procompetitive b5efits ( ! exclusion>y  
conduct 9 ! relevant m>ket elim9ate !   
risk ( h>m+ competition pres5t$ by !    
exclusion>y conduct2  7,b7 "o or m      
p]sons1 n includ+ any p]son p>ticipat+ 9
 or facilitat+ ! exclusion>y conduct1 h 
ent]$ or exp&$ _! pres5ce 9 ! m>ket ) ! 
effect ( elim9at+ ! risk ( h>m+         
competition pos$ by ! exclusion>y       
conduct2 or  7,c7 ! exclusion>y conduct 
does n pres5t an appreciable risk ( h>m+
 competition4  7d7 ,consid]ations ,if ! 

presumption 9 subsection 7c7 does n     
apply1 ! det]m9ation ( :e!r exclusion>y 
conduct pres5ts an appreciable risk (   
h>m+ competition %all be bas$ on !      
totality ( ! circum/ances1 :i* may      
include consid]ation (-- 7#a7 ! ext5t to
 :i* any di/9ct procompetitive b5efits (
 ! exclusion>y conduct sub/antially     
elim9ate ! risk ( h>m+ to competition   
pres5t$ by ! exclusion>y conduct2 &     
7#b7 :e!r "o or m p]sons1 n includ+ any 
p]son p>ticipat+ 9 or facilitat+ !      
exclusion>y conduct1 h ent]$ or exp&$ _!
 pres5ce 9 ! m>ket1 sub/antially        
elim9at+ ! risk ( h>m+ competition      
pres5t$ by ! exclusion>y conduct4  7e7  
,limitations ,al?\gh ! foll[+           
circum/ances may con/itute evid5ce ( a  
violation ( subsection 7b77#a71 su*     
violation does n require f9d+-- 7#a7 t !
 unilat]al conduct ( ! def5dant alt]$ or
 t]m9at$ a prior c\rse ( deal+ betwe5 ! 
def5dant & a p]son subject to !         
exclusion>y conduct2  7#b7 t ! def5dant 
treat$ p]sons subject to ! exclusion>y  

conduct diff]5tly ?an ! def5dant treat$ 
o!r p]sons2  7#c7 t any price ( !       
def5dant = a product or s]vice 0 bel[   
any measure ( ! co/s to ! def5dant (    
provid+ ! product or s]vice2 or  7#d7 t 
! conduct ( ! def5dant makes no economic
 s5se ap>t f its t5d5cy to r$uce        
competition4  7f7 ,civil p5alties ,any  
p]son :o violates subsection 7b77#a7    
%all be liable to ! ,unit$ ,/ates = a   
civil p5alty1 :i* may be recov]$ 9 a    
civil action br\ght by ! ,attorney      
,g5]al ( ! ,unit$ ,/ates1 ( n m ?an !   
great] (-- 7#a7 #ae p]c5t ( ! total     
,unit$ ,/ates rev5ues ( ! p]son = !     
previ\s cal5d> ye>2 or  7#b7 #cj p]c5t (
 ! ,unit$ ,/ates rev5ues ( ! p]son 9 any
 l9e ( comm]ce affect$ or t>get$ by !   
unlawful conduct dur+ ! p]iod ( !       
unlawful conduct4  4  7b7 ,f$]al ,trade 
,commission ,act  7#a7 ,civil p5alties  
,section #e ( ! ,f$]al ,trade           
,commission ,act 7#ae ,u4,s4,c4 #de7 is 
am5d$ by add+ at ! end ! foll[+3  7o7   
,civil p5alty = violation ( section     

#bf;,a ( ! ,clayton ,act ,! ,commission 
may comm5ce a civil action 9 a di/rict  
c\rt ( ! ,unit$ ,/ates aga9/ any p]son1 
p>tn]%ip1 or corporation :o violates    
subsection 7a77#a7 respect+ an unfair   
me?od ( competition t con/itutes a      
violation ( section #bf;,a ( ! ,clayton 
,act to recov] a civil p5alty1 :i* %all 
accrue to ! ,unit$ ,/ates1 9 an am\nt n 
m ?an ! great] (-- 7#a7 #ae p]c5t ( !   
total ,unit$ ,/ates rev5ues ( ! p]son1  
p>tn]%ip1 or corporation = ! previ\s    
cal5d> ye>2 or  7#b7 #cj p]c5t ( !      
,unit$ ,/ates rev5ues ( ! p]son1        
p>tn]%ip1 or corporation 9 any l9e (    
comm]ce affect$ or t>get$ by ! unlawful 
conduct dur+ ! p]iod ( ! unlawful       
conduct4  4  7#b7 ,commission litigation
 au?ority ,section #af7;a77#b7 ( !      
,f$]al ,trade ,commission ,act 7#ae     
,u4,s4,c4 #ef7;a77#b77 is am5d$-- 7,a7 9
 subp>agraph 7,d71 by /rik+ or aft] !   
semicolon2  7,b7 9 subp>agraph 7,e7--   
7i7 by mov+ ! m>g9s #b ems to ! left2 & 
7ii7 by ins]t+ or aft] ! semicolon2 &   

7,c7 ins]t+ aft] subp>agraph 7,e7 !     
foll[+3  7,f7 to recov] civil p5alties  
"u section #e7o7 ( ?is ,act2  4  #e4    
,jo9t en=cem5t guidel9es  7a7 ,9 g5]al  
,n lat] ?an #a ye> aft] ! date (        
enactm5t ( ?is ,act1 ! ,attorney ,g5]al 
& ! ,f$]al ,trade ,commission %all issue
 jo9t guidel9es outl9+ policies1        
practices1 & analytical te*niques relat+
 to ag5cy en=cem5t "u section #bf;,a ( !
 ,clayton ,act1 z add$ by section #d (  
?is ,act1 includ+ ag5cy policies =      
det]m9+ ! appropriate am\nt ( a civil   
p5alty to be s\ght "u section #bf;,a ( !
 ,clayton ,act & subsection 7o7 (       
section #e ( ! ,f$]al ,trade ,commission
 ,act 7#ae ,u4,s4,c4 #de71 z add$ by    
section #d ( ?is ,act1 ) ! goal (       
promot+ transp>5cy & det]r+ violations (
 section #bf;,a ( ! ,clayton ,act4  7b7 
,p5alty consid]ations ,9 e/abli%+ !     
guidel9es describ$ 9 subsection 7a7     
reg>d+ civil p5alties1 ! ,attorney      
,g5]al & ! ,f$]al ,trade ,commission    
%all consid] ! relevant factors to be   

us$ = calculat+ an appropriate civil    
p5alty = a p>ticul> violation1 includ+  
-- 7#a7 ! volume ( comm]ce affect$2     
7#b7 ! duration & sev]ity ( ! unlawful  
conduct2  7#c7 ! int5t ( ! p]son        
und]tak+ ! unlawful conduct2  7#d7 !    
ext5t to :i* ! unlawful conduct 0       
egregi\s or a cle> violation ( ! law2   
7#e7 :e!r ! civil p5alty is to be appli$
 9 comb9ation ) o!r rem$ies = violations
 ( section #bf;,a ( ! ,clayton ,act1    
includ+-- 7,a7 /ructural rem$ies1       
behavioral conditions1 or equitable     
disgorgem5t2 or  7,b7 o!r rem$ies       
available "u section #d1 #d;,a1 #ae1 or 
#af ( ! ,clayton ,act 7#ae ,u4,s4,c4    
#ae1 #ae;a1 #be1 #bf7 or section #ac7;b7
 ( ! ,f$]al ,trade ,commission ,act 7#ae
 ,u4,s4,c4 #ec7;b772  7#f7 :e!r ! p]son 
has previ\sly engag$ 9 ! same or simil> 
anticompetitive conduct2 &  7#g7 :e!r ! 
p]son und]took ! conduct 9 violation ( a
 preexi/+ cons5t decree or c\rt ord]4   
7c7 ,updates ,! ,attorney ,g5]al & !    
,f$]al ,trade ,commission %all update ! 

jo9t guidel9es issu$ "u subsection 7a71 
z ne$$ to reflect curr5t ag5cy policies 
& practices1 b n less frequ5tly ?an once
 e #e ye>s beg9n+ on ! date ( enactm5t (
 ?is ,act4  7d7 ,public notice & comm5t 
7#a7 ,guidel9es ,be=e issu+ guidel9es "u
 subsection 7a7 or subsection 7c71 !    
,attorney ,g5]al & ! ,f$]al ,trade      
,commission %all publi% propos$         
guidel9es 9 draft =m & provide public   
notice & opportunity = comm5t = n less  
?an #fj days aft] ! date on :i* !       
guidel9es are publi%$4  7#b7            
,inapplicability ( rule mak+ provisions 
,! provisions ( section #eec ( title #e1
 ,unit$ ,/ates ,code1 %all n apply to ! 
guidel9es issu$ "u p>agraph 7#a74  #f4  
,m>ket def9ition  7a7 ,9 g5]al ,e/abli%+
 liability "u ! antitru/ laws does n    
require ! def9ition ( a relevant m>ket1 
except :5 ! def9ition ( a relevant m>ket
 is requir$1 to e/abli% a presumption or
 to resolve a claim1 "u a /atutory      
provision t explicitly ref]5ces relevant
 m>ket1 m>ket conc5tration1 or m>ket    

%>e4  7b7 ,direct evid5ce ,if direct    
evid5ce is pr(f]$ ( actual or likely h>m
 to competition or an appreciable risk  
to competition suffici5t to satisfy !   
applicable /atutory /&>d1 or t ! effect 
( an acquisition subject to section #g (
 ! ,clayton ,act 7#ae ,u4,s4,c4 #ah7 may
 be sub/antially to less5 competition or
 t5d to create a monopoly1 nei!r a c\rt 
nor ! ,f$]al ,trade ,commission %all    
require def9ition ( a relevant m>ket 9  
ord] to evaluate ! evid5ce1 to f9d      
liability1 or to f9d t a claim has be5  
/at$ "u ! antitru/ laws4  7c7 ,rule (   
con/ruction ,no?+ 9 ?is section may be  
con/ru$ to prev5t a c\rt or ! ,f$]al    
,trade ,commission f consid]+ evid5ce   
relat+ to ! def9ition ( propos$ relevant
 m>kets to evaluate ! m]its ( a claim "u
 ! antitru/ laws4  #g4 ,limitations on  
impli$ immunity f ! antitru/ laws  7a7  
,9 g5]al ,9 any action or proce$+ to    
en=ce ! antitru/ laws ) respect to      
conduct t is regulat$ "u ,f$]al /atute1 
no c\rt or adjudicatory body may f9d t !

 ,f$]al /atute1 or any rule or          
regulation promulgat$ 9 accordance ) !  
,f$]al /atute1 implicitly precludes     
application ( ! antitru/ laws to !      
conduct unless-- 7#a7 a ,f$]al ag5cy or 
dep>tm5t actively regulates ! conduct "u
 ! ,f$]al /atute2  7#b7 ! ,f$]al /atute 
does n include any provision pres]v+ !  
rights1 claims1 or rem$ies "u !         
applicable antitru/ laws or "u any area 
( law t includes ! antitru/ laws2 &     
7#c7 ,f$]al ag5cy or dep>tm5t rules or  
regulations1 adopt$ by rulemak+ or      
adjudication1 explicitly require or     
au?orize ! def5dant to und]take !       
conduct4  7b7 ,exi/+ ,f$]al regulation  
,9 any action or proce$+ describ$ 9     
subsection 7a71 ! antitru/ laws %all be 
appli$ fully & )\t qualification or     
limitation1 & ! scope ( ! antitru/ laws 
%all n be def9$ m n>r[ly on acc\nt ( !  
exi/5ce ( ,f$]al rules1 regulations1 or 
regulatory ag5cies or dep>tm5ts1 unless 
application ( ! antitru/ laws is        
preclud$ or limit$ by-- 7#a7 an explicit

 exemption f ! antitru/ laws "u a ,f$]al
 /atute2 or  7#b7 an impli$ immunity t  
satisfies ! requirem5ts "u subsection   
7a74  #h4 ,additional rem$ies2 rules (  
con/ruction  7a7 ,additional rem$ies ,! 
rights & rem$ies provid$ "u ?is ,act are
 9 addition to1 n 9 lieu (1 any o!r     
rights & rem$ies provid$ by ,f$]al law1 
includ+ "u section #d1 #d;,a1 #ae1 or   
#af ( ! ,clayton ,act 7#ae ,u4,s4,c4    
#ae1 #ae;a1 #be1 #bf7 or section #ac7;b7
 ( ! ,f$]al ,trade ,commission ,act 7#ae
 ,u4,s4,c4 #ec7;b774  7b7 ,rules (      
con/ruction ,no?+ 9 ?is ,act may be     
con/ru$ to-- 7#a7 impair or limit !     
applicability ( any ( ! antitru/ laws2 &
  7#b7 prohibit any o!r rem$y provid$ by
 ,f$]al law4