,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #gaja  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #af1 #bjbb,mr4   
,jones 7= himself1 ,ms4 ,bu%1 ,mr4      
,pocan1 ,mr4 ,espaillat1 ,mr4 ,g>ca (   
,ill9ois1 ,mr4 ,lev9 ( ,mi*igan1 ,ms4   
,norton1 ,ms4 ,ocasio-,cortez1 ,ms4     
,port]1 ,ms4 ,pressley1 ,mr4 ,takano1 & 
,ms4 ,tlaib7 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on !       
,judici>y1 & 9 addition to ! ,committee 
on ,en]gy & ,comm]ce1 = a p]iod to be   
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to prohibit c]ta9  
anticompetitive m]g]s1 to am5d !        
,clayton ,act to p]mit ! ,f$]al ,trade  
,commission & ! ,dep>tm5t ( ,ju/ice to  
reject propos$ acquisitions1 to implem5t
 proc$ures = retrospective reviews &    
break+ up anticompetitive consummat$    
acquisitions1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,prohibit+ ,anticompetitive ,m]g]s ,act 

( #bjbb4  #b4 ,f9d+s & purposes  7a7    
,f9d+s ,congress f9ds t-- 7#a7 !        
,con/itution ( ! ,unit$ ,/ates prohibits
 political or economic olig>*ies1 :i*   
are incompatible ) a republican =m (    
gov]nm5t2  7#b7 ! antitru/ laws1 includ+
 ! ,%]man ,act 7#ae ,u4,s4,c4 #a et     
seq471 ! ,clayton ,act 7#ae ,u4,s4,c4   
#ab et seq471 & ! ,f$]al ,trade         
,commission ,act 7#ae ,u4,s4,c4 #da et  
seq471 7 enact$ to prohibit political & 
economic olig>*ies1 to protect fair1    
op51 & competitive m>kets1 & to prev5t  
corporations f abus+ _! p[] to /ifle    
competition & improp]ly influ5ce        
democratic processes2  7#c7 ,f$]al c\rts
 h mis9t]pret$ ! antitru/ laws to !     
detrim5t ( consum]s1 work]s1 society1 & 
! ,unit$ ,/ates political economy1      
includ+ by enhanc+ ! misguid$ & n>r[ly  
def9$ consum] welf>e /&>d1 z describ$ by
 ! ,supreme ( ! ,unit$ ,/ates 9 ,reit]  
v4 ,sonotone ,corp41 #ddb ,u4,s4 #ccj   
7#aigi71 & its prog5y2  7#d7 conc5trat$ 
economic p[] creates conc5trat$         

political p[]1 all[+ giant corporations 
to inve/ gr[+ sums ( money into influ5c+
 gov]nm5t to tilt laws & rules 9 _!     
favor2  7#e7 ov] ! la/ #d decades1      
p[]ful corporations h uncon/itutionally 
amass$ too mu* influ5ce ov] ! ,unit$    
,/ates economy1 /ifl+ competition 9     
,unit$ ,/ates m>kets & h>m+ work]s1     
consum]s1 cu/om] *oice1 sell]s1 small & 
m9ority-own$ bus9esses 7includ+ f>ms &  
ran*es71 local1 rural1 & l[-income      
communities1 communities ( color1       
privacy1 quality1 entrepr5eur%ip1 &     
innovation2  7#f7 9 #aige1 #aji         
companies pocket$ half ( all pr(its     
g5]at$ by firms 9 ! ,unit$ ,/ates :]eas 
9 #bjae1 ! top #cj firms did s2  7#g7   
/>tup rates fell by m ?an half ov] ! la/
 #d decades 9 indu/ries t saw an        
increase 9 conc5tration2  7#h7 dom9ant  
corporations1 :i* (t5 und]9ve/ 9 _!     
op]ations & infra/ructure1 expose       
consum]s 9 ! ,unit$ ,/ates to ! risks ( 
conc5trat$ & brittle supply *a9s1 su* z 
%ortages ( ess5tial goods & increas$    

prices2  7#i7 m>ket conc5tration 9      
ess5tial m>kets1 includ+ ^? = m$ical    
equipm5t1 food1 & retail1 c pose s]i\s  
national-security risks dur+ crisis     
ev5ts su* z ! ,,covid-#ai p&emic2  7#aj7
 m>ket conc5tration is associat$ ) l[]  
wages1 & evid5ce %[s t 9 m conc5trat$   
m>kets1 giant corporations are less     
likely to pass on productivity ga9s to  
work]s 9 ! =m ( high] wages & m likely  
to engage 9 antiwork] labor practices1  
:i* disproportionately h>m female work]s
 & work]s ( color2  7#aa7 corporate     
consolidation has especially h>m$ rural 
communities1 l[-income communities1 &   
communities ( color1 z demon/rat$ by !  
impact ( ! rec5t ,spr9t & ,t-,mobile    
m]g] on l[-income cu/om]s :o pur*ase    
prepaid plans2  7#ab7 ,f$]al ag5cies o!r
 ?an ! ,f$]al ,trade ,commission & !    
,dep>tm5t ( ,ju/ice may h p>ticul>      
exp]tise ) respect to ! competitive     
effects ( an acquisition & %\ld play a  
/rong] role 9 antitru/ en=cem5t2  7#ac7 
,/ate attorneys g5]al may h critical    

local k or regional conc]ns ab\t !      
competitive effects ( an acquisition &  
%\ld play a /rong] role 9 antitru/      
en=cem5t2  7#ad7 section #g;,a ( !      
,clayton ,act 7#ae ,u4,s4,c4 #ah;a7     
7ref]r$ to 9 ?is section z section      
#g;,a7 0 enact$ to all[ ! antitru/      
ag5cies to review acquisitions be=e     
consummation2  7#ae7 ! rec5t explosion (
 fil+s "u section #g;,a has ov]:elm$ !  
,f$]al ,trade ,commission & ! ,dep>tm5t 
( ,ju/ice1 a ph5om5on exac]bat$ by /rict
 /atutory deadl9es = ! review process & 
an on]\s judicial process to obta9      
injunctions to block acquisitions likely
 to less5 competition2  7#af7 ! antitru/
 ag5cies %\ld be emp[]$ to reject       
acquisitions t !y review "u section     
#g;,a1 & ^? decisions %\ld be treat$ z  
reviewable ag5cy actions2  7#ag7 ! use (
 /ructural & behavioral rem$ies to      
protect competition & prev5t monopoli/ic
 behavior has prov5 ineffective across  
v>i\s indu/ries2  7#ah7 ! ,f$]al ,trade 
,commission & ! ,dep>tm5t ( ,ju/ice h ! 

au?ority "u exi/+ law to conduct        
retrospective reviews ( any consummat$  
acquisition at any "t1 reg>dless ( :e!r 
! acquisition 0 nonreportable or !      
gov]nm5t oppos$ ! acquisition be=e its  
consummation2  7#ai7 because "s data    
ab\t ! competitive effects ( an         
acquisition w necess>ily em]ge aft]     
consummation1 x is critical t ! ,f$]al  
,trade ,commission & ! ,dep>tm5t (      
,ju/ice conduct retrospective reviews ( 
acquisitions 9 ord] to rem$y            
anticompetitive acquisitions1 includ+   
?r\gh unw9d+2  7#bj7 an acquisition may 
h competitive effects 9 m>kets beyond ! 
l9es ( comm]ce ( ! transaction1         
p>ticul>ly :5 a p>ty has an ext5sive    
bus9ess ecosy/em2 &  7#ba7 excessive    
m>ket conc5tration mu/ be rem$i$ to     
re/ore & protect competition 9 ! ,unit$ 
,/ates & ensure ! ,unit$ ,/ates economy 
& democracy b5efit work]s1 consum]s1    
cu/om] *oice1 sell]s1 small &           
m9ority-own$ bus9esses 7includ+ f>ms &  
ran*es71 local1 rural1 & l[-income      

communities1 communities ( color1       
privacy1 quality1 entrepr5eur%ip1 &     
innovation4  7b7 ,purposes ,! purposes (
 ?is ,act are to-- 7#a7 ban ! mo/       
anticompetitive acquisitions2  7#b7     
re/ore & protect ! competitive process2 
7#c7 am5d section #g;,a to emp[] !      
antitru/ ag5cies to reject acquisitions 
be=e consummation ?r\gh ag5cy action2   
7#d7 r$uce ! burd5s ( contempor>y m]g]  
litigation plac$ on ,f$]al & ,/ate      
(ficials2  7#e7 e/abli% a great] role = 
,f$]al ag5cies & ,/ate attorneys g5]al 9
 ! m]g]-review process2  7#f7 e/abli%   
proc$ures = retrospective reviews2  7#g7
 break up acquisitions consummat$ dur+ !
 #ba/ c5tury t h less5$ competition &   
h>m$ ! competitive process2  7#h7 ensure
 t ! /ructure ( ! ,unit$ ,/ates economy 
is competitive & fair 9 ord] to safegu>d
 ! nation aga9/ economic & political    
olig>*ies2 &  7#i7 uphold ! m&ate 9 !   
,con/itution ( ! ,unit$ ,/ates to       
promote a fl\ri%+ democracy by promot+  
mean+ful competition ?r\gh\t all segm5ts

 ( ! ,unit$ ,/ates economy4  #c4        
,def9itions ,! fir/ section ( ! ,clayton
 ,act 7#ae ,u4,s4,c4 #ab7 is am5d$ by   
/rik+ subsections 7a7 & 7b7 & ins]t+ !  
foll[+3  #a4 ,def9itions2 %ort title    
7a7 ,def9itions ,9 ?is ,act3 7#a7       
,acquisition ,! t]m acquisition means-- 
7,a7 any m]g]2  7,b7 any direct or      
indirect acquisition ( ! :ole or any "p 
( ! assets1 /ock1 or o!r %>e capital or 
! use ( su* /ock by ! vot+ or grant+ (  
proxies or o!rwise2 or  7,c7 any t5d]   
(f]1 jo9t v5ture1 deal1 or o!r simil>   
transaction subject to section #g or    
#g;,a4  7#b7 ,antitru/ ag5cy ,! t]m     
antitru/ ag5cy means-- 7,a7 ! ,f$]al    
,trade ,commission2 or  7,b7 ! ,antitru/
 ,division ( ! ,dep>tm5t ( ,ju/ice4     
7#c7 ,antitru/ laws ,! t]m antitru/ laws
 means-- 7,a7 ! ,%]man ,act 7#ae        
,u4,s4,c4 #a et seq472  7,b7 ! ,f$]al   
,trade ,commission ,act 7#ae ,u4,s4,c4  
#da et seq472  7,c7 ?is ,act2 &  7,d7   
any o!r simil> ,f$]al or ,/ate law      
design$ or int5d$ to prohibit1 re/rict1 

or regulate actions hav+ ! purpose or   
effect ( monopolization1 re/ra9t (      
trade1 or less5+ competition 7includ+   
?r\gh m]g] or acquisition74  7#d7       
,critical trad+ p>tn] ,! t]m critical   
trad+ p>tn] means a p]son t has !       
ability to re/rict1 imp$e1 or =eclose   
access to its inputs1 cu/om]s1 p>tn]s1  
goods1 s]vices1 te*nology1 plat=m1      
facilities1 or tools 9 a way t h>ms !   
competitive process or limits ! ability 
( ! cu/om]s or suppli]s ( ! p]son to    
c>ry out bus9ess effectively4  7#e7     
,disqualify+ behavior ,! t]m disqualify+
 behavior means-- 7,a7 violat+ an ord]  
issu$ by an antitru/ ag5cy2  7,b7 ent]+ 
into any nonprosecution agreem5t or     
def]r$ prosecution agreem5t ) !         
,dep>tm5t ( ,ju/ice2  7,c7 pay+ a f9e1  
p5alty1 or settlem5t 7includ+           
class-action settlem5ts7 exce$+         
#a1jjj1jjj to an antitru/ ag5cy1 a ,/ate
 or c\nty1 or private p>ty if ! und]ly+ 
dispute is bas$ on a violation (        
antitru/ law2  7,d7 be+ convict$ ( any  

felony by a ,/ate c\rt or c\rt ( !      
,unit$ ,/ates2 or  7,e7 be+ f\nd liable 
= violat+ any antitru/ law by a ,/ate   
c\rt or c\rt ( ! ,unit$ ,/ates4  7#f7   
,dom9ant firm ,! t]m dom9ant firm means 
a p]son t-- 7,a7 has annual rev5ues     
exce$+ #e1jjj1jjj1jjj 7z adju/$ &       
publi%$ = ea* fiscal ye> beg9n+ aft]    
,septemb] #cj1 #bjbb1 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 #bjba72  7,b7 is a       
f9ancial in/itution1 an equity fund1 or 
a regi/]$ inve/m5t advis] "u section    
#bjc ( ! ,inve/m5t ,advis]s ,act ( #aidj
 7#ae ,u4,s4,c4 #hj;b-#c71 if ! p>ty or 
! ultimate p>5t entity ( su* p>ty has   
great] ?an #aj1jjj1jjj1jjj 7z s adju/$ &
 publi%$7 9 capitalization1 commitm5ts1 
or assets "u managem5t2 or  7,c7 has    
great] ?an #bj p]c5t ( any relevant     
m>ket4  7#g7 ,fail+-firm def5se ,! t]m  
fail+-firm def5se means a def5se t an   

acquisition is unlikely to be           
anticompetitive because-- 7,a7 ! p>ty   
be+ acquir$ is 9 dang] ( imm$iate       
insolv5cy2  7,b7 ! p>ty be+ acquir$ is n
 able to reorganize successfully "u     
*apt] #aa ( title #aa1 ,unit$ ,/ates    
,code2  7,c7 ! p>ty be+ acquir$ has made
 unsuccessful good-fai? ef=ts to elicit 
reasonable alt]native (f]s t w\ld keep !
 assets ( ! p>ty 9 ! relevant m>kets &  
pose a less sev]e dang] to competition  
?an does ! propos$ acquisition2 &  7,d7 
! acquir+ p>ty is ! only available      
pur*as]4  7#h7 ,labor m>ket ,! t]m labor
 m>ket includes-- 7,a7 commut+ zones1 z 
def9$ by ! ,dep>tm5t ( ,agriculture2    
7,b7 ! #f-;digit ,/&>d ,occupational    
,classification codes = a p>ticul> job  
classification2 &  7,c7 o!r def9itions z
 ! ,f$]al ,trade ,commission & !        
,dep>tm5t ( ,ju/ice may promulgate by   
regulation4  7#i7 ,nonreportable        
acquisition ,! t]m nonreportable        
acquisition means any acquisition = :i* 
! p>ties are n requir$ to file          

notification "u section #g;,a4  7#aj7   
,p>ty ,! t]m p>ty means1 = a giv5       
acquisition1 a p]son requir$ to file    
notification "u section #g;,a4  7#aa7   
,p]son ,! t]m p]son has ! mean+ giv5 !  
t]m 9 section #h ( ! ,%]man ,act 7#ae   
,u4,s4,c4 #g74  7#ab7 ,plat=m ,! t]m    
plat=m means any p]son's website1 onl9e 
or mobile application1 op]at+ sy/em1    
digital assi/ant1 onl9e adv]tis+        
ex*ange1 or onl9e s]vice t-- 7,a7       
op]ates or provides ! ma9 int]face      
betwe5 diff]5t us]s or m>ket            
p>ticipants1 su* z individuals1         
adv]tis]s1 or provid]s ( cont5t1        
s]vices1 & goods2 &  7,b7 all[s =       
ex*anges ( at lea/ "s goods1 s]vices1 or
 cont5t t ! p]son does n own4  7#ac7    
,plat=m conflict ( int]e/ ,! t]m plat=m 
conflict ( int]e/ means ! conflict (    
int]e/ t arises :5 a p]son owns or      
controls a plat=m :ile simultane\sly--  
7,a7 own+ or controll+ a l9e ( bus9ess t
 competes aga9/ ?ird p>ties on t plat=m1
 if ! p]son has ! ability & inc5tive to1

 or does1 advantage its own bus9ess on !
 plat=m ov] ?ird-p>ty competitors on !  
plat=m or disadvantage ! bus9ess (      
?ird-p>ty competitors on ! plat=m2 or   
7,b7 repres5t+ bo? buy]s & sell]s =     
transactions or bus9ess on ! plat=m4    
7#ad7 ,prohibit$ m]g] ,! t]m prohibit$  
m]g] means an acquisition-- 7,a7 9 :i*--
 7i7 ! ,h]f9dahl-,hirs*man ,index w\ld  
be great] ?an #a1hjj 9 any relevant     
m>ket2 &  7ii7 ! increase 9 !           
,h]f9dahl-,hirs*man ,index w\ld be m ?an
 #ajj 9 su* relevant m>ket2  7,b7 9 :i* 
! acquir+ p]son w\ld h a m>ket %>e (    
great] ?an #cc p]c5t ( any relevant     
m>ket 7exclud+ labor m>kets7 or great]  
?an #be p]c5t ( any labor m>ket z an    
employ]2 or  7,c7 t w\ld result 9 !     
acquir+ p]son hold+ an aggregate total  
am\nt ( ! vot+ securities & assets ( !  
acquir$ p]son 9 excess ( #e1jjj1jjj1jjj 
7z s adju/$ & publi%$74  7#ae7 ,relevant
 ag5cy ,! t]m relevant ag5cy means !    
,(fice ( ,advocacy ( ! ,small ,bus9ess  
,adm9i/ration1 ! ,m9ority ,bus9ess      

,developm5t ,ag5cy ( ! ,dep>tm5t (      
,comm]ce1 ! ,national ,labor ,relations 
,bo>d1 any ,f$]al ag5cy requir$ to      
review an acquisition "u ,f$]al law1 or 
any ,f$]al ag5cy ) sub/antial regulatory
 au?ority ov] a p>ty involv$ 9 an       
acquisition 7includ+ p]sons or f9ancial 
in/itutions involv$ ) f9anc+ !          
acquisition7 z id5tifi$ by ! p>ties1 !  
,f$]al ,trade ,commission1 or !         
,assi/ant ,attorney ,g5]al4  7#af7      
,relevant m>ket ,! t]m relevant m>ket-- 
7,a7 means any l9e ( comm]ce1 product   
m>ket1 s]vice m>ket1 or labor m>ket     
implicat$ by an acquisition2 &  7,b7    
includes a geographic area if geography 
limits ! will+ness or ability-- 7i7 ( "s
 cu/om]s to sub/itute "s products2  7ii7
 ( "s suppli]s to s]ve "s cu/om]s2 or   
7iii7 ( "s work]s to provide labor4     
7#ag7 ,/ate attorney g5]al ,! t]m ,/ate 
attorney g5]al has ! mean+ giv5 ! t]m 9 
section #d;,g4  7#ah7 ,ultimate p>5t    
entity ,! t]m ultimate p>5t entity has !
 mean+ giv5 ! t]m 9 section #hja4a (    

title #af1 ,code ( ,f$]al ,regulations4 
7b7 ,%ort title ,?is ,act may be cit$ z 
! ,clayton ,act4  4  #d4 ,bann+ all     
prohibit$ m]g]s & /r5g!n+ antitru/ ag5cy
 en=cem5t  7a7 ,bann+ all prohibit$     
m]g]s ,section #g ( ! ,clayton ,act 7#ae
 ,u4,s4,c4 #ah7 is am5d$-- 7#a7 9 ! fir/
 & second undesignat$ p>agraphs1 by     
/rik+ less5 competition1 or to t5d to   
create a monopoly ea* place ! t]m appe>s
 & ins]t+ h>m ! competitive process1 or 
create or help ma9ta9 a monopoly1 a     
monopsony1 m>ket p[]1 or unfair me?ods (
 competition2  7#b7 9 ! fir/1 second1 & 
?ird undesignat$ p>agraph1 by ins]t+    
7includ+ labor7 aft] any activity       
affect+ comm]ce ea* place ! t]m appe>s2 
&  7#c7 by add+ at ! end ! foll[+3  ,any
 prohibit$ m]g] %all be unlawful "u ?is 
section4  ,nei!r quantitative evid5ce   
nor a def9ition ( a relevant m>ket or   
m>ket %>e %all be requir$ to e/abli% a  
violation "u ?is section4  ,h>ms to !   
competitive process include ! h>ms      
describ$ 9 section #g;,a4  4  7b7       

,/r5g!n+ antitru/ ag5cy en=cem5t  7#a7  
,m&atory hsr fil+s ,section #g;,a7a7 ( !
 ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7a77 
is am5d$-- 7,a7 9 ! matt] prec$+        
p>agraph 7#a71 by ins]t+ 1 subject to   
subsection 7b71 be=e ! wait+2  7,b7 9   
p>agraph 7#a71 by /rik+ & at ! end2     
7,c7 9 p>agraph 7#b77;,b77ii77,,iii71 by
 /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 
7,d7 by ins]t+ aft] p>agraph            
7#b77;,b77ii77,,iii7 ! foll[+3  7#c7    
7,a7 z a result ( su* acquisition1 !    
acquir+ p]son w\ld hold an aggregate    
total am\nt ( ! vot+ securities & assets
 ( ! acquir$ p]son ( #ej1jjj1jjj 7z s   
adju/$ & publi%$7 or m2 &  7,b7 !       
acquir+ p]son1 or ! p]son ^: vot+       
securities or assets are be+ acquir$--  
7i7 has annual rev5ues 9 excess (       
#e1jjj1jjj1jjj 7z s adju/$ & publi%$72  
or  7ii7 is a f9ancial in/itution1 an   
equity fund1 or a regi/]$ inve/m5t      
advis] "u section #bjc ( ! ,inve/m5t    
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#c71 if ! p]son or ! ultimate p>5t

 entity ( ! p]son has great] ?an        
#aj1jjj1jjj1jjj 7z s adju/$ & publi%$7 9
 capitalization1 commitm5ts1 or assets  
"u managem5t4  4  7#b7 ,emp[]+ !        
antitru/ ag5cies to reject acquisitions 
,section #g;,a ( ! ,clayton ,act 7#ae   
,u4,s4,c4 #ah;a7 is am5d$-- 7,a7 9      
subsection 7b7-- 7i7 9 p>agraph         
7#a77;,b7-- 7,i7 by /rik+ ?irtie? &     
ins]t+ #abj?2 &  7,,ii7 by /rik+ fifte5?
 & ins]t+ #fj?2 &  7ii7 9 p>agraph 7#b71
 by /rik+ ! ,assi/ant & all t foll[s    
?r\gh ! p]iod at ! end & ins]t+ on      
demon/ration ( an em]g5cy may1 9        
individual cases1 t]m9ate ! wait+ p]iod 
specifi$ 9 p>agraph 7#a7 & all[ any     
p]son to proce$ ) any acquisition       
subject to ?is section1 ^u a vote ( !   
,f$]al ,trade ,commission or approval ( 
! ,assi/ant ,attorney ,g5]al1 & promptly
 %all cause to be publi%$ 9 ! ,f$]al    
,regi/] a notice t details !            
ju/ification ( su* decision4 ,! wait+   
p]iod may n be t]m9at$ "u ?is p>agraph  
)\t ! approval ( all relevant ag5cies & 

,/ates t h receiv$ mat]ials pursuant to 
subsection 7l742  7,b7 9 subsection 7e71
 by add+ at ! end ! foll[+3  7#c7 ,no   
p]son %all acquire1 directly or         
indirectly1 any vot+ securities or      
assets ( ano!r p]son "u subsection 7a7  
unless-- 7,a7 7i7 ! wait+ p]iod expires 
or is t]m9at$2 &  7ii7 ! ,f$]al ,trade  
,commission or ! ,assi/ant ,attorney    
,g5]al has n reject$ ! acquisition2 or  
7,b7 an appropriate c\rt issues a f9al1 
nonappealable ord] rev]s+ ! decision ( !
 ,f$]al ,trade ,commission or !         
,assi/ant ,attorney ,g5]al to reject !  
acquisition4  7#d7 7,a7 ,n lat] ?an #ae 
days aft] ! date on :i* ! ,f$]al ,trade 
,commission & ! ,assi/ant ,attorney     
,g5]al receive a notification fil$ "u   
subsection 7a71 ! ,f$]al ,trade         
,commission & ! ,assi/ant ,attorney     
,g5]al %all det]m9e :e!r ! ,f$]al ,trade
 ,commission or ! ,assi/ant ,attorney   
,g5]al %all review ! acquisition1 :i*   
%all be publicly ann\nc$4  7,b7 ,if no  
decision is made "u subp>agraph 7,a7    

be=e ! expiration ( ! #ae-;day p]iod1 ! 
,f$]al ,trade ,commission %all review ! 
acquisition1 :i* %all be publicly       
ann\nc$4  7#e7 ,n lat] ?an #abj days    
aft] ! date on :i* ! ,f$]al ,trade      
,commission & ! ,assi/ant ,attorney     
,g5]al receive a notification fil$ "u   
subsection 7a71 ! ,f$]al ,trade         
,commission or ! ,assi/ant ,attorney    
,g5]al %all det]m9e :e!r to reject !    
acquisition4  7#f7 7,a7 ,! ,f$]al ,trade
 ,commission or ! ,assi/ant ,attorney   
,g5]al %all provide-- 7i7 an opportunity
 = public comm5t dur+ ! #fj-;day p]iod  
beg9n+ on ! date on :i* a public        
ann\ncem5t is made "u p>agraph 7#d72 &  
7ii7 ! public )-- 7,i7 notice ( a       
notification fil$ "u subsection 7a72 &  
7,,ii7 a summ>y ( all docum5t>y mat]ial 
& in=mation describ$ 9 subsection 7d74  
7,b7 ,! ,f$]al ,trade ,commission or !  
,assi/ant ,attorney ,g5]al %all consid] 
any public comm5ts submitt$ "u ?is      
p>agraph be=e mak+ a det]m9ation "u     
p>agraph 7#e74  7#g7 7,a7 ,h>ms to !    

competitive process may include1 )\t    
limitation1 h>ms to work]s 7includ+     
significant lay(fs or h>ms to exi/+     
collective b>ga9+ agreem5ts1 retirees1  
work] b5efits & comp5sation1 or labor   
conditions71 consum]s 7includ+ pati5ts1 
r5t]s1 & /ud5ts71 cu/om] *oice1 sell]s1 
small or m9ority-own$ bus9esses 7includ+
 f>ms & ran*es71 local1 rural1 or       
l[-income communities1 communities (    
color1 privacy1 quality 7includ+ heal? &
 safety71 entrepr5eur%ip1 or innovation4
  7,b7 ,:5 evaluat+ :e!r an acquisition 
is likely to h>m ! competitive process1 
! ,f$]al ,trade ,commission or !        
,assi/ant ,attorney ,g5]al %all         
consid]-- 7i7 effects 9 any relevant    
m>ket 7includ+ labor m>kets71           
cross-m>ket effects or impacts on ! l9es
 ( comm]ce ( ! p>ties beyond any        
relevant m>kets1 impacts ?r\gh\t !      
supply *a9s or bus9ess ecosy/ems ( !    
p>ties1 & impacts on small or           
m9ority-own$ bus9esses 7includ+ f>ms &  
ran*es71 local1 rural1 or l[-income     

communities1 & communities ( color2 &   
7ii7 ! hi/ory (-- 7,i7 express collusion
 9 any relevant m>ket2  7,,ii7          
acquisitions by a p>ty 9 any relevant   
m>ket dur+ ! prec$+ #e-ye> p]iod2 &     
7,,iii7 any anticompetitive effects t   
foll[$ previ\s acquisitions ( ! p>ties1 
includ+-- 7aa7 increas$ prices =        
consum]s2  7bb7 r$uc$ wages = work]s2   
7cc7 r$uctions 9 safety = consum]s or   
work]s2  7dd7 increas$ injuries or dea?s
 = consum]s or work]s2  7ee7 bankruptcy 
or f9ancial di/ress ( acquir$ companies2
  7ff7 significant work] lay(fs2 &  7gg7
 r$uc$ inve/m5ts 9 rese>* & developm5t4 
7,c7 ,! ,f$]al ,trade ,commission or !  
,assi/ant ,attorney ,g5]al may det]m9e t
 ! acquisition is likely to h>m !       
competitive process if ! hi/ory describ$
 9 subp>agraph 7,b77ii7 is significant  
or ext5sive4  7,d7 ,:5 evaluat+ an      
acquisition = :i* any p>ty 7or its      
ultimate p>5t entity7 is a dom9ant firm1
 ! ,f$]al ,trade ,commission or !       
,assi/ant ,attorney ,g5]al may det]m9e t

 ! acquisition is likely to h>m !       
competitive process if-- 7i7 ano!r p>ty 
(f]s ov]lapp+1 compet+1 or functionally 
equival5t s]vices or products2  7ii7    
ano!r p>ty is a nasc5t competitor or    
mav]ick2  7iii7 ano!r p>ty is a critical
 trad+ p>tn] 9 ! supply *a9s or bus9ess 
ecosy/ems ( ! p>ties2 or  7iv7 !        
acquisition w\ld create a plat=m        
conflict ( int]e/4  7#h7 7,a7 ,!        
decision ( ! ,f$]al ,trade ,commission  
or ! ,assi/ant ,attorney ,g5]al n to    
reject an acquisition "u subsection 7a7 
%all-- 7i7 be made publicly available by
 ! date on :i* ! wait+ p]iod expires or 
is t]m9at$2  7ii7 include a summ>y ( !  
review process & id5tify ! factors      
consid]$ 9 mak+ ! decision n to reject !
 acquisition1 :i* %all include 7z       
relevant or applicable7 ! possible h>ms 
li/$ 9 p>agraph 7#g72  7iii7 h no       
prec$5tial value = any future decisions 
reg>d+ :e!r to reject an acquisition by 
! same or diff]5t p]sons2  7iv7 %all n  
preclude ! ,f$]al ,trade ,commission1 ! 

,assi/ant ,attorney ,g5]al1 or a ,/ate  
attorney g5]al f inve/igat+ !           
acquisition1 seek+ to unw9d !           
acquisition1 or seek+ to impose rem$ies 
on ! p>ties to ! acquisition at a lat]  
date2 &  7v7 %all h no be>+ on !        
legality ( ! acquisition if !           
acquisition is *all5g$ ?r\gh judicial   
proce$+s4  7,b7 ,dur+ ! wait+ p]iod 7or 
any ext5sion !re(71 nei!r ! ,f$]al      
,trade ,commission nor ! ,assi/ant      
,attorney ,g5]al may ent] into any      
settlem5t agreem5t 7includ+ commitm5ts  
to /ructural or behavioral rem$ies7 ) ! 
p>ties to an acquisition "u subsection  
7a7 :5 decid+ :e!r to reject !          
acquisition4  7,c7 ,if ! ,f$]al ,trade  
,commission or ! ,assi/ant ,attorney    
,g5]al decl9es to reject an acquisition 
"u subsection 7a7 by ! end ( ! wait+    
p]iod1 ! ,f$]al ,trade ,commission or ! 
,assi/ant ,attorney ,g5]al1             
respectively1 may issue an ord] requir+ 
! p>ties to hold _! assets sep>ate = a  
p]iod n to exce$ #fj days4  7#i7 7,a7 ,!

 ,f$]al ,trade ,commission or !         
,assi/ant ,attorney ,g5]al %all reject  
an acquisition describ$ 9 subsection 7a7
 if-- 7i7 ! acquisition is a prohibit$  
m]g]2  7ii7 ! acquisition is likely to  
h>m ! competitive process or create or  
help ma9ta9 a monopoly1 a monopsony1    
m>ket p[]1 or unfair me?ods (           
competition1 z det]m9$ by ! ,f$]al      
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al1 respectively2  7iii7 a
 p>ty to ! acquisition 7or its ultimate 
p>5t entity7-- 7,i7 is a dom9ant firm2 &
  7,,ii7 has consummat$ #b or m         
acquisitions 9 any relevant m>ket dur+ !
 prec$+ #e-ye> p]iod2  7iv7 a relevant  
ag5cy objects to ! acquisition on !     
basis ( a sub/antive ju/ification z     
describ$ 9 subsection 7l72  7v7 dur+ !  
wait+ p]iod or dur+ ! #aj-ye> p]iod end+
 on ! date on :i* notification "u       
subsection 7a7 is fil$1 a p>ty to !     
acquisition engag$ 9 any disqualify+    
behavior2 or  7vi7 ! ,f$]al ,trade      
,commission or ! ,assi/ant ,attorney    

,g5]al1 respectively1 det]m9es t-- 7,i7 
all in=mation & docum5t>y mat]ials h n  
be5 suppli$2 or  7,,ii7 ! suppli$       
in=mation is n adequately responsive4   
7,b7 ,! decision ( ! ,f$]al ,trade      
,commission or ! ,assi/ant ,attorney    
,g5]al to reject an acquisition "u      
subsection 7a7 %all-- 7i7 be made       
publicly available be=e ! date on :i* ! 
wait+ p]iod expires or is t]m9at$2  7ii7
 id5tify :i* ( ! #e categories (        
rejection 0 or 7 ! basis ( ! decision & 
include1 z applicable-- 7,i7 a /atem5t  
expla9+ :y ! acquisition is a prohibit$ 
m]g]2  7,,ii7 a sub/antive ju/ification 
= ! decision1 includ+-- 7aa7 an         
explanation ( h[ ! acquisition is likely
 to h>m ! competitive process or create 
or help ma9ta9 a monopoly1 a monopsony1 
m>ket p[]1 or unfair me?ods (           
competition1 includ+ 7z applicable or   
relevant7 an analysis ( h[ ! acquisition
 w\ld likely h>m work]s 7includ+        
significant lay(fs or h>ms to exi/+     
collective b>ga9+ agreem5ts1 retirees1  

work] b5efits & comp5sation1 or labor   
conditions71 consum]s 7includ+ pati5ts1 
r5t]s1 & /ud5ts71 cu/om] *oice1 sell]s1 
small or m9ority-own$ bus9esses 7includ+
 f>ms & ran*es71 local1 rural1 or       
l[-income communities1 communities (    
color1 privacy1 quality 7includ+ heal? &
 safety71 entrepr5eur%ip1 or innovation2
  7bb7 an explanation ( :y1 9 light ( ! 
factors describ$ 9 item 7aa71 !         
acquisition 0 reject$2 &  7cc7 a        
response to public comm5ts t addresses  
major c\nt]>gum5ts to ! ju/ification = !
 decision to reject2  7,,iii7 a /atem5t 
expla9+ :i* p>ty is a dom9ant firm &    
id5tify+ #b or m consummat$ acquisitions
 by ! p>ty 9 a relevant m>ket dur+ !    
prec$+ #e-ye> p]iod2  7,,iv7 !          
sub/antive ju/ification receiv$ f an    
object+ relevant ag5cy 9 accordance )   
subsection 7l72  7,v7 a /atem5t id5tify+
 any disqualify+ behavior ( a p>ty dur+ 
! wait+ p]iod or dur+ ! #aj-ye> p]iod   
end+ on ! date on :i* notification is   
fil$ "u subsection 7a72 or  7,,vi7 an   

explanation ( h[ ! in=mation & docum5t>y
 mat]ials submitt$ by ! p>ties 7 n      
adequately responsive2 &  7iii7 h no    
prec$5tial value = any future decisions 
reg>d+ :e!r to reject an acquisition by 
! same or diff]5t p]sons4  7#aj7 7,a7   
,any p>ty to an acquisition reject$ by !
 ,f$]al ,trade ,commission or !         
,assi/ant ,attorney ,g5]al "u ?is       
section may br+ an action "u ?is        
p>agraph 9 ! appropriate di/rict c\rt ( 
! ,unit$ ,/ates to *all5ge ! decision ( 
! ,f$]al ,trade ,commission or !        
,assi/ant ,attorney ,g5]al to reject !  
acquisition1 & no o!r p]son or entity   
%all h a cause ( action "u ?is p>agraph4
  7,b7 ,a decision ( ! ,f$]al ,trade    
,commission or ! ,assi/ant ,attorney    
,g5]al to reject an acquisition "u ?is  
section %all be consid]$ a matt] (      
discretion1 & ! review+ c\rt %all hold  
unlawful & set aside ! decision only if 
! decision's f9d+s & conclusions are    
f\nd to be arbitr>y1 caprici\s1 an abuse
 ( discretion1 or o!rwise n 9 accordance

 ) ?is section4  7,c7 ,! p>ties to a    
reject$ acquisition may n file suit to  
*all5ge ! decision m ?an #fj days aft] !
 decision is made public4  7,d7 ,9      
judicial proce$+s *all5g+ a decision to 
reject an acquisition1 a c\rt %all give 
def]5ce to any def9ition ( a relevant   
m>ket or m>ket %>e alleg$ by ! ,f$]al   
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al & may n (fset any      
anticompetitive h>ms alleg$ by ! ,f$]al 
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al ) any procompetitive   
b5efits4  7#aa7 ,no?+ 9 ?is subsection  
may be con/ru$ to preclude ! ,f$]al     
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al f review+ or inve/igat+
 a nonreportable acquisition be=e or    
aft] its consummation4  2 &  7,c7 by    
/rik+ subsection 7f74  7#c7 ,enhanc$    
,,hsr fil+ requirem5ts ,section #g;,a7d7
 ( ! ,clayton ,act 7#ae ,u4,s4,c4       
#ah;a7d77 is am5d$-- 7,a7 9 p>agraph    
7#a71 by /rik+ & at ! end2  7,b7 by     
r$esignat+ p>agraph 7#b7 z p>agraph     

7#e72 &  7,c7 by ins]t+ aft] p>agraph   
7#a7 ! foll[+3  7#b7 %all require t !   
notification requir$ "u subsection 7a7  
include1 9 addition to ! in=mation      
describ$ 9 p>agraph 7#a7-- 7,a7 basic   
in=mation on ! acquir+ p]son & ! p]son  
^: vot+ securities or assets are be+    
acquir$1 includ+-- 7i7 ! names ( ea*    
executive (fic] & bo>d memb] ( ea*      
p]son2  7ii7 ! annual rev5ues ( ea*     
p]son = ea* ye> ( ! #e-ye> p]iod end+ on
 ! date on :i* ! notification w be fil$2
  7iii7 all l9es ( bus9ess1 assets1 &   
inve/m5ts ( ea* p]son2  7iv7 all data   
assets ( ea* p]son2  7v7 all            
intellectual-prop]ty assets ( ea* p]son1
 includ+ pat5ts1 copyrights1 &          
tradem>ks2  7vi7 all trade secrets1 z   
def9$ 9 section #ahci ( title #ah1      
,unit$ ,/ates ,code1 ( ea* p]son2  7vii7
 contact in=mation = ! #aj l>ge/ cu/om]s
 ( ea* p]son 7z applicable72 &  7viii7  
contact in=mation = ! #aj l>ge/ suppli]s
 ( ea* p]son 7z applicable72  7,b7 !    
/at$ ju/ification = ! acquisition1      

includ+-- 7i7 :at1 if any1 nonpublic    
in=mation 0 us$ to in=m a decision to   
ent] ! acquisition2  7ii7 :at1 if any1  
publicly available in=mation 0 process$ 
us+ artificial intellig5ce1 algori?ms1  
or o!r automat$ data process+ sy/ems to 
in=m a decision to ent] ! acquisition2 &
  7iii7 if relevant1 h[ ! fail+-firm    
def5se applies1 includ+ a li/ (         
good-fai? ef=ts to elicit reasonable    
alt]native (f]s & reasons ! (f]s 7      
unsuccessful2  7,c7 any propos$ plans to
 b5efit work]s1 consum]s1 cu/om] *oice1 
sell]s1 small or m9ority-own$ bus9esses 
7includ+ f>ms & ran*es71 local1 rural1  
or l[-income communities1 communities ( 
color1 privacy1 quality1 entrepr5eur%ip1
 & innovation1 includ+ plans to-- 7i7   
use new exp]tise1 res\rces1 & additional
 rev5ues to r$uce prices2  7ii7 increase
 quality2  7iii7 increase privacy2  7iv7
 increase work] pay1 b5efits1 &         
conditions2  7v7 inve/ 9 local1 rural1  
or l[-income communities or communities 
( color2 &  7vi7 inve/ 9 rese>* &       

developm5t2  7,d7 ! project$ impact ( ! 
acquisition on ! competitive process1   
work]s 7includ+ significant lay(fs or   
h>ms to exi/+ collective b>ga9+         
agreem5ts1 retirees1 work] b5efits &    
comp5sation1 or labor conditions71      
consum]s 7includ+ pati5ts1 r5t]s1 &     
/ud5ts71 cu/om] *oice1 sell]s1 small &  
m9ority-own$ bus9esses 7includ+ f>ms &  
ran*es71 local1 rural1 & l[-income      
communities1 communities ( color1       
privacy1 quality 7includ+ heal? &       
safety71 entrepr5eur%ip1 & innovation2  
7,e7 a li/ ( all o!r significant        
competitors 7includ+ entrants or        
pot5tial entrants7 & compet+ products2  
7,f7 e/imat$ m>ket %>es 9 ! relevant    
m>kets ( ! acquisition = ea* p]son & any
 significant competitors id5tifi$ 9     
subp>agraph 7,e7 = ! curr5t ye> & ea* ( 
! previ\s #b ye>s2  7,g7 a li/ ( e m]g]1
 acquisition1 sale ( assets1 or         
dive/iture consummat$ by ea* p>ty dur+ !
 prec$+ #aj-ye> p]iod1 :e!r or n ! p>ty 
0 requir$ to file a notification "u     

subsection 7a72  7,h7 a li/ ( ea* p]son 
or f9ancial in/itution t provid$ or w   
provide f9anc+ = ! acquisition 7includ+ 
debt1 equity1 & all o!r s\rces7 & !     
am\nt provid$2  7,i7 an affirmation f   
ea* p>ty t x has n engag$ 9 any         
disqualify+ behavior dur+ ! #aj-ye>     
p]iod end+ on ! date on :i* !           
notification w be fil$2  7,j7 a li/ (   
,/ates t w\ld be impact$ by !           
acquisition2  7,k7 a li/ ( ,f$]al       
ag5cies ) sub/antial regulatory au?ority
 ov] ea* p>ty 7or ! p]sons or f9ancial  
in/itutions involv$ ) f9anc+ !          
acquisition72 &  7,l7 :e!r any p>ty 7or 
its ultimate p>5t entity7 is a dom9ant  
firm2  7#c7 %all evaluate ! /at$        
ju/ification = ! acquisition to det]m9e 
if ! ju/ification comports ) ! in=mation
 provid$ "u p>agraph 7#b72  7#d7 %all   
det]m9e if ! acquisition or comb9ation (
 data assets describ$ 9 p>agraph 7#b7   
w\ld violate ! antitru/ laws1 includ+ if
 ! acquisition or comb9ation ( data     
assets is likely to h>m ! competitive   

process or create or help ma9ta9 a      
monopoly1 a monopsony1 m>ket p[]1 or    
unfair me?ods ( competition2 &  4  7#d7 
,increas$ wait+ p]iod ,section #g;,a7e7 
( ! ,clayton ,act 7#ae ,u4,s4,c4        
#ah;a7e77 is am5d$-- 7,a7 by /rik+ #cj  
ea* place ! t]m appe>s & ins]t+ #abj2 & 
7,b7 by /rik+ #ae ea* place ! t]m appe>s
 & ins]t+ #fj4  7#e7 ,,hsr %>+ ,section 
#g;,a ( ! ,clayton ,act 7#ae ,u4,s4,c4  
#ah;a7 is am5d$ by add+ at ! end !      
foll[+3  7l7 ,,hsr %>+  7#a7 ,submission
 to /ates ,n lat] ?an #g days aft] !    
date on :i* in=mation or docum5t>y      
mat]ial relevant to a propos$           
acquisition is fil$ ) ! ,f$]al ,trade   
,commission & ,assi/ant ,attorney ,g5]al
 "u ?is section1 ! ,f$]al ,trade        
,commission & ! ,assi/ant ,attorney     
,g5]al %all submit to ea* ,/ate attorney
 g5]al ( any ,/ate id5tifi$ by ! p>ties 
"u subsection 7d71 & to any ,/ate       
attorney g5]al ( a ,/ate t ! ,f$]al     
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al det]m9es w\ld be       

impact$ by ! acquisition-- 7,a7         
notification ( ! propos$ acquisition2 & 
7,b7 a copy ( all docum5ts submitt$ 9   
relation to ! acquisition4  7#b7 ,%>+ ) 
ag5cies ,= ea* acquisition fil$ "u      
subsection 7a71 ! ,f$]al ,trade         
,commission or ! ,assi/ant ,attorney    
,g5]al %all-- 7,a7 s5d notice ( !       
propos$ acquisition to any ,f$]al       
ag5cy-- 7i7 requir$ to review !         
acquisition "u ,f$]al law2  7ii7 det]m9$
 to h sub/antial regulatory au?ority ov]
 a p>ty involv$ 9 ! acquisition2 or     
7iii7 id5tifi$ by ! p>ties "u subsection
 7d72  7,b7 provide to ea* ,f$]al ag5cy 
notifi$ "u subp>agraph 7,a7 a copy ( all
 docum5ts submitt$ 9 relation to !      
acquisition n lat] ?an #cj days aft] !  
date on :i* ! wait+ p]iod describ$ 9    
subsection 7b77#a7 beg9s2 &  7,c7 reject
 ! acquisition if-- 7i7 any ,f$]al ag5cy
 ) sub/antial regulatory au?ority       
objects to ! acquisition on ! basis t ! 
acquisition w\ld h>m ! competitive      
process or mat]ially h>m ! int]e/s ( !  

,unit$ ,/ates z a cu/om]1 trad+ p>tn]1  
or /akehold]2  7ii7 ! ,(fice ( ,advocacy
 ( ! ,small ,bus9ess ,adm9i/ration      
objects to ! acquisition on ! basis t ! 
acquisition w\ld mat]ially h>m small    
bus9esses 7includ+ f>ms & ran*es72      
7iii7 ! ,m9ority ,bus9ess ,developm5t   
,ag5cy ( ! ,dep>tm5t ( ,comm]ce objects 
to ! acquisition on ! basis t !         
acquisition w\ld mat]ially h>m          
m9ority-own$ bus9esses 7includ+ f>ms &  
ran*es72 or  7iv7 ! ,national ,labor    
,relations ,bo>d objects to !           
acquisition on ! basis t-- 7,i7 !       
acquisition w\ld help create or ma9ta9 a
 monopsony or unfair labor practice     
7includ+ ! refusal ( ! p>ties to        
pres]ve1 exp&1 or effectuate collective 
b>ga9+ agreem5ts cov]+ work]s impact$ by
 ! acquisition1 z applicable72 or       
7,,ii7 ! acquisition w\ld mat]ially h>m 
work]s 7includ+ significant lay(fs or   
h>ms to exi/+ collective b>ga9+         
agreem5ts1 retirees1 work] b5efits &    
comp5sation1 or labor conditions74  7#c7

 ,sub/antive ju/ifications = objections 
,if a relevant ag5cy objects to an      
acquisition "u p>agraph 7#c71 ! relevant
 ag5cy %all submit to ! ,f$]al ,trade   
,commission or ! ,assi/ant ,attorney    
,g5]al1 z applicable1 a sub/antive      
ju/ification = ! objection be=e ! date  
on :i* ! wait+ p]iod expires or is      
t]m9at$4  7m7 ,c]tification  7#a7       
,individuals  7,a7 ,prohibition ,no     
individual :o c]tifies a notification   
fil$ "u subsection 7a7 on behalf ( an   
entity may1 )9 ! notification or dur+ ! 
wait+ p]iod1 kn[+ly-- 7i7 falsify1      
conceal1 or cov] up by any trick1 s*eme1
 or device a mat]ial fact2  7ii7 make   
any mat]ially false1 fictiti\s1 or      
fraudul5t /atem5t or repres5tation2 or  
7iii7 make or use any false writ+ or    
docum5t kn[+ ! same to conta9 any       
mat]ially false1 fictiti\s1 or fraudul5t
 /atem5t or entry4  7,b7 ,p5alty ,any   
individual :o violates subp>agraph 7,a7 
%all be f9$ n m ?an #aj1jjj1jjj1        
imprison$ = n m ?an #e ye>s1 or bo?4    

7#b7 ,,ceo liability ,a *ief executive  
(fic] ( an entity %all be deem$ liable =
 any violation ( p>agraph 7#a7 committ$ 
by an (fic] or employee ( ! entity if ! 
*ief executive (fic] knew or %\ld h kn[n
 ( ! violation4  7#c7 ,entity ,an entity
 describ$ 9 p>agraph 7#a7 %all be f9$1 =
 ea* violation1 n m ?an #e p]c5t ( !    
rev5ues t ! ultimate p>5t entity ( !    
entity e>n$ dur+ ! #a-ye> p]iod end+ on 
! date on :i* ! notification is fil$4  4
  7#f7 ,additional ftc en=cem5t ,section
 #e7;a77#b7 ( ! ,f$]al ,trade           
,commission ,act 7#ae ,u4,s4,c4         
#de7;a77#b77 is am5d$ by /rik+ 1 except 
banks & all t foll[s ?r\gh said ,act14  
7c7 ,rulemak+ ,n lat] ?an #a ye> aft] ! 
date ( enactm5t ( ?is ,act1 ! ,f$]al    
,trade ,commission & ! ,dep>tm5t (      
,ju/ice %all promulgate regulations to  
fur!r def9e h>ms to ! competitive       
process1 includ+ h>ms to work]s1        
consum]s1 cu/om] *oice1 sell]s1 small & 
m9ority-own$ bus9esses1 local1 rural1 & 
l[-income communities1 communities (    

color1 privacy1 quality1 entrepr5eur%ip1
 & innovation4  #e4 ,additional en=cem5t
 by /ate attorneys g5]al  7a7 ,9 g5]al  
7#a7 ,civil action ,no lat] ?an #fj days
 aft] ! end ( ! wait+ p]iod1 a ,/ate    
attorney g5]al ( a ,/ate t w\ld be      
impact$ by an acquisition fil$ "u       
section #g;,a ( ! ,clayton ,act 7#ae    
,u4,s4,c4 #ah;a7 may br+ an action "u   
?is p>agraph 9 ! appropriate di/rict    
c\rt ( ! ,unit$ ,/ates to obta9 an      
injunction enjo9+ ! consummation ( !    
acquisition4  7#b7 ,injunction ,! c\rt  
%all grant ! injunction describ$ 9      
p>agraph 7#a7 if ! ,/ate attorney g5]al 
demon/rates by a prepond]ance ( !       
evid5ce t "u section #g;,a ( ! ,clayton 
,act 7#ae ,u4,s4,c4 #ah;a7-- 7,a7 !     
acquisition is a prohibit$ m]g]2  7,b7 !
 acquisition is likely to h>m !         
competitive process or create or help   
ma9ta9 a monopoly1 a monopsony1 m>ket   
p[]1 or unfair me?ods ( competition2 or 
7,c7 dur+ ! wait+ p]iod or dur+ !       
#aj-ye> p]iod end+ on ! date on :i*     

notification "u subsection 7a7 is fil$1 
a p>ty to ! acquisition engag$ 9 any    
disqualify+ behavior4  7#c7 ,h>ms to !  
competitive process ,! ,/ate attorney   
g5]al may use any direct or indirect    
evid5ce to demon/rate t an acquisition  
is likely to h>m ! competitive process1 
includ+1 b n limit$ to1 ! h>ms describ$ 
9 section #g;,a ( ! ,clayton ,act 7#ae  
,u4,s4,c4 #ah;a74  7#d7 ,balanc+        
prohibit$ ,! c\rt may n (fset any       
anticompetitive h>ms demon/rat$ "u      
p>agraph 7#b7 or 7#c7 ) any             
procompetitive b5efits4  7#e7 ,def]5ce  
,! c\rt %all give def]5ce to any        
def9ition ( a relevant m>ket or m>ket   
%>e alleg$ by ! ,/ate attorney g5]al4   
7#f7 ,/ay ( proce$+s ,! c\rt %all /ay   
all judicial proce$+s "u ?is section    
reg>d+ an acquisition fil$ "u section   
#g;,a ( ! ,clayton ,act 7#ae ,u4,s4,c4  
#ah;a7 until ! end ( ! wait+ p]iod4 ,!  
/ay %all be lift$ at ! end ( ! wait+    
p]iod if ! ,f$]al ,trade ,commission or 
! ,assi/ant ,attorney ,g5]al decl9es to 

reject ! acquisition4  7#g7 ,dismissal  
,! c\rt %all dismiss ) prejudice any    
claims fil$ "u p>agraph 7#a7 if ! ,f$]al
 ,trade ,commission or ! ,assi/ant      
,attorney ,g5]al rejects ! acquisition4 
7#h7 ,tempor>y injunction ,! c\rt %all  
issue an injunction tempor>ily enjo9+ ! 
consummation ( ! acquisition dur+ !     
judicial proce$+s "u ?is section4  7b7  
,nonreportable acquisitions ,a ,/ate    
attorney g5]al ( a ,/ate t w\ld be      
impact$ by a prospective nonreportable  
acquisition may br+ an action 7:i* %all 
be subject to ! proc$ures describ$ 9    
p>agraph 7a77 "u ?is p>agraph 9 !       
appropriate di/rict c\rt ( ! ,unit$     
,/ates to obta9 an injunction enjo9+ !  
consummation ( ! acquisition4  #f4      
,break+ up prohibit$ m]g]s2 process =   
retrospective reviews ,section #g;,a ( !
 ,clayton ,act 7#ae ,u4,s4,c4 #ah;a7 is 
am5d$ by add+ at ! end ! foll[+3  7n7   
,retrospective review  7#a7             
,retrospective review ( consummat$      
acquisitions  7,a7 ,review  7i7 ,9 g5]al

 ,! ,f$]al ,trade ,commission & !       
,assi/ant ,attorney ,g5]al may          
retrospectively review any consummat$   
acquisition1 includ+ nonreportable      
acquisitions4  7ii7 ,coord9ation  7,i7  
,9 g5]al ,! ,f$]al ,trade ,commission & 
! ,assi/ant ,attorney ,g5]al may        
coord9ate ! review ( a consummat$       
acquisition ) any ,/ate attorney g5]al  
if ! ,/ate 0 impact$ by ! acquisition or
 any ,f$]al ag5cy deem$ to h sub/antial 
regulatory au?ority ov] ! p>ties to !   
acquisition 7includ+ p]sons or f9ancial 
in/itutions involv$ ) f9anc+ !          
acquisition74  7,,ii7 ,compulsory       
process ,! ,f$]al ,trade ,commission1 ! 
,assi/ant ,attorney ,g5]al1 & any       
coord9at+ ,/ate attorney g5]al or ,f$]al
 ag5cy may use _! respective compulsory 
processes to conduct ! reviews4  7,b7   
,rem$y ,^u review+ an acquisition       
describ$ 9 subp>agraph 7,a71 ! ,f$]al   
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al %all ord] a rem$y to   
re/ore competition or o!rwise address ! 

anticompetitive impacts ( ! acquisition 
7:i* %all include unw9d+ ! acquisition  
or requir+ t ! acquir+ p]son make       
dive/itures1 :i*1 to ! ext5t            
practicable1 %all be specifi$1 /&alone  
bus9ess units or l9es71 if ! ,f$]al     
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al1 respectively1 act+ 9  
coord9ation ) any ,/ate attorney g5]al  
or ,f$]al ag5cy 7z applicable71 det]m9es
 t-- 7i7 ! acquisition result$ 9 a      
po/-acquisition m>ket %>e ( great] ?an  
#ej p]c5t ( any relevant m>ket 7includ+ 
labor m>kets72  7ii7 ! acquisition      
result$ 9 a ,h]f9dahl-,hirs*man ,index  
great] ?an #b1ejj 9 any relevant m>ket &
 increas$ ! ,h]f9dahl-,hirs*man ,index  
by m ?an #bjj 9 su* relevant m>ket2     
7iii7 ! acquisition has br\ght mat]ial  
h>m to ! competitive process2  7iv7 if  
applicable1 ! acquir+ p]son has fail$ to
 satisfy ! /at$ ju/ification ( !        
acquisition or ! acquisition did n      
result 9 ! b5efits describ$ 9 ! /at$    
ju/ification submitt$ "u subsection     

7d77#b72 or  7v7 7,i7 ! acquisition is a
 consummat$ nonreportable acquisition2 &
  7,,ii7 7aa7 ! acquisition is a        
prohibit$ m]g]2 or  7bb7 aft] ! date (  
enactm5t ( ?is subp>agraph1 ! acquir+   
p]son or ! acquir$ p]son engag$ 9       
disqualify+ behavior dur+ ! #aj-ye>     
p]iod end+ on ! date on :i* !           
nonreportable acquisition 0 consummat$4 
7#b7 ,imm$iate retrospective review (   
prohibit$ m]g]s  7,a7 ,review  7i7 ,9   
g5]al ,except z provid$ 9 clause 7ii71 !
 ,f$]al ,trade ,commission & ! ,assi/ant
 ,attorney ,g5]al %all imm$iately review
 e prohibit$ m]g] consummat$ on or aft] 
,janu>y #a1 #bjjj1 = :i* ! p>ties 7     
requir$ to file a notification "u ?is   
section4  7ii7 ,applicability ,= !      
purposes ( ?is subp>agraph1 prohibit$   
m]g]s %all be def9$ )\t adju/m5t to any 
doll> am\nts4  7iii7 ,coord9ation  7,i7 
,9 g5]al ,! ,f$]al ,trade ,commission & 
! ,assi/ant ,attorney ,g5]al may        
coord9ate ! review ( a prohibit$ m]g] ) 
any ,/ate attorney g5]al if ! ,/ate 0   

impact$ by ! prohibit$ m]g] or any      
,f$]al ag5cy deem$ to h sub/antial      
regulatory au?ority ov] ! p>ties to !   
prohibit$ m]g] 7includ+ p]sons or       
f9ancial in/itutions involv$ ) f9anc+ ! 
prohibit$ m]g]74  7,,ii7 ,compulsory    
process ,! ,f$]al ,trade ,commission1 ! 
,assi/ant ,attorney ,g5]al1 & any       
coord9at+ ,/ate attorney g5]al or ,f$]al
 ag5cy may use _! respective compulsory 
processes to conduct ! reviews4  7,b7   
,rem$y ,^u review+ a prohibit$ m]g]     
describ$ 9 subp>agraph 7,a71 ! ,f$]al   
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al %all ord] a rem$y to   
re/ore competition or o!rwise address ! 
anticompetitive impacts ( ! acquisition 
7:i* %all include unw9d+ ! acquisition  
or requir+ t ! acquir+ p]son make       
dive/itures1 :i*1 to ! ext5t            
practicable1 %all be specifi$1 /&alone  
bus9ess units or l9es71 if ! ,f$]al     
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al1 respectively1 act+ 9  
coord9ation ) any ,/ate attorney g5]al  

or ,f$]al ag5cy 7z applicable71 det]m9es
 t ! prohibit$ m]g]-- 7i7 result$ 9 a   
po/-acquisition m>ket %>e ( great] ?an  
#ej p]c5t ( any relevant m>ket 7includ+ 
labor m>kets72  7ii7 result$ 9 a        
,h]f9dahl-,hirs*man ,index great] ?an   
#b1ejj 9 any relevant m>ket & increas$ !
 ,h]f9dahl-,hirs*man ,index by m ?an    
#bjj 9 su* relevant m>ket2 or  7iii7    
br\ght mat]ial h>m to ! competitive     
process4  7,c7 ,deadl9es ,! ,f$]al      
,trade ,commission & ! ,assi/ant        
,attorney ,g5]al %all-- 7i7 n lat] ?an  
#ahj days aft] ! date ( enactm5t ( ?is  
subsection1 e/abli% & implem5t a process
 to c>ry out ! review requir$ "u        
subp>agraph 7,a72 &  7ii7 n lat] ?an #d 
ye>s aft] ! date ( enactm5t ( ?is       
subsection-- 7,i7 complete ! review     
requir$ "u subp>agraph 7,a72 &  7,,ii7  
implem5t ! rem$ies requir$ "u           
subp>agraph 7,b74  7#c7 ,/ate attorneys 
g5]al  7,a7 ,consummat$ acquisitions    
7i7 ,review ,a ,/ate attorney g5]al ( a 
,/ate impact$ by a consummat$           

acquisition may review ! acquisition 9  
accordance ) p>agraph 7#a71 includ+ by  
us+ compulsory process4  7ii7 ,civil    
action  7,i7 ,9 g5]al ,^u review+ an    
acquisition describ$ 9 clause 7i71 !    
,/ate attorney g5]al may br+ an action  
"u ?is clause 9 ! appropriate di/rict   
c\rt ( ! ,unit$ ,/ates seek+ a rem$y to 
re/ore competition or o!rwise address ! 
anticompetitive impacts ( ! acquisition 
7:i* %all include unw9d+ ! acquisition  
or requir+ t ! acquir+ p]son make       
dive/itures1 :i*1 to ! greate/ ext5t    
practicable1 %all be specifi$1 /&alone  
bus9ess units or l9es74  7,,ii7 ,c\rt   
rem$y ,! c\rt %all grant ! rem$y        
describ$ 9 subclause 7,i7 if ! ,/ate    
attorney g5]al demon/rates by a         
prepond]ance ( ! evid5ce t ! rem$y w\ld 
h be5 prop] "u p>agraph 7#a77;,b71      
unless ! p>ties to ! acquisition        
demon/rate by cle> & conv9c+ evid5ce t  
unw9d+ w\ld n h be5 prop] "u p>agraph   
7#a77;,b74  7,,iii7 ,balanc+ limit$ ,!  
c\rt may n (fset a demon/rat$           

anticompetitive h>m ) a procompetitive  
b5efit unless ! b5efit applies to ! same
 population impact$ by ! h>m4  7,,iv7   
,def]5ce ,! c\rt %all give def]5ce to   
any def9ition ( a relevant m>ket or     
m>ket %>e alleg$ by ! ,/ate attorney    
g5]al4  7,b7 ,prohibit$ m]g]s  7i7      
,review ,a ,/ate attorney g5]al ( a     
,/ate impact$ by a prohibit$ m]g] may   
review ! prohibit$ m]g] 9 accordance )  
p>agraph 7#b71 includ+ by us+ compulsory
 process4  7ii7 ,civil action  7,i7 ,9  
g5]al ,^u review+ a prohibit$ m]g]      
describ$ 9 clause 7i71 ! ,/ate attorney 
g5]al may br+ an action "u ?is clause 9 
! appropriate di/rict c\rt ( ! ,unit$   
,/ates seek+ a rem$y to re/ore          
competition or o!rwise address !        
anticompetitive impacts ( ! prohibit$   
m]g] 7:i* %all include unw9d+ !         
prohibit$ m]g] or requir+ t ! acquir+   
p]son make dive/itures1 :i*1 to !       
greate/ ext5t practicable1 %all be      
specifi$1 /&alone bus9ess units or      
l9es74  7,,ii7 ,c\rt rem$y ,! c\rt %all 

grant ! rem$y describ$ 9 subclause 7,i7 
if ! ,/ate attorney g5]al demon/rates by
 a prepond]ance ( ! evid5ce t impos+ !  
rem$y w\ld h be5 prop] "u p>agraph      
7#b77;,b71 unless ! p>ties to !         
prohibit$ m]g] demon/rate by cle> &     
conv9c+ evid5ce t impos+ ! rem$y w\ld n 
h be5 prop] "u p>agraph 7#b77;,b74      
7,,iii7 ,balanc+ limit$ ,! c\rt may n   
(fset a demon/rat$ anticompetitive h>m )
 a procompetitive b5efit unless ! b5efit
 applies to ! same population impact$ by
 ! h>m4  7,,iv7 ,def]5ce ,! c\rt %all   
give def]5ce to any def9ition ( a       
relevant m>ket or m>ket %>e alleg$ by ! 
,/ate attorney g5]al4  7#d7 ,dom9ant    
firms ,9 addition to any o!r h>ms to !  
competitive process t may be det]m9$ or 
e/abli%$1 ! ,f$]al ,trade ,commission1 !
 ,assi/ant ,attorney ,g5]al1 or a ,/ate 
attorney g5]al may also det]m9e or      
e/abli% t a prohibit$ m]g] has br\ght   
mat]ial h>m to ! competitive process    
if-- 7,a7 any p>ty 7or its ultimate p>5t
 entity7 0 a dom9ant firm2 &  7,b7 7i7  

ano!r p>ty 0 a nasc5t competitor or     
mav]ick2  7ii7 ano!r p>ty 0 a critical  
trad+ p>tn] 9 ! supply *a9s or bus9ess  
ecosy/ems ( ! p>ties2 or  7iii7 !       
acquisition creat$ a plat=m conflict (  
int]e/4  7#e7 ,judicial review  7,a7 ,9 
g5]al ,any p>ty to an acquisition       
review$ by ! ,f$]al ,trade ,commission  
or ! ,assi/ant ,attorney ,g5]al "u      
p>agraph 7#a7 or 7#b7 may br+ an action 
"u ?is p>agraph 9 ! appropriate di/rict 
c\rt ( ! ,unit$ ,/ates to *all5ge a     
decision ( ! ,f$]al ,trade ,commission  
or ! ,assi/ant ,attorney ,g5]al made "u 
?is subsection to ord] a rem$y1 & no o!r
 p]son or entity %all h a cause ( action
 "u ?is p>agraph4  7,b7 ,/&>ds ( review 
,a decision by ! ,f$]al ,trade          
,commission or ! ,assi/ant ,attorney    
,g5]al to ord] a rem$y "u ?is section   
%all be consid]$ a matt] ( discretion1 &
 ! review+ c\rt %all hold unlawful & set
 aside ! decision only if ! decision's  
f9d+s & conclusions are f\nd to be      
arbitr>y1 caprici\s1 an abuse (         

discretion1 or o!rwise n 9 accordance ) 
?is section4  7,c7 ,balanc+ limit$ ,!   
c\rt may n (fset an anticompetitive h>m 
alleg$ by ! ,f$]al ,trade ,commission or
 ! ,assi/ant ,attorney ,g5]al ) a       
procompetitive b5efit unless ! b5efit   
applies to ! same population impact$ by 
! h>m4  7,d7 ,def]5ce ,! c\rt %all give 
def]5ce to any def9ition ( a relevant   
m>ket or m>ket %>e alleg$ by ! ,f$]al   
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al4  7#f7 ,public f9d+s & 
decisions ,all f9d+s & decisions        
7includ+ decisions to initiate a        
retrospective review & decisions :e!r or
 n to ord] a rem$y7 describ$ 9 ?is      
subsection %all be made publicly        
available4 ,any decision to ord] a rem$y
 %all include a sub/antive ju/ification4
  7#g7 ,additional processes ,n lat] ?an
 #ahj days aft] ! date ( enactm5t ( ?is 
subsection1 ! ,f$]al ,trade ,commission 
& ! ,assi/ant ,attorney ,g5]al %all--   
7,a7 e/abli% proc$ures = ! /akehold]s ( 
a consummat$ acquisition to submit      

compla9ts reg>d+ any adv]se impacts ( ! 
acquisition to ! ,f$]al ,trade          
,commission1 ! ,assi/ant ,attorney      
,g5]al1 & _! respective ,/ate attorneys 
g5]al2 &  7,b7 e/abli% guidel9es = :5   
compla9ts receiv$ "u subp>agraph 7i7 w  
trigg] a m&atory retrospective review "u
 p>agraph 7#a74  4  #g4 ,exclusive      
jurisdiction  7a7 ,di/rict c\rts  7#a7  
,9 g5]al ,! ,unit$ ,/ates ,di/rict ,c\rt
 = ! ,di/rict ( ,columbia %all h        
exclusive jurisdiction to det]m9e !     
validity ( any decision made by ! ,f$]al
 ,trade ,commission or ! ,assi/ant      
,attorney ,g5]al "u ! am5dm5ts made by  
sections #d & #f ( ?is ,act4  7#b7      
,actions br\ght by /ate attorneys g5]al 
7,a7 ,except z provid$ 9 subp>agraph    
7,b71 if a ,/ate attorney g5]al br+s an 
action "u section #e or subsection 7n7 (
 section #g;,a ( ! ,clayton ,act1 z add$
 by section #f ( ?is ,act1 ! di/rict    
c\rt ( ! ,unit$ ,/ates = ! judicial     
di/rict 9 :i* ! capital ( ! ,/ate is    
locat$ %all h exclusive jurisdiction4   

7,b7 ,9 ! ev5t t multiple ,/ate         
attorneys g5]al br+ actions reg>d+ !    
same acquisition1 ^? actions %all be    
consolidat$ 9 ! ,unit$ ,/ates ,di/rict  
,c\rt = ! ,di/rict ( ,columbia or a     
di/rict c\rt ) jurisdiction "u ?is      
section4  7b7 ,c\rt ( appeals ,! ,unit$ 
,/ates ,c\rt ( ,appeals = ! ,di/rict (  
,columbia ,circuit %all h exclusive     
jurisdiction ( appeals f all decisions  
"u subsection 7a74  7c7 ,supreme c\rt ,!
 ,supreme ,c\rt ( ! ,unit$ ,/ates %all n
 h appellate jurisdiction ( any appeal f
 a decision "u subsection 7a7 or 7b74   
7d7 ,exclusive rem$ies ,! causes (      
action au?oriz$ by ?is ,act & am5dm5ts  
made by ?is ,act %all be ! exclusive    
rem$ies available to any p]son injur$ or
 adv]sely affect$ by a decision ( !     
,f$]al ,trade ,commission or ! ,assi/ant
 ,attorney ,g5]al ( ! ,antitru/         
,division ( ! ,dep>tm5t ( ,ju/ice made  
"u ?is ,act or "u ! am5dm5ts made by ?is
 ,act4  #h4 ,fund+  7a7 ,au?orizations (
 appropriations ,!re is au?oriz$ to be  

appropriat$ = fiscal ye> #bjbc & ea*    
fiscal ye> !reaft]-- 7#a7 #a1jjj1jjj1jjj
 = ! ,f$]al ,trade ,commission2 &  7#b7 
#a1jjj1jjj1jjj = ! ,antitru/ ,division (
 ! ,dep>tm5t ( ,ju/ice4  7b7 ,f9es &    
p5alties ,! ,f$]al ,trade ,commission & 
! ,antitru/ ,division ( ! ,dep>tm5t (   
,ju/ice may use any funds f f9es1       
p5alties1 & settlem5ts n return$ to     
consum]s = _! respective future         
op]ations4  7c7 ,additional             
appropriations ,to ! ext5t !re are      
insuffici5t funds f f9es1 p5alties1     
settlem5ts1 & fees receiv$ by ! ,f$]al  
,trade ,commission & ! ,antitru/        
,division ( ! ,dep>tm5t ( ,ju/ice = !   
co/s ( _! respective programs1 projects1
 & activities1 !re are appropriat$1 out 
( monies 9 ! ,treasury n o!rwise        
appropriat$1 = fiscal ye> #bjbc & ea*   
fiscal ye> !reaft] su* sums z are       
necess>y = ! co/s ( su* programs1       
projects1 & activities4  #i4 ,rules (   
con/ruction ,no?+ 9 ?is ,act1 or an     
am5dm5t made by ?is ,act1 may be con/ru$

 to limit-- 7#a7 any au?ority ( ! ,f$]al
 ,trade ,commission1 ! ,assi/ant        
,attorney ,g5]al1 any ,/ate attorney    
g5]al1 or any ,f$]al ag5cy "u ! antitru/
 laws or any o!r provision ( law2 or    
7#b7 ! application ( any law4  #aj4     
,sev]ability  7a7 ,9 g5]al ,if any      
provision ( ?is ,act1 an am5dm5t made by
 ?is ,act1 or ! application ( su*       
provision or am5dm5t to any p]son or    
circum/ance is held to be               
uncon/itutional1 ! rema9d] ( ?is ,act & 
( ! am5dm5ts made by ?is ,act1 & !      
application ( ! rema9+ provisions ( ?is 
,act & am5dm5ts to any p]son or         
circum/ance %all n be affect$4  7b7     
,exclusive jurisdiction  7#a7 ,di/rict  
c\rt ,! ,unit$ ,/ates ,di/rict ,c\rt = !
 ,di/rict ( ,columbia %all h exclusive  
jurisdiction ov] any action *all5g+ !   
con/itutionality or lawfulness ( any    
provision ( ?is ,act1 any am5dm5t made  
by ?is ,act1 or any regulation          
promulgat$ "u ?is ,act or an am5dm5t    
made by ?is ,act4  7#b7 ,c\rt ( appeals 

,! ,unit$ ,/ates ,c\rt ( ,appeals = !   
,di/rict ( ,columbia ,circuit %all h    
exclusive jurisdiction ( appeals f all  
decisions "u p>agraph 7#a74  7#c7       
,supreme c\rt ,! ,supreme ,c\rt ( !     
,unit$ ,/ates %all n h appellate        
jurisdiction ( any appeal f a decision  
"u p>agraph 7#a7 or 7#b74  7c7          
,decisions by antitru/ ag5cies ,except z
 provid$ 9 ?is ,act1 no ,f$]al1 ,/ate1  
or ,t]ritorial c\rt %all h jurisdiction 
or p[] to consid] ! validity ( decisions
 made by ! ,f$]al ,trade ,commission or 
! ,assi/ant ,attorney ,g5]al "u ?is     
,act1 or "u ! am5dm5ts made by ?is ,act1
 or to /ay1 re/ra91 enjo91 or set aside1
 9 :ole or 9 "p1 any provision ( ?is    
,act au?oriz+ su* decisions made by !   
,f$]al ,trade ,commission or ! ,assi/ant
 ,attorney ,g5]al or mak+ effective any 
su* decisions made by ! ,f$]al ,trade   
,commission or ! ,assi/ant ,attorney    
,g5]al1 or any provision ( any su*      
decisions made by ! ,f$]al ,trade       
,commission or ! ,assi/ant ,attorney    

,g5]al1 or to re/ra9 or enjo9 ! en=cem5t
 ( any su* decisions made by ! ,f$]al   
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al4  7d7 ,actions by /ate 
attorney g5]als ,except z provid$ 9 ?is 
,act1 no ,f$]al1 ,/ate1 or ,t]ritorial  
c\rt %all h jurisdiction or p[] to      
review actions br\ght by a ,/ate        
attorney g5]al "u ?is ,act1 or "u an    
am5dm5t made by ?is ,act1 or to /ay1    
re/ra91 enjo91 or set aside1 9 :ole or 9
 "p1 any provision ( ?is ,act au?oriz+  
su* actions br\ght by a ,/ate attorney  
g5]al "u ?is ,act1 or to re/ra9 or enjo9
 ! en=cem5t ( any relat$ judicial       
decisions4