,,ii  #aag? ,,congress  #b;d ,session   
,h4 ,r4 #chdc  ,,9 ,,! ,,s5ate ,,( ,,!  
,,unit$ ,,/ates  ,octob] #aa1           
#bjbb,receiv$  ,,an ,,act  ,to protect  
competition & promote antitru/ en=cem5t 
by adju/+ prem]g] fil+ fees to increase 
antitru/ en=cem5t res\rces4  #a4 ,%ort  
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,m]g] ,fil+   
,fee ,mod]nization ,act ( #bjbb4  7b7   
,table ( cont5ts ,! table ( cont5ts (   
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title2 table ( cont5ts4,title           
,i--,mod]niz+ ,m]g] ,fil+ ,fee          
,collections2 ,acc\ntability            
,requirem5ts2 ,limitation on            
,funding,sec4 #aja4 ,modification (     
prem]g] notification fil+ fees4,sec4    
#ajb4 ,report+ requirem5ts = m]g] fee   
collections4,title ,,ii--,disclosure (  
,subsidies by ,=eign ,adversaries,sec4  
#bja4 ,f9d+s & purpose4,sec4 #bjb4      
,m]g]s involv+ =eign gov]nm5t           
subsidies4,title ,,iii--,v5ue = ,/ate   
,antitru/ ,enforcement,sec4 #cja4 ,v5ue 

= ,/ate ,antitru/ ,en=cem5t4  ,i        
,mod]niz+ ,m]g] ,fil+ ,fee ,collections2
 ,acc\ntability ,requirem5ts2           
,limitation on ,fund+  #aja4            
,modification ( prem]g] notification    
fil+ fees ,section #fje ( ,public ,law  
#aja-afb 7#ae ,u4,s4,c4 #ah;a note7 is  
am5d$-- 7#a7 9 subsection 7b7-- 7,a7 9  
p>agraph 7#a7-- 7i7 by /rik+ #de1jjj &  
ins]t+ #cj1jjj2  7ii7 by /rik+          
#ajj1jjj1jjj & ins]t+ #afa1ejj1jjj2     
7iii7 by /rik+ #bjjd & ins]t+ #bjbc2 &  
7iv7 by /rik+ #bjjc & ins]t+ #bjbb2     
7,b7 9 p>agraph 7#b7-- 7i7 by /rik+     
#abe1jjj & ins]t+ #ajj1jjj2  7ii7 by    
/rik+ #ajj1jjj1jjj & ins]t+             
#afa1ejj1jjj2  7iii7 by /rik+ b less &  
ins]t+ b is less2 &  7iv7 by /rik+ & at 
! end2  7,c7 9 p>agraph 7#c7-- 7i7 by   
/rik+ #bhj1jjj & ins]t+ #bej1jjj2 &     
7ii7 by /rik+ ! p]iod at ! end & ins]t+ 
b is less ?an #a1jjj1jjj1jjj 7z s adju/$
 & publi%$722 &  7,d7 by add+ at ! end !
 foll[+3  7#d7 #djj1jjj if ! aggregate  
total am\nt det]m9$ "u section          

#g;,a7a77#b7 ( ! ,clayton ,act 7#ae     
,u4,s4,c4 #ah;a7a77#b77 is n less ?an   
#a1jjj1jjj1jjj 7z s adju/$ & publi%$7 b 
is less ?an #b1jjj1jjj1jjj 7z s adju/$ &
 publi%$72  7#e7 #hjj1jjj if ! aggregate
 total am\nt det]m9$ "u section         
#g;,a7a77#b7 ( ! ,clayton ,act 7#ae     
,u4,s4,c4 #ah;a7a77#b77 is n less ?an   
#b1jjj1jjj1jjj 7z s adju/$ & publi%$7 b 
is less ?an #e1jjj1jjj1jjj 7z s adju/$ &
 publi%$72 &  7#f7 #b1bej1jjj if !      
aggregate total am\nt det]m9$ "u section
 #g;,a7a77#b7 ( ! ,clayton ,act 7#ae    
,u4,s4,c4 #ah;a7a77#b77 is n less ?an   
#e1jjj1jjj1jjj 7z s adju/$ & publi%$74  
2 &  7#b7 by add+ at ! end ! foll[+3    
7c7 7#a7 ,= ea* fiscal ye> comm5c+ aft] 
,septemb] #cj1 #bjbc1 ! fil+ fees 9 ?is 
section %all be increas$ by an am\nt    
equal to ! p]c5tage increase1 if any1 9 
! ,consum] ,price ,index1 z det]m9$ by !
 ,dep>tm5t ( ,labor or its successor1 = 
! ye> !n end$ ov] ! level s e/abli%$ = !
 ye> end+ ,septemb] #cj1 #bjbb4  7#b7 ,z
 soon z practicable1 b n lat] ?an       

,janu>y #ca ( ea* ye>1 ! ,f$]al ,trade  
,commission %all publi% ! adju/$ am\nts 
requir$ by p>agraph 7#a74  7#c7 ,!      
,f$]al ,trade ,commission %all n adju/  
am\nts requir$ by p>agraph 7#a7 if !    
p]c5tage increase describ$ 9 p>agraph   
7#a7 is less ?an #a p]c5t4  7#d7 ,an    
am\nt adju/$ "u ?is section %all be     
r\nd$ to ! ne>e/ multiple ( #e1jjj4  4  
#ajb4 ,report+ requirem5ts = m]g] fee   
collections  7a7 ,,ftc & ,,doj jo9t     
report ,= ea* ( fiscal ye>s #bjbc ?r\gh 
#bjbg1 ! ,f$]al ,trade ,commission &    
,dep>tm5t ( ,ju/ice %all jo9tly &       
annually report to ! ,congress on !     
op]ation ( section #g;,a ( ! ,clayton   
,act 7#ae ,u4,s4,c4 #ah;a7 & %all       
include 9 su* report ! foll[+3 7#a7 ,!  
am\nt ( funds made available to ! ,f$]al
 ,trade ,commission & ! ,dep>tm5t (     
,ju/ice1 respectively1 f ! prem]g]      
notification fil+ fees "u ?is section1 z
 adju/$ by ! ,m]g] ,fil+ ,fee           
,mod]nization ,act ( #bjbb1 z comp>$ to 
! funds made available to ! ,f$]al      

,trade ,commission & ! ,dep>tm5t (      
,ju/ice1 respectively1 f prem]g]        
notification fil+ fees z ! fees 7       
det]m9$ 9 fiscal ye> #bjbb4  7#b7 ,!    
total rev5ue d]iv$ f prem]g]            
notification fil+ fees1 by ti]1 by !    
,f$]al ,trade ,commission & ! ,dep>tm5t 
( ,ju/ice1 respectively4  7#c7 ,! gross 
co/ ( op]ations ( ! ,f$]al ,trade       
,commission1 by ,budget ,activity1 & !  
,antitru/ ,division ( ! ,dep>tm5t (     
,ju/ice1 respectively4  7b7 ,,ftc report
 ,! ,f$]al ,trade ,commission %all      
include 9 ! report requir$ "u subsection
 7a71 9 addition to ! requirem5ts "u    
subsection 7a71 = ! previ\s fiscal ye>--
 7#a7 = actions ) respect to :i* !      
record ( ! vote ( ea* memb] ( ! ,f$]al  
,trade ,commission is on ! public record
 ( ! ,f$]al ,trade ,commission1 a li/ ( 
ea* action ) respect to :i* ! ,f$]al    
,trade ,commission took or decl9$ to    
take action on a #c to #b vote2 &  7#b7 
= all actions = :i* ! ,f$]al ,trade     
,commission took a vote1 ! p]c5tage (   

su* actions t 7 decid$ on a #c to #b    
vote4  7c7 ,summ>y ,! ,f$]al ,trade     
,commission & ! ,dep>tm5t ( ,ju/ice %all
 make ! report requir$ "u subsection 7a7
 available to ! ,committees on !        
,judici>y ( ! ,h\se ( ,repres5tatives & 
( ! ,s5ate1 & %all1 = fiscal ye>s #bjbc 
?r\gh #bjbg1 no lat] ?an ,july #a1      
pres5t a summ>y ( ! jo9t annual report =
 ! prec$+ fiscal ye>1 includ+ !         
in=mation requir$ 9 subsections 7a7 &   
7b7 ( ?is section1 to ! ,committees on !
 ,judici>y ( ! ,h\se ( ,repres5tatives &
 ( ! ,s5ate4  ,,ii ,disclosure (        
,subsidies by ,=eign ,adv]s>ies  #bja4  
,f9d+s & purpose  7a7 ,f9d+s ,congress  
f9ds ! foll[+3 7#a7 ,=eign subsidies1   
:i* c take ! =m ( direct subsidies1     
grants1 loans 7includ+ bel[-m>ket       
loans71 loan gu>antees1 tax concessions1
 pref]5tial gov]nm5t procurem5t         
policies1 or gov]nm5t own]%ip or        
control1 c di/ort ! competitive process 
by enabl+ ! subsidiz$ firm to submit a  
bid high] ?an o!r firms 9 ! m>ket1 or   

o!rwise *ange ! inc5tives ( ! firm 9    
ways t und]m9e competition foll[+ an    
acquisition4  7#b7 ,=eign subsidies are 
p>ticul>ly problematic :5 grant$ by     
c\ntries or entities t con/itute a      
/rategic or economic ?reat to ,unit$    
,/ates int]e/s4  7#c7 ,! ,made 9 ,*9a   
#bjbe plan1 /ates t ! ,*9ese ,communi/  
,p>ty w support ent]prises to c>ry out  
m]g]s & acquisitions 7,m,a71 equity     
inve/m5t1 & v5ture capital ov]seas4     
7#d7 ,! #bjbj report to ,congress f !   
bip>tisan ,u4,s4-,*9a ,economic &       
,security ,review ,commission conclud$ t
 ! ,*9ese ,gov]nm5t subsidizes companies
 ) a goal ( _! exp&+ into ! ,unit$      
,/ates & o!r c\ntries1 f9d+ t t8 process
 assi/s ,*9ese national *ampions 9      
surpass+ & supplant+ global m>ket       
lead]s4 ,! report w>ns t ! risk is      
p>ticul>ly acute :5 x comes to em]g+    
te*nologies1 :]e ,*9a seeks to surpass &
 displace ! ,unit$ ,/ates altoge!r & t  
failure to appreciate ! gravity ( ?is   
*all5ge & def5d ,u4,s4 competitiv5ess   

w\ld be dire 4 4 4 & risks sett+ back   
,u4,s4 economic & te*nological progress 
= decades4  7#e7 ,9 rem>ks be=e !       
,hudson ,in/itute on ,decemb] #h1 #bjbj1
 ,,ftc ,commission] ,noah ,phillips     
/at$1 ,one area :]e antitru/ ne$s to    
reckon ) ! /rategic int]e/s ( o!r       
nations is :5 we scrut9ize m]g]s or     
conduct involv+ /ate-own$ entities 4 4 4
 companies t are controll$1 to v>y+     
degrees1 by ! /ate 4 4 4 & (t5 are a    
gov]nm5t tool = implem5t+ indu/rial     
policies or to protect national         
security4  7b7 ,purpose ,! purpose ( ?is
 section is to require p>ties provid+   
pre-m]g] notifications to include 9 !   
notification requir$ "u section #g;,a ( 
! ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7   
in=mation conc]n+ subsidies !y receive f
 c\ntries or entities t are /rategic or 
economic ?reats to ! ,unit$ ,/ates4     
#bjb4 ,m]g]s involv+ =eign gov]nm5t     
subsidies  7a7 ,def9ition ,9 ?is        
section1 ! t]m =eign entity ( conc]n has
 ! mean+ giv5 ! t]m 9 section #djbjg ( !

 ,infra/ructure ,inve/m5t & ,jobs ,act  
7#db ,u4,s4,c4 #ahgda7;a774  7b7        
,acc\nt+ = =eign gov]nm5t subsidies ,a  
p]son requir$ to file a notification "u 
section #g;,a ( ! ,clayton ,act 7#ae    
,u4,s4,c4 #ah;a7 t receiv$ a subsidy f a
 =eign entity ( conc]n %all include 9   
su* notification cont5t reg>d+ su*      
subsidy4  7c7 ,au?ority ( antitru/      
regulators ,! ,f$]al ,trade ,commission1
 ) ! concurr5ce ( ! ,assi/ant ,attorney 
,g5]al 9 *>ge ( ! ,antitru/ ,division ( 
! ,dep>tm5t ( ,ju/ice1 & 9 consultation 
) ! ,*airp]son ( ! ,committee on ,=eign 
,inve/m5t 9 ! ,unit$ ,/ates1 ! ,secret>y
 ( ,comm]ce1 ! ,*air ( ! ,unit$ ,/ates  
,int]national ,trade ,commission1 !     
,unit$ ,/ates ,trade ,repres5tative1 & !
 heads ( o!r appropriate ag5cies1 & by  
rule 9 accordance ) section #eec ( title
 #e1 ,unit$ ,/ates ,code1 %all require t
 ! notification requir$ "u subsection   
7b7 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 9 *>ge ( ! ,antitru/ ,division ( 
! ,dep>tm5t ( ,ju/ice to det]m9e :e!r   
su* acquisition may1 if consummat$1     
violate ! antitru/ laws4  7d7 ,effective
 date ,subsection 7b7 %all take effect  
on ! date on :i* ! rule describ$ 9      
subsection 7c7 takes effect4  ,,iii     
,v5ue = ,/ate ,antitru/ ,en=cem5t  #cja4
 ,v5ue = ,/ate ,antitru/ ,en=cem5t      
,section #adjg ( title #bh1 ,unit$      
,/ates ,code1 is am5d$-- 7#a7 9         
subsection 7g7 by ins]t+ or a ,/ate aft]
 ,unit$ ,/ates & /rik+ 2 b %all n       
include section #d;,a ( ! ,act ( ,octob]
 #ae1 #aiad1 z add$ ,july #g1 #aiee 7#fi
 ,/at4 #bhb2 #ae ,u4,s4,c4 #ae;a72 &    
7#b7 by /rik+ subsection 7h74  ,pass$ ! 
,h\se ( ,repres5tatives ,septemb] #bi1  
#bjbb4;,*]yl ,l4 ,johnson1,cl]k4