,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #djac  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #ah1 #bjbj,ms4   
,w>r5 7= h]self & ,mr4 ,s&]s7 introduc$ 
! foll[+ bill2 :i* 0 read twice & ref]r$
 to ! ,committee on ,comm]ce1 ,sci5ce1 &
 ,transportation  ,a ,,bill  ,to        
prohibit c]ta9 transactions dur+ !      
coronavirus disease #bjai 7,,covid-#ai7 
p&emic4  #a4 ,%ort title ,?is ,act may  
be cit$ z ! ,p&emic ,anti-,monopoly     
,act4  #b4 ,moratorium on c]ta9 m]g]s & 
acquisitions  7a7 ,9 g5]al ,except z    
provid$ 9 subsection 7b71 dur+ ! p]iod  
beg9n+ on ! date ( enactm5t ( ?is ,act &
 end+ on ! date on :i* ! ,f$]al ,trade  
,commission votes unanim\sly "u         
subsection 7c71 ! foll[+ transactions   
are prohibit$3 7#a7 ,acquisitions by    
firms ) ov] #ajj1jjj1jjj 9 rev5ue4  7#b7
 ,acquisitions by f9ancial in/itutions  
or equity funds ) ov] #ajj1jjj1jjj 9    
capitalization4  7#c7 ,acquisitions by  
firms t are regi/]$ inve/m5t advis]s "u 
section #bjc ( ! ,inve/m5t ,advis]s ,act

 ( #aidj 7#ae ,u4,s4,c4 #hj;b-#c7 or by 
firms t are majority-own$ by a firm t is
 a regi/]$ inve/m5t advis] "u t section4
  7#d7 ,acquisitions involv+ firms )    
exclusive pat5t p]ta9+ to coronavirus   
disease #bjai 7,,covid-#ai7             
p&emic-relat$ production1 manufactur+1  
di/ribution1 or infra/ructure1 m$ical   
supplies1 equipm5t1 facilities1 or      
s]vices1 & drug rese>*1 developm5t1     
production1 supply1 res]ves1 or         
di/ribution4  7#e7 ,any o!r acquisition 
requir$ to be report$ "u section #g;,a (
 ! ,clayton ,act 7#ae ,u4,s4,c4 #ah;a74 
7#f7 ,does n include an acquisition t is
 a transaction describ$ 9 p>agraph 7#a71
 7#b71 7#c71 7#d71 7#e71 7#i71 or 7#aj7 
( section #g;,a7c7 ( ! ,clayton ,act    
7#ae ,u4,s4,c4 #ah;a7c774  7b7 ,waiv]   
7#a7 ,9 g5]al ,firms p>ticipat+ 9 any   
transaction describ$ 9 subsection 7a7   
may petition ! ,f$]al ,trade ,commission
 = a waiv] by pres5t+ cle> & conv9c+    
evid5ce t ! transaction w advance       
critical national security1 economic1 or

 public heal? int]e/s dur+ ! em]g5cy4   
7#b7 ,fail+ firm ,! acquisition ( a     
fail+ firm %all be consid]$ to advance  
critical economic int]e/s & %all be     
deem$ to meet ! crit]ia = a waiv] "u    
p>agraph 7#a74 ,a firm %all be deem$    
fail+ if ! ,commission concludes t--    
7,a7 ! firm w\ld be unable to meet !    
f9ancial obligations ( ! firm 9 ! ne>   
future1 hav+ e/abli%$ t ! res\rces ( !  
firm are s deplet$ & ! prospect (       
rehabilitation s remote t ! firm faces !
 grave probability ( a bus9ess failure2 
7,b7 ! probability ( ! firm successfully
 reorganiz+ "u *apt] #aa ( title #aa1   
,unit$ ,/ates ,code1 is dim or          
nonexi/5t2 &  7,c7 ! firm has demon/rat$
 t ! firm made good fai? ef=ts to elicit
 reasonable alt]native (f]s t w\ld keep 
assets ( ! firm 9 ! m>ket & pose a less 
sev]e dang] to competition ?an does !   
propos$ acquisition4  7#c7 ,vote ,!     
,f$]al ,trade ,commission1 by unanim\s  
,commission vote & ) ! writt5 concurr5ce
 ( ! ,attorney ,g5]al1 ! ,secret>y (    

,def5se1 ! ,secret>y ( ,homel&          
,security1 ! ,secret>y ( ,labor1 !      
,secret>y ( ,heal? & ,human ,s]vices1 & 
! ,adm9i/rator ( ! ,small ,bus9ess      
,adm9i/ration may grant a petition "u   
p>agraph 7#a7 if ! ,commission det]m9es 
t ! transaction w advance critical      
national security1 economic1 or public  
heal? int]e/s dur+ ! em]g5cy4  7#d7     
,explanation ,^u grant+ a petition "u   
?is subsection1 ! ,f$]al ,trade         
,commission %all publi% 9 ! ,f$]al      
,regi/] & on ! website ( ! ,commission !
 rationale = grant+ ! petition4  7c7    
,t]m9ation ( moratorium  7#a7 ,9 g5]al  
,! prohibition 9 subsection 7a7 %all n  
apply only if ! ,f$]al ,trade           
,commission unanim\sly det]m9es1 ) !    
writt5 cons5t ( ! ,attorney ,g5]al1 !   
,secret>y ( ,labor1 & ! ,adm9i/rator ( !
 ,small ,bus9ess ,adm9i/ration1 t !     
prohibition %\ld no long] apply4  7#b7  
,initial det]m9ation ,! ,f$]al ,trade   
,commission may only hold a vote "u     
p>agraph 7#a7 aft]-- 7,a7 ! national    

em]g5cy "u ! ,national ,em]g5cies ,act  
7#ej ,u4,s4,c4 #afja et seq47 ) respect 
to ! coronavirus disease #bjai          
7,,covid-#ai7 has t]m9at$2  7,b7 ea*    
,/ate ( ! ,unit$ ,/ates1 ! ,di/rict (   
,columbia1 any t]ritory ( ! ,unit$      
,/ates1 ,pu]to ,rico1 ,guam1 ,am]ican   
,samoa1 ! ,virg9 ,isl&s1 & ! ,nor!rn    
,m>iana ,isl&s h reop5$ _! economies2   
7,c7 ! #ajj-;day p]iod end+ on ! lat] ( 
! date on :i* subp>agraph 7,a7 or 7,b7  
has be5 satisfi$ expires2 &  7,d7 !     
,commission det]m9es t small bus9esses &
 work]s are no long] "u sev]e f9ancial  
di/ress4  7d7 ,toll+ ,dur+ ! p]iod      
beg9n+ on ! date ( enactm5t ( ?is ,act &
 end+ on ! date on :i* ! ,f$]al ,trade  
,commission votes "u subsection 7c77#a7 
to remove ! prohibition "u subsection   
7a71 any wait+ p]iod or deadl9e requir$ 
"u section #g;,a ( ! ,clayton ,act 7#ae 
,u4,s4,c4 #ah;a7 %all be automatically  
toll$4  7e7 ,p5alties ,any firm attempt+
 a prohibit$ transaction "u ?is section 
%all be subject to an ord] block+ or    

rev]s+ ! transaction & a p5alty ( n less
 ?an #aj p]c5t ( ! rev5ue ( ! firm =    
fiscal ye> #bjai4  7f7 ,resili5cy       
rulemak+  7#a7 ,9 g5]al ,!re %all be a  
legal presumption aga9/ a transaction t 
may pose a risk to ! ,gov]nm5t's ability
 to respond to a national em]g5cy1      
includ+-- 7,a7 a transaction t may      
r$uce1 re/rict1 curtail1 or o!rwise     
und]m9e ! ability ( ! ,gov]nm5t to      
inv5t1 develop1 improve1 produce1       
procure1 /ockpile1 or o!rwise make      
available goods & s]vices t are         
life-sav+ or o!rwise ess5tial to !      
,gov]nm5t's ability to address !        
coronavirus disease #bjai 7,,covid-#ai7 
p&emic or o!r pot5tial public heal?1    
safety1 or o!r em]g5cies2  7,b7 a       
transaction t may r$uce1 limit1 curtail1
 or o!rwise create a dis9c5tive =       
rese>*1 developm5t1 or production (     
goods or s]vices describ$ 9 subp>agraph 
7,a72 &  7,c7 a transaction by a firm "u
 contract )9 ! la/ #e ye>s ) ! ,f$]al   
,gov]nm5t reg>d+ any goods or s]vices   

describ$ 9 subp>agraph 7,a74  7#b7      
,burd5 ,if a firm seeks to complete a   
transaction describ$ 9 p>agraph 7#a71 t 
firm %all h ! burd5 ( %[+ by cle> &     
conv9c+ evid5ce t ! transaction does n  
pose a risk to ! ,gov]nm5t's ability to 
respond to a national em]g5cy4  7#c7    
,rulemak+ ,n lat] ?an #a ye> aft] ! date
 ( enactm5t ( ?is ,act1 ! ,f$]al ,trade 
,commission %all promulgate regulations 
to fur!r def9e-- 7,a7 transactions t    
fall "u p>agraph 7#a77;,a72  7,b7       
transactions t fall "u p>agraph         
7#a77;,b72  7,c7 companies t fall "u    
p>agraph 7#a77;,c72 &  7,d7 specific    
goods & s]vices t are life-sav+ or      
o!rwise ess5tial to ! ,gov]nm5t's       
ability to address ! coronavirus disease
 #bjai 7,,covid-#ai7 p&emic or o!r      
pot5tial public heal?1 safety1 or o!r   
em]g5cies4