,,ii  #aag? ,,congress  #a/ ,session    
,s4 #ajgd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #ab1 #bjba,mr4  
,hawley introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on !
 ,judici>y  ,a ,,bill  ,to am5d ! ,%]man
 ,act1 ! ,clayton ,act1 & ! ,f$]al      
,trade ,commission ,act to promote      
competition 9 ! ,unit$ ,/ates1 & = o!r  
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,tru/-,bu/+ = !            
,tw5ty-,fir/ ,c5tury ,act4  #b4 ,%]man  
,act am5dm5ts ,! ,%]man ,act 7#ae       
,u4,s4,c4 #a et seq47 is am5d$-- 7#a7 9 
section #b 7#ae ,u4,s4,c4 #b7-- 7,a7 by 
/rik+ ,e & ins]t+ 7a7 ,e2 &  7,b7 by    
add+ at ! end ! foll[+3  7b7 7#a7 ,9 any
 case alleg+ a violation ( ?is section  
or section #a 9 :i* a pla9tiff e/abli%es
 by a prepond]ance ( ! evid5ce 7includ+ 
direct evid5ce7 ! exi/5ce ( sub/antial  
m>ket p[] or ! anticompetitive or       
o!rwise detrim5tal effects ( p>ticul>   
practices1 a pla9tiff ne$ nei!r def9e ! 
scope ( a relevant m>ket nor e/abli% !  

%>e ( su* a m>ket controll$ by !        
def5dant4  7#b7 ,9 any case alleg+ a    
violation ( ?is section or section #a 9 
:i* ! def5dant relies on alleg$         
procompetitive effects to ju/ify !      
conduct ( ! def5dant1 ! def5dant %all   
e/abli% by cle> & conv9c+ evid5ce t--   
7,a7 ! procompetitive effects ( !       
conduct cle>ly outweigh !               
anticompetitive effects ( ! conduct2 &  
7,b7 ! def5dant c\ld n obta9            
sub/antially simil> procompetitive      
effects ?r\gh comm]cially reasonable    
alt]natives t w\ld involve mat]ially l[]
 competitive risks4  2 &  7#b7 9 section
 #d 7#ae ,u4,s4,c4 #d7-- 7,a7 by /rik+  
,! sev]al & ins]t+ 7a7 ,! sev]al2 &     
7,b7 by add+ at ! end ! foll[+3  7b7 ,9 
any action br\ght by ! ,unit$ ,/ates or 
! ,f$]al ,trade ,commission alleg+ a    
violation ( ?is ,act1 if ! ,unit$ ,/ates
 or ! ,f$]al ,trade ,commission         
e/abli%es su* a violation1 ! c\rt %all  
ord] disgorgem5t ( all pr(its e>n$ by ! 
def5dant z a result ( ! conduct         

con/itut+ t violation1 except ^u a %[+ (
 extraord9>y good cause4  7c7 ,x is !   
policy ( ! ,unit$ ,/ates t ! pr9cipal   
/&>d = evaluat+ ! p]missibility (       
practices "u ?is ,act is ! protection ( 
economic competition )9 ! ,unit$ ,/ates4
  4  #c4 ,clayton ,act am5dm5ts ,!      
,clayton ,act 7#ae ,u4,s4,c4 #ab et     
seq47 is am5d$-- 7#a7 9 ! fir/ section  
7#ae ,u4,s4,c4 #ab71 by add+ at ! end ! 
foll[+3  7c7 ,x is ! policy ( ! ,unit$  
,/ates t ! pr9cipal /&>d = evaluat+ !   
p]missibility ( practices "u ?is ,act is
 ! protection ( economic competition )9 
! ,unit$ ,/ates4  2  7#b7 9 section #g  
7#ae ,u4,s4,c4 #ah71 by add+ at ! end ! 
foll[+3  ,no p]son ) a m>ket            
capitalization exce$+ #ajj1jjj1jjj1jjj  
7z adju/$ & 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 #bjba7 %all  

acquire1 directly or indirectly1 ! :ole 
or any "p ( ! /ock or o!r %>e capital or
 ! :ole or any "p ( ! assets ( #a or m  
p]sons engag$ 9 comm]ce or 9 any        
activity affect+ comm]ce1 :]e 9 any l9e 
( comm]ce or 9 any activity affect+     
comm]ce 9 any section ( ! c\ntry1 !     
effect ( su* acquisition1 ( su* /ocks or
 assets1 or ( ! use ( su* /ock by ! vot+
 or grant+ ( proxies or o!rwise1 may be 
to less5 competition 9 any way4  ,:]e a 
prepond]ance ( ! evid5ce 7includ+ direct
 evid5ce7 is adduc$ to demon/rate t !   
effect ( an acquisition may be          
sub/antially to less5 competition or to 
t5d to create a monopoly1 a pla9tiff ne$
 nei!r e/abli% m>ket %>es nor !         
conc5tration ( any p>ticul> m>ket4  ,no 
acquisition %all be presum$ n to        
sub/antially less5 competition or t5d to
 create a monopoly only because ! p>ties
 to ! acquisition d n compete directly  
aga9/ "o ano!r at ! "t ( ! acquisition4 
2 &  7#c7 9 section #g;a7a7 7#ae        
,u4,s4,c4 #ah;a7a771 9 ! undesignat$    

matt] foll[+ p>agraph                   
7#b77;,b77ii77,,iii71 by add+ at ! end !
 foll[+3 ,9 ! case ( any transaction    
involv+ a p]son1 p>tn]%ip1 or           
corporation designat$ z a dom9ant       
digital firm "u section #aj;,a ( !      
,f$]al ,trade ,commission ,act1 ! p]son1
 p>tn]%ip1 or corporation %all file     
notification z requir$ by ?is section44 
#d4 ,re/rictions on dom9ant digital     
firms ,! ,f$]al ,trade ,commission ,act 
7#ae ,u4,s4,c4 #da et seq47 is am5d$ by 
ins]t+ aft] section #aj ! foll[+3       
#aj;,a4 ,re/rictions on dom9ant digital 
firms  7a7 ,def9itions ,9 ?is section3  
7#a7 ,dom9ant digital firm ,! t]m       
dom9ant digital firm means a p]son1     
p>tn]%ip1 or corporation t-- 7,a7       
provides a website or s]vice accessible 
?r\gh ! int]net2 &  7,b7 possesses      
dom9ant m>ket p[] 9 any m>ket relat$ to 
t website or s]vice4  7#b7 ,se>*        
functionality ,! t]m se>* functionality 
means any feature or aspect ( a website 
or s]vice accessible ?r\gh ! int]net t  

all[s a us] to input alphanum]ic data 9 
ord] to retrieve & display a rank$ li/ (
 relevant results4  7b7 ,designation z a
 dom9ant digital firm  7#a7 ,9 g5]al ,! 
,commission %all h p[] to designate a   
p]son1 p>tn]%ip1 or corporation z a     
dom9ant digital firm4  7#b7 ,factors to 
be consid]$ ,9 det]m9+ :e!r a p]son1    
p>tn]%ip1 or corporation possesses      
dom9ant m>ket p[] "u p>agraph 7#a71 !   
,commission %all consid] factors        
includ+-- 7,a7 dom9ance ( ! firm 9 o!r  
m>kets & durability ( ! dom9ance2  7,b7 
! ext5t to :i* ! firm b5efits f gov]nm5t
 contracts or o!r privileges2  7,c7     
exclusivity agreem5ts ent]$ into by !   
firm2  7,d7 network effects2 &  7,e7 any
 own]%ip /ake ( ! firm 9 o!r entities )9
 ! supply *a9 ( ! firm4  7#c7           
,inve/igative au?ority ,9 det]m9+ :e!r  
to designate a p]son1 p>tn]%ip1 or      
corporation z a dom9ant digital firm "u 
p>agraph 7#a71 ! ,commission %all h p[] 
to issue inve/igative dem&s4  7c7       
,requirem5ts  7#a7 ,9 g5]al ,any        

designation made by ! ,commission "u    
subsection 7b7 %all be prec$$ by a      
notice & comm5t p]iod 9 accordance )    
section #eec ( title #e1 ,unit$ ,/ates  
,code1 except t ! requir$ publication & 
s]vice ( any designation by !           
,commission may be made n less ?an #ae  
days be=e ! effective date ( !          
designation4  7#b7 ,judicial review ,any
 designation made by ! ,commission "u   
subsection 7b7 %all be subject to       
judicial review pursuant to section #gjf
 ( title #e1 ,unit$ ,/ates ,code4  7d7  
,presumption z unfair or deceptive act  
or practice ,any acquisition by a p]son1
 p>tn]%ip1 or corporation designat$ z a 
dom9ant digital firm "u ?is section1    
direct or indirect1 ( ! :ole or any "p (
 ! /ock or o!r %>e capital or ! :ole or 
any "p ( ! assets ( #a or m p]sons      
engag$ 9 comm]ce or 9 any activity      
affect+ comm]ce1 :]e su* acquisition    
exce$s #a1jjj1jjj 7z adju/$ & publi%$ = 
ea* fiscal ye> beg9n+ aft] ,septemb]    
#cj1 #bjbb1 9 ! same mann] z provid$ 9  

section #h7;a77#e7 ( ! ,clayton ,act to 
reflect ! p]c5tage *ange 9 ! gross      
national product = su* fiscal ye> comp>$
 to ! gross national product = ! ye>    
end+ ,septemb] #cj1 #bjba7 %all be      
presum$ to be a unfair or deceptive act 
or practice4  7e7 ,unfair or deceptive  
act or practice ,x %all be an unfair or 
deceptive act or practice if a p]son1   
p>tn]%ip1 or corporation designat$ z a  
dom9ant digital firm "u ?is section--   
7#a7 provides se>* functionality2  7#b7 
promotes or demotes p>ticul> se>*       
results1 on ! basis ( :e!r ^? results   
are affiliat$ or n affiliat$ ) ! dom9ant
 digital firm2 &  7#c7 does n disclose  
su* affiliation to us]s ( ! se>*        
functionality4  4