,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #dhgf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #bf            
7legislative day1 ,octob] #ai71         
#bjbj,mr4 ,lee 7= himself1 ,mr4         
,grassley1 & ,mr4 ,tillis7 introduc$ !  
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ! ,judici>y  ,a      
,,bill  ,to provide t ! ,f$]al ,trade   
,commission %all ex]cise au?ority )     
respect to m]g]s only "u ! ,clayton ,act
 & only 9 ! same proc$ural mann] z !    
,attorney ,g5]al ex]cises su* au?ority1 
& to require ! ,f$]al ,communications   
,commission to approve or d5y a lic5se  
transf] application )9 #ahj days (      
submission4  ,i ,/&>d ,m]g] &           
,acquisition ,reviews ,?r\gh ,equal     
,rules  #aja4 ,%ort title ,?is title may
 be cit$ z ! ,/&>d ,m]g] & ,acquisition 
,reviews ,?r\gh ,equal ,rules ,act (    
#bjbj4  #ajb4 ,am5dm5ts to ! ,clayton   
,act ,! ,clayton ,act 7#ae ,u4,s4,c4 #ab
 et seq47 is am5d$-- 7#a7 by /rik+      
section #d;,f 7#ae ,u4,s4,c4 #ae;f7 &   

ins]t+ ! foll[+--  #d;,f4 ,actions by   
,attorney ,g5]al ( ! ,unit$ ,/ates or ! 
,f$]al ,trade ,commission  7a7 ,:5ev] ! 
,attorney ,g5]al ( ! ,unit$ ,/ates has  
br\ght an action "u ! antitru/ laws or !
 ,f$]al ,trade ,commission has br\ght an
 action "u section #g1 & ! ,attorney    
,g5]al or ,f$]al ,trade ,commission1 z  
applicable1 has reason to believe t any 
,/ate attorney g5]al w\ld be entitl$ to 
br+ an action "u ?is ,act bas$          
sub/antially on ! same alleg$ violation 
( ! antitru/ laws or section #g1 !      
,attorney ,g5]al or ,f$]al ,trade       
,commission1 z applicable1 %all promptly
 give writt5 notification !re( to su*   
,/ate attorney g5]al4  7b7 ,to assi/ a  
,/ate attorney g5]al 9 evaluat+ ! notice
 describ$ 9 subsection 7a7 or 9 br++ any
 action "u ?is ,act1 ! ,attorney ,g5]al 
( ! ,unit$ ,/ates or ,f$]al ,trade      
,commission1 z applicable1 %all1 ^u     
reque/ by su* ,/ate attorney g5]al1 make
 available to ! ,/ate attorney g5]al1 to
 ! ext5t p]mitt$ by law1 any            

inve/igative files or o!r mat]ials :i*  
are or may be relevant or mat]ial to !  
actual or pot5tial cause ( action "u ?is
 ,act4  2  7#b7 9 section #e 7#ae       
,u4,s4,c4 #af7-- 7,a7 9 subsection 7a71 
by ins]t+ 7includ+ a proce$+ br\ght by !
 ,f$]al ,trade ,commission ) respect to 
a violation ( section #g7 aft] ,unit$   
,/ates "u ! antitru/ laws2 &  7,b7 9    
subsection 7i71 by ins]t+ 7includ+ a    
proce$+ in/itut$ by ! ,f$]al ,trade     
,commission ) respect to a violation (  
section #g7 aft] antitru/ laws2  7#c7 9 
section #aa 7#ae ,u4,s4,c4 #ba71 by add+
 at ! end ! foll[+3  7m7 7#a7 ,except z 
provid$ 9 p>agraph 7#b71 9 en=c+        
compliance ) section #g1 ! ,f$]al ,trade
 ,commission %all en=ce compliance ) t  
section 9 ! same mann] z ! ,attorney    
,g5]al 9 accordance ) section #ae4  7#b7
 ,if ! ,f$]al ,trade ,commission        
approves an agreem5t ) ! p>ties to !    
transaction t conta9s a cons5t ord] )   
respect to a violation ( section #g1 !  
,commission %all en=ce compliance ) t   

section 9 accordance ) ?is section4  2  
7#d7 9 section #ac 7#ae ,u4,s4,c4 #bc71 
by ins]t+ 7includ+ a suit1 action1 or   
proce$+ br\ght by ! ,f$]al ,trade       
,commission ) respect to a violation (  
section #g7 be=e subpo5as2 &  7#e7 9    
section #ae 7#ae ,u4,s4,c4 #be71 by     
ins]t+ & ! duty ( ! ,f$]al ,trade       
,commission ) respect to a violation (  
section #g1 aft] ,g5]al14  #ajc4        
,am5dm5ts to ! ,f$]al ,trade ,commission
 ,act ,! ,f$]al ,trade ,commission ,act 
7#ae ,u4,s4,c4 #da et seq47 is am5d$--  
7#a7 9 section #e7;b7 7#ae ,u4,s4,c4    
#de7;b771 by ins]t+ 7exclud+ !          
consummation ( a propos$ m]g]1          
acquisition1 jo9t v5ture1 or simil>     
transaction t is subject to section #g (
 ! ,clayton ,act 7#ae ,u4,s4,c4 #ah71   
except 9 cases :]e ! ,commission        
approves an agreem5t ) ! p>ties to !    
transaction t conta9s a cons5t ord]7    
aft] unfair me?od ( competition2  7#b7 9
 section #i 7#ae ,u4,s4,c4 #di71 by     
ins]t+ aft] ! f\r? undesignat$ p>agraph 

! foll[+3 ,^u ! application ( !         
commission ) respect to any activity    
relat$ to ! consummation ( a propos$    
m]g]1 acquisition1 jo9t v5ture1 or      
simil> transaction t is subject to      
section #g ( ! ,clayton ,act 7#ae       
,u4,s4,c4 #ah7 t may result 9 any unfair
 me?od ( competition1 ! di/rict c\rts ( 
! ,unit$ ,/ates %all h jurisdiction to  
issue writs ( m&amus comm&+ any p]son or
 corporation to comply ) ! provisions ( 
?is ,act or any ord] ( ! commission made
 9 pursuance !re(4 2  7#c7 9 section    
#ac7;b77#a7 7#ae ,u4,s4,c4 #ec7;b77#a771
 by ins]t+ 7exclud+ section #g ( !      
,clayton ,act 7#ae ,u4,s4,c4 #ah7 &     
section #e7;a77#a7 ) respect to !       
consummation ( a propos$ m]g]1          
acquisition1 jo9t v5ture1 or simil>     
transaction t is subject to section #g (
 ! ,clayton ,act 7#ae ,u4,s4,c4 #ah77   
aft] ,commission2 &  7#d7 9 section     
#bj7;c77#a7 7#ae ,u4,s4,c4              
#eg;b-#a7;c77#a771 by ins]t+ or "u      
section #g ( ! ,clayton ,act 7#ae       

,u4,s4,c4 #ah71 :]e applicable1 aft]    
,act14  #ajd4 ,effective date2          
application ( am5dm5ts  7a7 ,effective  
date ,except z provid$ 9 subsection 7b71
 ?is title & ! am5dm5ts made by ?is     
title %all take effect on ! date ( !    
enactm5t ( ?is ,act4  7b7 ,application (
 am5dm5ts ,! am5dm5ts made by ?is title 
%all n apply to any ( ! foll[+ t occurs 
be=e ! date ( enactm5t ( ?is ,act3 7#a7 
,a violation ( section #g ( ! ,clayton  
,act 7#ae ,u4,s4,c4 #ah74  7#b7 ,a      
transaction ) respect to :i* !re is     
compliance ) section #g;,a ( ! ,clayton 
,act 7#ae ,u4,s4,c4 #ah;a74  7#c7 ,a    
case 9 :i* a prelim9>y injunction has   
be5 fil$ 9 a di/rict c\rt ( ! ,unit$    
,/ates4  ,,ii ,f$]al ,communications    
,commission ,m]ger ,process ,re=m  #bja4
 ,"t limits = ,commission action on     
transf]s & assignm5ts ,title ,,iv ( !   
,communications ,act ( #aicd 7#dg       
,u4,s4,c4 #dja et seq47 is am5d$ by add+
 at ! end ! foll[+3  #dag4 ,"t limits = 
,commission action on transf]s &        

assignm5ts  7a7 ,def9ition ,9 ?is       
section1 ! t]m cov]$ application means  
an application = ! transf] ( control or 
assignm5t ( any lic5se or au?orization  
subject to ! jurisdiction ( !           
,commission4  7b7 ,requirem5ts  7#a7 ,9 
g5]al ,not)/&+ any o!r provision ( law1 
includ+ section #cji7;e71 !             
,commission-- 7,a7 %all approve or d5y a
 cov]$ application2 &  7,b7 may n       
designate a cov]$ application = he>+1   
unless ! ,commission fir/ det]m9es by a 
majority vote t a mat]ial factual "q    
exi/s ab\t misrepres5tation or lack (   
c&or by ! applicant4  7#b7 ,det]m9ation 
,except z provid$ 9 p>agraph 7#c71 !    
,commission %all make a det]m9ation to  
approve or d5y a cov]$ application n    
lat] ?an #ahj days aft] ! date on :i* ! 
applicants provide to ! ,commission !   
la/ submission1 relat+ to ! application1
 be=e ! ,commission provides public     
notice ( ! application4  7#c7 ,ext5sions
  7,a7 ,9 g5]al  7i7 ,reque/ ,dur+ !    
#ahj-;day review p]iod "u p>agraph 7#b71

 ! ,commission may apply to ! ,unit$    
,/ates ,di/rict ,c\rt = ! ,di/rict (    
,columbia = an ext5sion ( t p]iod = an  
additional #cj days by fil+ a motion to 
ext5d t ref]5ces ?is section4  7ii7     
,c\rt det]m9ation ,! c\rt may grant an  
ext5sion ( ! #ahj-;day review p]iod     
reque/$ "u clause 7i7 if-- 7,i7 ! c\rt  
f9ds t ! applicants = ! transf] (       
control or assignm5t h n sub/antially   
compli$1 9 a timely mann]1 ) a          
reasonable reque/ by ! ,commission =    
in=mation2  7,,ii7 ! ,commission %[s1 by
 cle> & conv9c+ evid5ce1 t ! ,commission
 is unable to complete review )9 !      
#ahj-;day review p]iod2 or  7,,iii7 an  
,executive ag5cy 7z def9$ 9 section #aje
 ( title #e1 ,unit$ ,/ates ,code7 has   
reque/$ 9 writ+ t ! ,commission delay a 
det]m9ation p5d+ ! ,executive ag5cy's   
national security review ( ! transf] (  
control or assignm5t4  7,b7 ,additional 
ext5sions ,! ,commission may reque/1 & !
 c\rt may grant1 additional #cj-;day    
ext5sions 9 ! same mann] z an initial   

ext5sion "u subp>agraph 7,a74  7c7      
,approval abs5t ,commission action  7#a7
 ,9 g5]al ,a cov]$ application %all be  
deem$ approv$ )\t conditions if !       
,commission does n approve or d5y !     
application or apply = an ext5sion dur+ 
! applicable p]iod "u subsection 7b74   
7#b7 ,p5d+ litigation  7,a7 ,9 g5]al    
,except z provid$ 9 subp>agraph 7,b71 if
 ! #ahj-;day review p]iod "u subsection 
7b77#b7 has expir$1 ! ,commission may n 
d5y a cov]$ application1 or approve a   
cov]$ application ) conditions1 dur+ !  
p5d5cy ( any litigation relat+ to a     
reque/ by ! ,commission = an ext5sion "u
 subsection 7b77#c7 ) respect to ! cov]$
 application1 includ+ any "t dur+ :i* a 
c\rt has ent]$ a /ay p5d+ appeal or     
adm9i/rative /ay ( su* litigation4  7,b7
 ,ext5sion reque/ d5i$ aft] #ahj-;day   
review p]iod ,if a reque/ = an ext5sion 
"u subsection 7b77#c7 is d5i$ aft] !    
expiration ( ! #ahj-;day review p]iod "u
 subsection 7b77#b7-- 7i7 ! ,commission 
%all make a det]m9ation to approve or   

d5y ! cov]$ application n lat] ?an #aj  
days aft] ! date on :i* ! ext5sion      
reque/ is d5i$2 &  7ii7 ! cov]$         
application %all be deem$ approv$ )\t   
conditions if ! ,commission does n      
approve or d5y ! application dur+ !     
#aj-;day p]iod describ$ 9 clause 7i74   
7d7 ,burd5 ( p]suasion %ift$ ,not)/&+   
any o!r provision ( law1 includ+ section
 #gjf ( title #e1 ,unit$ ,/ates ,code1 9
 a judicial appeal ( a ,commission      
decision to d5y a cov]$ application1 !  
,commission %all be> ! burd5 ( p]suasion
 to demon/rate t ! decision is-- 7#a7   
p]mitt$ "u applicable /atutes &         
regulations2 &  7#b7 support$ by !      
requir$ am\nt ( factual evid5ce4  4     
#bjb4 ,te*nical & con=m+ am5dm5t        
,section #caj7;d7 ( ! ,communications   
,act ( #aicd 7#dg ,u4,s4,c4 #caj7;d77 is
 am5d$1 9 ! second s5t5ce1 by ins]t+    
be=e ! semicolon ! foll[+3 1 except z   
o!rwise provid$ 9 section #dag4  #bjc4  
,effective date ,! am5dm5t made by      
section #bja %all apply ) respect to any

 cov]$ application t is submitt$ to !   
,f$]al ,communications ,commission on or
 aft] ! date ( enactm5t ( ?is ,act4