,,ii  #aag? ,,congress  #a/ ,session    
,s4 #bbe  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #d1 #bjba,ms4 
,klobu*> 7= h]self1 ,mr4 ,blum5?al1 ,mr4
 ,book]1 ,mr4 ,m>key1 & ,mr4 ,s*atz7    
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on !     
,judici>y  ,a ,,bill  ,to re=m !        
antitru/ laws to bett] protect          
competition 9 ! ,am]ican economy1 to    
am5d ! ,clayton ,act to modify ! /&>d = 
an unlawful acquisition1 to det]        
anticompetitive exclusion>y conduct t   
h>ms competition & consum]s1 to enhance 
! ability ( ! ,dep>tm5t ( ,ju/ice & !   
,f$]al ,trade ,commission to en=ce !    
antitru/ laws1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,competition & ,antitru/ ,law ,en=cem5t 
,re=m ,act ( #bjba4  #b4 ,f9d+s &       
purposes  7a7 ,f9d+s ,congress f9ds t-- 
7#a7 competitive m>kets1 9 :i* multiple 
firms compete to buy & sell products &  
s]vices1 are critical to ensur+ economic
 opportunity = all p 9 ! ,unit$ ,/ates &

 provid+ resili5ce to ! economy dur+    
unpr$ictable times2  7#b7 :5 companies  
compete1 bus9esses (f] ! highe/ quality 
& *oice ( goods & s]vices = ! l[e/      
possible prices to consum]s & o!r       
bus9esses2  7#c7 competition fo/]s small
 bus9ess gr[?1 r$uces economic          
inequality1 & spurs innovation & job    
creation2  7#d7 9 ! ,unit$ ,/ates       
economy today1 ! pres5ce & ex]cise (    
m>ket p[] is sub/antial & gr[+2  7#e7 ! 
pres5ce & ex]cise ( m>ket p[] makes x m 
difficult = p 9 ! ,unit$ ,/ates to />t  
_! own bus9esses1 depresses wages1 &    
increases economic inequality1 )        
p>ticul>ly damag+ effects on hi/orically
 disadvantag$ communities2  7#f7 m>ket  
p[] & undue m>ket conc5tration          
contribute to ! consolidation (         
political p[]1 und]m9+ ! heal? (        
democracy 9 ! ,unit$ ,/ates2  7#g7 !    
anticompetitive effects ( monopoly p[]  
or buy] m>ket p[] include high] prices1 
l[] quality1 less5$ *oice1 r$uc$        
innovation1 =eclosure ( competitors1 &  

increas$ entry b>ri]s2  7#h7 monopsony  
p[] or sell] m>ket p[] all[s a firm to  
=ce suppli]s ( goods or s]vices to      
accept bel[ m>ket prices or to =ce      
work]s to accept bel[ m>ket wages1      
result+ 9 l[] quality products &        
s]vices1 r$uc$ opportunities = suppli]s 
& work]s1 r$uc$ availability ( products 
& s]vices = consum]s1 r$uc$ innovation1 
=eclosure ( competitors1 & increas$     
entry b>ri]s2  7#i7 horizontal          
consolidation1 v]tical consolidation1 & 
conglom]ate m]g]s all h pot5tial to     
increase m>ket p[] & cause              
anticompetitive h>m2  7#aj7 ext5sive    
consolidation is r$uc+ competition &    
?reat5s to place ! ,am]ican dream fur!r 
out ( rea* = _m consum]s 9 ! ,unit$     
,/ates2  7#aa7 s9ce #bjjh1 firms 9 !    
,unit$ ,/ates h engag$ 9 ov]            
#aj1jjj1jjj1jjj1jjj 9 m]g]s &           
acquisitions2  7#ab7 ! acquisition (    
nasc5t or pot5tial rivals by dom9ant    
firms c pres5t significant long-t]m     
?reats to competition & innovation2     

7#ac7 ! acquisition1 by "o ( its        
competitors1 ( a mav]ick firm t plays a 
disruptive role 9 ! m>ket--by us+ an    
innovative bus9ess model or te*nology1  
(f]+ l[] prices or new1 diff]5t products
 or s]vices products1 or by o!r means t 
b5efit consum]s--c pres5t a ?reat to    
competition2  7#ad7 section #g ( !      
,clayton ,act 7#ae ,u4,s4,c4 #ah71 is ! 
prim>y l9e ( def5se aga9/               
anticompetitive m]g]s2  7#ae7 9 rec5t   
ye>s1 "s c\rt decisions & en=cem5t      
policies h limit$ ! vitality ( !        
,clayton ,act to prev5t h>mful          
consolidation by-- 7,a7 disc\nt+        
previ\sly accept$ presumptions t c]ta9  
acquisitions are anticompetitive2  7,b7 
focus+ inord9ately on ! effect ( an     
acquisition on price 9 ! %ort t]m1 to ! 
exclusion ( o!r pot5tial anticompetitive
 effects2  7,c7 und]e/imat+ ! dang]s t  
horizontal1 v]tical1 & conglom]ate m]g]s
 w l[] quality1 r$uce *oice1 imp$e      
innovation1 exclude competitors1        
increase entry b>ri]s1 or create buy]   

p[]1 includ+ monopsony p[]2 &  7,d7     
requir+ ! gov]nm5t to prove h>mful      
effects ( a propos$ m]g] to a ne>       
c]ta9ty2  7#af7 anticompetitive         
exclusion>y conduct con/itutes a        
p>ticul>ly h>mful ex]cise ( m>ket p[] & 
a sub/antial ?reat to ! ,unit$ ,/ates   
economy2  7#ag7 :5 dom9ant sell]s       
ex]cise m>ket p[]1 !y h>m buy]s by      
ov]*>g+ !m1 r$uc+ product or s]vice     
quality1 limit+ _! *oices1 & impair+    
innovation2  7#ah7 :5 dom9ant buy]s     
ex]cise m>ket p[]1 !y h>m suppli]s by   
und]pay+ !m1 limit+ _! bus9ess          
opportunities1 & impair+ innovation2    
7#ai7 :5 dom9ant employ]s ex]cise m>ket 
p[]1 !y h>m work]s by pay+ !m l[ wages1 
r$uc+ _! b5efits1 & limit+ _! future    
employm5t opportunities2  7#bj7 nasc5t  
or pot5tial rivals--ev5 ^? t are        
unpr(itable or ineffici5t--c be an      
important s\rce ( competitive discipl9e 
= dom9ant firms2  7#ba7 antitru/        
en=cem5t aga9/ anticompetitive          
exclusion>y conduct has be5 imp$$ :5    

c\rts h decl9$ to rigor\sly exam9e !    
facts 9 favor ( rely+ on inaccurate     
economic assumptions t are inconsi/5t ) 
contempor>y economic le>n+1 su* z       
presum+ t m>ket p[] is n durable & c be 
expect$ to self-correct1 t monopolies c 
drive z mu* or m innovation ?an a       
competitive m>ket1 t above-co/ pric+ _c 
h>m competition1 & o!r flaw$            
assumptions2  7#bb7 ! c\rts ( ! ,unit$  
,/ates h improp]ly impli$ immunity f !  
antitru/ laws bas$ on ,f$]al regulatory 
/atutes1 ev5 limit+ ! application (     
/atutory antitru/ sav+s clauses pass$ by
 ,congress2  7#bc7 ! civil rem$ies      
curr5tly available to cure violations ( 
! ,%]man ,antitru/ ,act1 includ+        
injunctions1 equitable monet>y relief1 &
 private damages1 h n prov5 suffici5t1  
on _! own1 to det] anticompetitive      
conduct2  7#bd7 9 "s cases1 effective   
det]r5ce requires ! imposition ( civil  
p5alties1 alone or 9 comb9ation ) exi/+ 
rem$ies1 includ+ /ructural relief1      
behavioral relief1 private damages1 &   

equitable monet>y relief1 includ+       
disgorgem5t & re/itution2 &  7#be7      
,f$]al antitru/ en=cem5t budgets h fail$
 to keep pace ) ! gr[? ( ! economy &    
increas+ dem&s on ag5cy res\rces1       
significantly und]m9+ ! ability ( !     
,f$]al antitru/ ag5cies to fulfill _!   
law en=cem5t missions & contribut+ to ! 
rise ( m>ket p[] 9 ! ,am]ican economy4  
7b7 ,purposes ,! purposes ( ?is ,act are
 to-- 7#a7 enhance competition ?r\gh\t !
 ,am]ican economy by /r5g!n+ antitru/   
en=cem5t by ! ,dep>tm5t ( ,ju/ice1 !    
,f$]al ,trade ,commission1 ! ,/ate      
en=cem5t ag5cies1 & private p>ties2     
7#b7 revise ! legal /&>d "u section #g (
 ! ,clayton ,act to bett] enable en=c]s 
to arre/ ! likely anticompetitive       
effects ( h>mful m]g]s 9 _! incipi5cy1 z
 ,congress int5d$1 by cl>ify+ t !       
pot5tial effects t may ju/ify prohibit+ 
a m]g] "u ! ,clayton ,act include l[]   
quality1 r$uc$ *oice1 r$uc$ innovation1 
! exclusion ( competitors1 or increas$  
entry b>ri]s1 9 addition to increas$    

price to buy]s or r$uc$ price to sell]s2
  7#c7 am5d ! ,clayton ,act to cl>ify t 
an acquisition t t5ds to create a       
monopsony violates ! ,clayton ,act2     
7#d7 e/abli% simple1 co/-effective      
decision rules t require ! p>ties to    
c]ta9 acquisitions t ei!r significantly 
increase conc5tration or are extremely  
l>ge be> ! burd5 ( e/abli%+ t !         
acquisition w n mat]ially h>m           
competition2  7#e7 prohibit & det]      
exclusion>y conduct t h>ms competition1 
p>ticul>ly by dom9ant firms2  7#f7      
enable ! ,dep>tm5t ( ,ju/ice & ! ,f$]al 
,trade ,commission to seek civil monet>y
 p5alties1 9 addition to exi/+ rem$ies1 
= violations ( ! ,%]man ,act2  7#g7 give
 ! ,dep>tm5t ( ,ju/ice & ! ,f$]al ,trade
 ,commission additional f9ancial        
res\rces & en=cem5t tools to craft      
rem$ies = individual violations t are   
effective to det] future unlawful       
conduct & proportionate to ! gravity ( !
 violation2  7#h7 provide fur!r         
protections = ^? :o provide evid5ce (   

anticompetitive conduct to gov]nm5t     
en=c]s & pot5tial f9ancial rew>ds =     
:i/lebl[]s :o provide in=mation to !    
gov]nm5t t leads to a crim9al f9e2 &    
7#i7 grant successful antitru/ pla9tiffs
 ! "r to obta9 prejudgm5t int]e/ on     
damages aw>ds to fur!r det]             
anticompetitive conduct & m fully       
comp5sate injur$ p>ties4  #c4 ,def9ition
 ,9 ?is ,act ! t]m antitru/ laws-- 7#a7 
has ! mean+ giv5 ! t]m 9 ! fir/ section 
( ! ,clayton ,act 7#ae ,u4,s4,c4 #ab72 &
  7#b7 includes-- 7,a7 section #e ( !   
,f$]al ,trade ,commission ,act 7#ae     
,u4,s4,c4 #de7 to ! ext5t t su* section 
applies to unfair me?ods ( competition2 
&  7,b7 ?is ,act & ! am5dm5ts made by   
?is ,act4  #d4 ,unlawful acquisitions   
7a7 ,m>ket p[] ,section #a7;a7 ( !      
,clayton ,act 7#ae ,u4,s4,c4 #ab7;a77 is
 am5d$ by add+ at ! end ! foll[+3  ! t]m
 m>ket p[] 9 ?is ,act means ! ability ( 
a p]son1 or a gr\p ( p]sons act+ 9      
conc]t1 to pr(itably impose t]ms or     
conditions on c\nt]p>ties1 includ+ t]ms 

reg>d+ price1 quantity1 product or      
s]vice quality1 or o!r t]ms affect+ !   
value ( consid]ation ex*ang$ 9 !        
transaction1 t are m favorable to !     
p]son or gr\p ( p]sons impos+ !m ?an :at
 ! p]son or gr\p ( p]sons c\ld obta9 9 a
 competitive m>ket4  4  7b7 ,unlawful   
acquisitions ,section #g ( ! ,clayton   
,act 7#ae ,u4,s4,c4 #ah7 is am5d$-- 7#a7
 9 ! fir/ & second undesignat$          
p>agraphs1 by /rik+ sub/antially to     
less5 ea* place t t]m appe>s & ins]t+ to
 create an appreciable risk ( mat]ially 
less5+2  7#b7 by ins]t+ or a monopsony  
aft] monopoly ea* place t t]m appe>s2 & 
7#c7 by add+ at ! end ! foll[+3  ,9 a   
case br\ght by ! ,unit$ ,/ates1 ! ,f$]al
 ,trade ,commission1 or a ,/ate attorney
 g5]al1 a c\rt %all det]m9e t ! effect (
 an acquisition describ$ 9 ?is section  
may be to create an appreciable risk (  
mat]ially less5+ competition or to t5d  
to create a monopoly or a monopsony1 9  
or affect+ comm]ce1 if--  7#a7 !        
acquisition w\ld lead to a significant  

increase 9 m>ket conc5tration 9 any     
relevant m>ket2  7#b7 7,a7 ! acquir+    
p]son has a m>ket %>e ( great] ?an #ej  
p]c5t or o!rwise has significant m>ket  
p[]1 z a sell] or a buy]1 9 any relevant
 m>ket1 & z a result ( ! acquisition1 ! 
acquir+ p]son w\ld obta9 control ov]    
entities or assets t compete or h a     
reasonable probability ( compet+ ) !    
acquir+ p]son 9 ! same relevant m>ket2  
or  7,b7 z a result ( ! acquisition1 !  
acquir+ p]son w\ld obta9 control ov]    
entities or assets t h a m>ket %>e (    
great] ?an #ej p]c5t or o!rwise h       
significant m>ket p[]1 z a sell] or a   
buy]1 9 any relevant m>ket1 & ! acquir+ 
p]son competes or has a reasonable      
probability ( compet+ ) ! entities or   
assets ov] :i* x w\ld obta9 control1 z  
result ( ! acquisition1 9 ! same        
relevant m>ket2  7#c7 ! acquisition w\ld
 lead to ! comb9ation ( entities or     
assets t compete or h a reasonable      
probability ( compet+ 9 a relevant      
m>ket1 & ei!r ! acquir+ p]son or !      

entities or assets ov] :i* x w\ld obta9 
control prev5ts1 limits1 or disrupts    
coord9at$ int]action among competitors 9
 a relevant m>ket or has a reasonable   
probability ( do+ s2  7#d7 !            
acquisition-- 7,a7 w\ld likely enable ! 
acquir+ p]son to unilat]ally & pr(itably
 ex]cise m>ket p[] or mat]ially increase
 its ability to d s2 or  7,b7 w\ld      
mat]ially increase ! probability (      
coord9at$ int]action among competitors 9
 any relevant m>ket2 or  7#e7 7,a7 !    
acquisition is n a transaction t is     
describ$ 9 section #g;,a7c72 &  7,b7 7i7
 z a result ( su* acquisition1 ! acquir+
 p]son w\ld hold an aggregate total     
am\nt ( ! vot+ securities & assets ( !  
acquir$ p]son 9 excess ( #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 or   

7ii7 7,i7 ! p]son acquir+ or ! p]son be+
 acquir$ has assets1 net annual sales1  
or a m>ket capitalization great] ?an    
#ajj1jjj1jjj1jjj 7z s adju/$ & publi%$72
 &  7,,ii7 z a result ( su* acquisition1
 ! acquir+ p]son w\ld hold an aggregate 
total am\nt ( ! vot+ securities & assets
 ( ! acquir$ p]son 9 excess (           
#ej1jjj1jjj 7z s adju/$ & publi%$71     
unless ! acquir+ or acquir$ p]son       
e/abli%1 by a prepond]ance ( ! evid5ce1 
t ! effect ( ! acquisition w n be to    
create an appreciable risk ( mat]ially  
less5+ competition or t5d to create a   
monopoly or a monopsony4 ,9 ?is         
p>agraph1 ! t]m mat]ially means m ?an a 
de m9imis am\nt4  4  #e4 ,po/-settlem5t 
data ,section #g;,a ( ! ,clayton ,act   
7#ae ,u4,s4,c4 #ah;a7 is am5d$ by add+  
at ! end ! foll[+3  7l7 7#a7 ,ea* p]son 
:o ent]s into an agreem5t ) ! ,f$]al    
,trade ,commission or ! ,unit$ ,/ates to
 resolve a proce$+ br\ght "u ! antitru/ 
laws or "u ! ,f$]al ,trade ,commission  
,act 7#ae ,u4,s4,c4 #da et seq47 reg>d+ 

an acquisition ) respect to :i*         
notification is requir$ "u ?is section  
%all1 on an annual basis dur+ ! #e-ye>  
p]iod beg9n+ on ! date on :i* ! agreem5t
 is ent]$ into1 submit to ! ,f$]al      
,trade ,commission or ! ,assi/ant       
,attorney ,g5]al1 z applicable1         
in=mation suffici5t = ! ,f$]al ,trade   
,commission or ! ,unit$ ,/ates1 z       
applicable1 to assess ! competitive     
impact ( ! acquisition1 includ+-- 7,a7 !
 pric+1 availability1 & quality ( any   
product or s]vice1 or inputs !reto1 9   
any m>ket1 t 0 cov]$ by ! agreem5t2     
7,b7 ! s\rce1 & ! result+ magnitude &   
ext5t1 ( any co/-sav+ effici5cies or any
 b5efits to consum]s or trad+ p>tn]s t 7
 claim$ z a b5efit ( ! acquisition & !  
ext5t to :i* any co/ sav+s 7 pass$ on to
 consum]s or trad+ p>tn]s2 &  7,c7 !    
effectiv5ess ( any dive/itures or any   
conditions plac$ on ! acquisition 9     
fully re/or+ competition4  7#b7 ,!      
requirem5t to provide ! in=mation       
describ$ 9 p>agraph 7#a7 %all be includ$

 9 an agreem5t describ$ 9 t p>agraph4   
7#c7 ,! ,f$]al ,trade ,commission1 ) !  
concurr5ce ( ! ,assi/ant ,attorney      
,g5]al1 by rule 9 accordance ) section  
#eec ( title #e1 ,unit$ ,/ates ,code1 & 
consi/5t ) ! purposes ( ?is section--   
7,a7 %all require t ! in=mation describ$
 9 p>agraph 7#a7 be 9 su* =m & conta9   
su* docum5t>y mat]ial & in=mation       
relevant to an acquisition z is necess>y
 & appropriate to enable ! ,f$]al ,trade
 ,commission & ! ,assi/ant ,attorney    
,g5]al to assess ! competitive impact ( 
! acquisition "u p>agraph 7#a72 &  7,b7 
may-- 7i7 def9e ! t]ms us$ 9 ?is        
subsection2  7ii7 exempt1 f !           
requirem5ts ( ?is section1 in=mation n  
relevant 9 assess+ ! competitive impact 
( ! acquisition "u p>agraph 7#a72 &     
7iii7 prescribe su* o!r rules z may be  
necess>y & appropriate to c>ry out !    
purposes ( ?is section4  4  #f4 ,f$]al  
,trade ,commission /udy ,n lat] ?an #b  
ye>s aft] ! date ( enactm5t ( ?is ,act1 
! ,f$]al ,trade ,commission1 9          

consultation ) ! ,securities & ,ex*ange 
,commission1 %all conduct & publi% a    
/udy1 us+ any compulsory process        
necess>y1 rely+ on public data &        
in=mation if available & suffici5t1 &   
incorporat+ public comm5t on-- 7#a7 !   
ext5t to :i* an in/itutional inve/or or 
relat$ in/itutional inve/ors h own]%ip  
or control int]e/s 9 competitors 9      
mod]ately conc5trat$ or conc5trat$      
m>kets2  7#b7 ! economic impacts ( su*  
ov]lapp+ own]%ip or control2 &  7#c7 !  
me*anisms by :i* an in/itutional inve/or
 c\ld affect competition among !        
companies 9 :i* x inve/s & :e!r su*     
me*anisms are preval5t4  #g4 ,,gao      
/udies  7a7 ,9 g5]al ,n lat] ?an #ah    
mon?s aft] ! date ( enactm5t ( ?is ,act1
 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates 
%all-- 7#a7 conduct a /udy to assess !  
success ( m]g] rem$ies requir$ by !     
,dep>tm5t ( ,ju/ice or ! ,f$]al ,trade  
,commission 9 cons5t decrees ent]$ into 
s9ce #f ye>s prior to ! date ( enactm5t 
( ?is ,act1 includ+ ! impact on ma9ta9+ 

competition1 a comp>ison ( /ructural &  
conduct rem$ies1 & ! viability ( dive/$ 
assets2 &  7#b7 conduct a /udy on !     
impact ( m]g]s & acquisitions on wages1 
employm5t1 innovation1 & new bus9ess    
=mation4  7b7 ,update ,! ,comptroll]    
,g5]al ( ! ,unit$ ,/ates %all-- 7#a7    
update ! /udy "u p>agraph 7#a7 #c ye>s &
 #f ye>s aft] ! date ( enactm5t ( ?is   
,act bas$ on ! in=mation provid$ "u     
section #g;,a7l7 ( ! ,clayton ,act1 z   
add$ by section #e ( ?is ,act2 &  7#b7  
id5tify specific rem$ies or alleg$ m]g] 
b5efits t require additional in=mation  
or rese>*4  #h4 ,(fice ( ,competition   
,advocate  7a7 ,def9itions ,9 ?is       
section-- 7#a7 ! t]m ag5cy has ! mean+  
giv5 ! t]m 9 section #eea ( title #e1   
,unit$ ,/ates ,code2  7#b7 ! t]m cov]$  
company means any company t has1 at any 
"t1 be5 requir$ to make a fil+ "u       
section #g;,a ( ! ,clayton ,act 7#ae    
,u4,s4,c4 #ah;a72  7#c7 ! t]m ,(fice    
means ! ,(fice ( ! ,competition         
,advocate e/abli%$ "u subsection 7b72   

7#d7 ! t]m ,*airman means ! ,*airman ( !
 ,commission2 &  7#e7 ! t]m ,commission 
means ! ,f$]al ,trade ,commission4  7b7 
,e/abli%m5t ,!re is e/abli%$ )9 ! ,f$]al
 ,trade ,commission ! ,(fice ( !        
,competition ,advocate4  7c7            
,competition advocate  7#a7 ,9 g5]al ,! 
head ( ! ,(fice %all be ! ,competition  
,advocate1 :o %all-- 7,a7 report        
directly to ! ,*airman2 &  7,b7 be      
appo9t$ by ! ,*airman1 ) ! concurr5ce ( 
a majority ( ! ,commission1 includ+ at  
lea/ #a ,commission] :o is n a memb] ( !
 same political p>ty ( ! majority memb]s
 ( ! ,commission1 f among individuals   
hav+ exp]i5ce 9 advocat+ = ! promotion (
 competition4  7#b7 ,comp5sation ,!     
annual rate ( pay = ! ,competition      
,advocate %all be equal to ! highe/ rate
 ( annual pay = o!r s5ior executives :o 
report to ! ,*airman ( ! ,commission4   
7#c7 ,limitation on s]vice ,an          
individual :o s]ves z ! ,competition    
,advocate may n be employ$ by !         
,commission-- 7,a7 dur+ ! #b-ye> p]iod  

end+ on ! date ( appo9tm5t z            
,competition ,advocate2 or  7,b7 dur+ ! 
#e-ye> p]iod beg9n+ on ! date on :i* !  
p]son ceases to s]ve z ! ,competition   
,advocate4  7d7 ,/aff ( (fice ,!        
,competition ,advocate1 aft]            
consultation ) ! ,*airman ( !           
,commission1 %all reta9 or employ       
indep5d5t c\nsel1 rese>* /aff1 & s]vice 
/aff1 z ! ,competition ,advocate        
det]m9es is necess>y to c>ry out !      
functions1 p[]s1 & duties ( ! ,(fice4   
7e7 ,duties & p[]s ,! ,competition      
,advocate %all-- 7#a7 recomm5d processes
 or proc$ures t w all[ ! ,f$]al ,trade  
,commission & ! ,antitru/ ,division ( ! 
,dep>tm5t ( ,ju/ice to improve ! ability
 ( ea* ag5cy to solicit reports f       
consum]s1 small bus9esses1 & employees  
ab\t possible anticompetitive practices 
or adv]se effects ( conc5tration2  7#b7 
publicly provide recomm5dations to o!r  
,f$]al ag5cies ab\t adm9i/rative actions
 t may h anticompetitive effects & !    
pot5tial h>m to competition if ^?       

actions are c>ri$ out2  7#c7 provide    
recomm5dations to o!r ,f$]al ag5cies    
ab\t adm9i/rative actions t may h       
procompetitive effects & ! pot5tial     
b5efit to competition if ^? actions are 
c>ri$ out2  7#d7 publi% p]iodic reports 
on-- 7,a7 m>ket competition & its impact
 on ! ,unit$ ,/ates1 local geographic   
areas1 & diff]5t demographic &          
socioeconomic gr\ps2 &  7,b7 ! success (
 rem$ies requir$ by ! ,dep>tm5t (       
,ju/ice or ! ,f$]al ,trade ,commission 9
 cons5t decrees2  7#e7 collect data     
reg>d+ conc5tration levels across       
indu/ries & ! impact & degree ( antitru/
 en=cem5t2 &  7#f7 /&>dize ! types &    
=mats ( data report$ & collect$4  7f7   
,subpo5a au?ority  7#a7 ,9 g5]al ,!     
,competition ,advocate may ei!r require 
! submission ( or accept volunt>y       
submissions ( p]iodic & o!r reports f   
any cov]$ company = ! purpose ( assess+ 
competition & its impact on ! ,unit$    
,/ates1 local geographic areas1 &       
diff]5t demographic & socioeconomic     

gr\ps4  7#b7 ,writt5 f9d+ ,be=e issu+ a 
subpo5a to collect ! in=mation describ$ 
9 p>agraph 7#a71 ! ,competition         
,advocate %all make a writt5 f9d+ t--   
7,a7 ! data is requir$ to c>ry out !    
functions ( ! ,competition ,advocate2 & 
7,b7 ! in=mation is n available f a     
public s\rce or ano!r ag5cy4  7#c7      
,mitigation ( report burd5 ,be=e requir+
 ! submission ( a report f any company  
requir$ to make a fil+ "u section #g;,a 
( ! ,clayton ,act 7#ae ,u4,s4,c4 #ah;a71
 ! ,competition ,advocate %all-- 7,a7   
coord9ate ) o!r ag5cies or au?ority2 &  
7,b7 :5ev] possible1 rely on in=mation  
available f su* ag5cies or au?ority4    
7g7 ,data c5t]  7#a7 ,e/abli%m5t ,!re is
 e/abli%$ )9 ! ,(fice ! ,data ,c5t]4    
7#b7 ,duties ,! ,data ,c5t] %all-- 7,a7 
collect1 validate1 & ma9ta9 data obta9$ 
f ag5cies1 z def9$ 9 section #eea (     
title #e1 ,unit$ ,/ates ,code1 comm]cial
 data provid]s1 publicly available data 
s\rces1 & any cov]$ company2 &  7,b7    
prep>e & publi%1 9 a mann] t is easily  

accessible to ! public-- 7i7 a          
conc5tration database2  7ii7 a m]g]     
en=cem5t database2  7iii7 any o!r       
database t ! ,competition ,advocate     
det]m9es is necess>y to c>ry out !      
duties ( ! ,(fice2 &  7iv7 ! =mat &     
/&>ds = ,(fice data1 includ+ /&>ds =    
report+ f9ancial transaction & position 
data to ! ,(fice4  7#c7 ,regulations ,! 
,competition ,advocate %all promulgate  
regulations relat+ to ! collection &    
/&>diz+ ( data "u p>agraph 7#b74  7#d7  
,confid5tiality  7,a7 ,9 g5]al ,! ,data 
,c5t] may n disclose any confid5tial    
data collect$ "u p>agraph 7#b74  7,b7   
,requirem5ts ,data obta9$ f an ag5cy    
%all be subject to ! same confid5tiality
 requirem5ts & protection z ! ag5cy     
provid+ ! data4  7,c7 ,in=mation        
security ,! ,competition ,advocate %all 
ensure t data collect$ & ma9ta9$ by !   
,data ,c5t] are kept secure & protect$  
aga9/ unau?oriz$ disclosure4  7h7       
,division ( m>ket analysis  7#a7        
,e/abli%m5t ,!re is e/abli%$ )9 ! ,(fice

 ! ,division ( ,m>ket ,analysis4  7#b7  
,lead]%ip ,! head ( ! ,division ( ,m>ket
 ,analysis %all be ! ,director ( ,m>ket 
,analysis1 :o %all-- 7,a7 report        
directly to ! ,competition ,advocate2 & 
7,b7 be appo9t$ by ! ,competition       
,advocate1 ) ! concurr5ce ( a majority (
 ! ,commission1 includ+ at lea/ "o      
,commission] :o is n a memb] ( ! same   
political p>ty ( ! majority memb]s ( !  
,commission4  7#c7 ,division /aff ,!    
,division ( ,m>ket ,analysis %all reta9 
or employ indep5d5t legal1 economic1    
rese>*1 & s]vice /aff suffici5t to c>ry 
out ! functions1 p[]s1 & duties ( !     
,division4  7#d7 ,duties & p[]s ,!      
,division ( ,m>ket ,analysis-- 7,a7     
%all1 at ! direction ( ! ,competition   
,advocate or ! ,commission1 conduct     
inve/igations ( m>kets or indu/ry       
sectors to analyze ! competitive        
conditions & dynamics affect+ su* m>kets
 or indu/ry sectors1 includ+ ! effects t
 m>ket conc5tration1 m]g]s &            
acquisitions1 c]ta9 types ( agreem5ts1 &

 o!r =ms ( bus9ess conduct h on         
competition1 consum]s1 work]s &         
innovation1 & %all publi% reports on !  
results ( su* inve/igations2  7,b7 %all1
 at ! direction ( ! ,competition        
,advocate or ! ,commission1 conduct     
inve/igations conc]n+ ! competitive     
effects ( acquisitions t h be5          
consummat$ no less ?an #b ye>s prior to 
! />t ( ! inve/igation1 :i* %all include
 recomm5dations conc]n+ appropriate     
en=cem5t action to rem$y any            
anticompetitive effects discov]$ & may  
include assessm5ts (-- 7i7 ! conditions 
( ! relevant m>kets affect$ by !        
acquisition1 ov] ! p]iod s9ce !         
acquisition 0 consummat$1 includ+1 b n  
limit$ to1 ! pot5tial impact t !        
acquisition has _h on-- 7,i7 ! prices ( 
goods or s]vices1 includ+ wages 9 any   
affect$ labor m>kets2  7,,ii7 ! output &
 quality ( goods & s]vices2  7,,iii7 !  
entry or exit ( competitors2  7,,iv7    
innovation2  7,v7 consum] *oice &       
product v>iety2  7,,vi7 ! opportunity ( 

suppli]s & works to sell _! product or  
s]vices2  7,,vii7 coord9at$ int]action  
betwe5 competitors2 &  7,,viii7         
subsequ5t m]g]s & acquisitions activity2
  7ii7 :e!r ! acquir+ p]son or its      
successors 9 int]e/-- 7,i7 compli$ ) all
 obligations "u any agreem5t ) ! ,f$]al 
,trade ,commission1 ! ,unit$ ,/ates1 or 
,/ate law en=cem5t au?orities to resolve
 a proce$+ br\ght "u ! antitru/ laws2 & 
7,,ii7 a*iev$ measurable1               
transaction-specific effici5cies1 :i*   
did n arise f anticompetitive r$uctions 
( output1 z a result ( ! acquisition2 & 
7iii7 :e!r any agreem5ts ) ! ,f$]al     
,trade ,commission or ! ,unit$ ,/ates to
 resolve a proce$+ br\ght "u ! antitru/ 
laws reg>d+ ! acquisition 0 effective 9 
mitigat+ ! anticompetitive effects f !  
acquisition2  7,c7 %all rely on public  
data & in=mation1 public comm5t1        
in=mation f o!r ,f$]al ag5cies1         
in=mation f ! ,data ,c5t]1 in=mation    
obta9$ pursuant to ! ,competition       
,advocate's subpo5a au?ority "u         

subsection 7f7 ( ?is section & may use  
compulsory process "u section #f7;b7 ( !
 ,f$]al ,trade ,commission ,act 7#ae    
,u4,s4,c4 #df7;b77 z necess>y to c>ry   
out ! functions set =? 9 subsections    
7h77#c77;,a7 & 7h77#c77;,b7 ( ?is       
section2 &  7,d7 %all report any evid5ce
 x obta9s t any p]son1 p>tn]%ip1 or     
corporation has engag$ 9 transactions or
 conduct t may con/itute ( a violation (
 ! antitru/ law to ! ,commission1 :i*   
may in/itute fur!r inve/igation1        
initiate en=cem5t proce$+s1 or ref] su* 
evid5ce to ! ,attorney ,g5]al4  #i4     
,exclusion>y conduct  7a7 ,9 g5]al ,!   
,clayton ,act 7#ae ,u4,s4,c4 #ab et     
seq47 is am5d$ by ins]t+ aft] section   
#bf 7#ae ,u4,s4,c4 #bf;a7 ! foll[+3     
#bf;,a4 ,exclusion>y conduct  7a7       
,def9itions ,9 ?is section3 7#a7        
,exclusion>y conduct  7,a7 ,9 g5]al ,!  
t]m exclusion>y conduct means conduct   
t-- 7i7 mat]ially disadvantages #a or m 
actual or pot5tial competitors2 or  7ii7
 t5ds to =eclose or limit ! ability or  

inc5tive ( #a or m actual or pot5tial   
competitors to compete4  7,b7           
,limitations  7i7 ,apply+ = or en=c+ a  
pat5t1 tradem>k1 or copyright1 unless   
su* applications or en=cem5t actions are
 baseless or made 9 bad fai? or 9       
violation ( a legal obligation1 %all n  
alone con/itute exclusion>y conduct1 b  
su* actions may be consid]$ z "p ( a    
c\rse ( conduct t con/itutes exclusion>y
 conduct4  7ii7 ,conduct t is necess>y  
to comply ) ,f$]al or ,/ate law %all n  
alone con/itute exclusion>y conduct1 b  
su* actions may be consid]$ z "p ( a    
c\rse ( conduct t con/itutes exclusion>y
 conduct4  7#b7 ,m>ket p[] ,! t]m m>ket 
p[] means ! ability ( a p]son1 or a gr\p
 ( p]sons act+ 9 conc]t1 to pr(itably   
impose t]ms or conditions on            
c\nt]p>ties1 includ+ t]ms reg>d+ price1 
quantity1 product or s]vice quality1 or 
o!r t]ms affect+ ! value ( consid]ation 
ex*ang$ 9 ! transaction1 t are m        
favorable to ! p]son or gr\p ( p]sons   
impos+ !m ?an :at ! p]son or gr\p (     

p]sons c\ld obta9 9 a competitive m>ket4
  7b7 ,violation  7#a7 ,9 g5]al ,x %all 
be unlawful = a p]son1 act+ alone or 9  
conc]t ) o!r p]sons1 to engage 9        
exclusion>y conduct t pres5ts an        
appreciable risk ( h>m+ competition4    
7#b7 ,unfair me?od ( competition ,a     
violation ( p>agraph 7#a7 %all also     
con/itute an unfair me?od ( competition 
"u section #e ( ! ,f$]al ,trade         
,commission ,act 7#ae ,u4,s4,c4 #de74   
7c7 ,presumption  7#a7 ,9 g5]al ,except 
z provid$ 9 p>agraph 7#b71 exclusion>y  
conduct %all be presum$ to pres5t an    
appreciable risk ( h>m+ competition &   
%all be a violation ( subsection 7b77#a7
 if ! exclusion>y conduct is und]tak51 )
 respect to a relevant m>ket1 by a p]son
 or by a gr\p ( m ?an #a p]son act+ 9   
conc]t t-- 7,a7 has a m>ket %>e ( great]
 ?an #ej p]c5t z a sell] or a buy] 9 !  
relevant m>ket2 or  7,b7 o!rwise has    
significant m>ket p[] 9 ! relevant      
m>ket4  7#b7 ,exception ,p>agraph 7#a7  
%all n apply if ! def5dant e/abli%es1 by

 a prepond]ance ( ! evid5ce1 t-- 7,a7   
di/9ct procompetitive b5efits ( !       
exclusion>y conduct 9 ! relevant m>ket  
elim9ate ! risk ( h>m+ competition      
pres5t$ by ! exclusion>y conduct2  7,b7 
#a or m p]sons1 n includ+ any p]son     
p>ticipat+ 9 or facilitat+ ! exclusion>y
 conduct1 h ent]$ or exp&$ _! pres5ce 9 
! m>ket ) ! effect ( elim9at+ ! risk (  
h>m+ competition pos$ by ! exclusion>y  
conduct2 or  7,c7 ! exclusion>y conduct 
does n pres5t an appreciable risk ( h>m+
 competition4  7d7 ,consid]ations ,if ! 
presumption 9 subsection 7c7 does n     
apply1 ! det]m9ation ( :e!r exclusion>y 
conduct pres5ts an appreciable risk (   
h>m+ competition %all be bas$ on !      
totality ( ! circum/ances1 :i* may      
include consid]ation (-- 7#a7 ! ext5t to
 :i* any di/9ct procompetitive b5efits (
 ! exclusion>y conduct sub/antially     
elim9ate ! risk ( h>m+ competition      
pres5t$ by ! exclusion>y conduct2 &     
7#b7 :e!r #a or m p]sons1 n includ+ any 
p]son p>ticipat+ 9 or facilitat+ !      

exclusion>y conduct1 h ent]$ or exp&$ _!
 pres5ce 9 ! m>ket1 sub/antially        
elim9at+ ! risk ( h>m+ competition      
pres5t$ by ! exclusion>y conduct4  7e7  
,limitations ,al?\gh ! foll[+           
circum/ances may con/itute evid5ce ( a  
violation ( subsection 7b77#a71 su*     
violation does n require f9d+-- 7#a7 t !
 unilat]al conduct ( ! def5dant alt]$ or
 t]m9at$ a prior c\rse ( deal+ betwe5 ! 
def5dant & a p]son subject to !         
exclusion>y conduct2  7#b7 t ! def5dant 
treat$ p]sons subject to ! exclusion>y  
conduct diff]5tly ?an ! def5dant treat$ 
o!r p]sons2  7#c7 t any price ( !       
def5dant = a product or s]vice 0 bel[   
any measure ( ! co/s to ! def5dant (    
provid+ ! product or s]vice2  7#d7 t a  
def5dant ) significant m>ket p[] 9 a    
relevant m>ket has rec\p$ or is likely  
to rec\p ! losses x incurr$ or incurs f 
bel[-co/ pric+ = products or s]vices 9 !
 relevant m>ket2  7#e7 t ! conduct ( !  
def5dant makes no economic s5se ap>t f  
its t5d5cy to h>m competition2  7#f7 t !

 risk ( h>m+ competition pres5t$ by !   
conduct ( ! def5dant or any result+     
actual h>m to competition h be5         
quantifi$ or prov5 ) quantitative       
evid5ce2 or  7#g7 t :5 a def5dant       
op]ates a multi-sid$ plat=m bus9ess1 !  
conduct ( ! def5dant pres5ts an         
appreciable risk ( h>m+ competition on m
 ?an #a side ( ! multi-sid$ plat=m4  7f7
 ,civil p5alties ,any p]son :o violates 
subsection 7b77#a7 %all be liable to !  
,unit$ ,/ates = a civil p5alty1 :i* may 
be recov]$ 9 a civil action br\ght by ! 
,attorney ,g5]al ( ! ,unit$ ,/ates1 ( n 
m ?an ! great] (-- 7#a7 #ae p]c5t ( !   
total ,unit$ ,/ates rev5ues ( ! p]son = 
! previ\s cal5d> ye>2 or  7#b7 #cj p]c5t
 ( ! ,unit$ ,/ates rev5ues ( ! p]son 9  
any l9e ( comm]ce affect$ or t>get$ by !
 unlawful conduct dur+ ! p]iod ( !      
unlawful conduct4  4  7b7 ,f$]al trade  
commission act  7#a7 ,civil p5alties    
,section #e ( ! ,f$]al ,trade           
,commission ,act 7#ae ,u4,s4,c4 #de7 is 
am5d$ by add+ at ! end ! foll[+3  7p7   

,civil p5alty = violation ( section     
#bf;,a ( ! clayton act ,! ,commission   
may comm5ce a civil action 9 a di/rict  
c\rt ( ! ,unit$ ,/ates aga9/ any p]son1 
p>tn]%ip1 or corporation :o violates    
subsection 7a77#a7 respect+ an unfair   
me?od ( competition t con/itutes a      
violation ( section #bf;,a ( ! ,clayton 
,act to recov] a civil p5alty1 :i* %all 
accrue to ! ,unit$ ,/ates1 9 an am\nt n 
m ?an ! great] (-- 7#a7 #ae p]c5t ( !   
total ,unit$ ,/ates rev5ues ( ! p]son1  
p>tn]%ip1 or corporation = ! previ\s    
cal5d> ye>2 or  7#b7 #cj p]c5t ( !      
,unit$ ,/ates rev5ues ( ! p]son1        
p>tn]%ip1 or corporation 9 any l9e (    
comm]ce affect$ or t>get$ by ! unlawful 
conduct dur+ ! p]iod ( ! unlawful       
conduct4  4  7#b7 ,commission litigation
 au?ority ,section #af7;a77#b7 ( !      
,f$]al ,trade ,commission ,act 7#ae     
,u4,s4,c4 #ef7;a77#b77 is am5d$-- 7,a7 9
 subp>agraph 7,d71 by /rik+ or aft] !   
semicolon2  7,b7 9 subp>agraph 7,e7--   
7i7 by mov+ ! m>g9s #b ems to ! left2 & 

7ii7 by ins]t+ or aft] ! semicolon2 &   
7,c7 by ins]t+ aft] subp>agraph 7,e7 !  
foll[+3  7,f7 to recov] civil p5alties  
"u section #e7p7 ( ?is ,act2  4  7c7    
,en=cem5t guidel9es  7#a7 ,9 g5]al ,n   
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,attorney ,g5]al & ! ,f$]al
 ,trade ,commission %all issue jo9t     
guidel9es outl9+ policies1 practices1 & 
analytical te*niques relat+ to ag5cy    
en=cem5t "u section #bf;,a ( ! ,clayton 
,act1 z add$ by section #d ( ?is ,act1 )
 ! goal ( promot+ transp>5cy & det]r+   
violations ( section #bf;,a ( ! ,clayton
 ,act4  7#b7 ,updates ,! ,attorney      
,g5]al & ! ,f$]al ,trade ,commission    
%all update ! jo9t guidel9es issu$ "u   
subsection 7a71 z ne$$ to reflect curr5t
 ag5cy policies & practices1 b n less   
frequ5tly ?an once e #e ye>s beg9n+ on !
 date ( enactm5t ( ?is ,act4  7#c7      
,public notice & comm5t  7,a7 ,guidel9es
 ,be=e issu+ guidel9es "u subsection    
7c77#a7 or 7c77#b71 ! ,attorney ,g5]al &
 ! ,f$]al ,trade ,commission %all publi%

 propos$ guidel9es 9 draft =m & provide 
public notice & opportunity = comm5t = n
 less ?an #fj days aft] ! date on :i* ! 
guidel9es are publi%$4  7,b7            
,inapplicability ( rulemak+ provisions  
,! provisions ( section #eec ( title #e1
 ,unit$ ,/ates ,code1 %all n apply to ! 
guidel9es issu$ "u ?is section4  #aj4   
,civil p5alties = ,%]man ,act violations
  7a7 ,civil p5alty am5dm5ts  7#a7      
,section #a ( ! %]man act ,section #a ( 
! ,%]man ,antitru/ ,act 7#ae ,u4,s4,c4  
#a7 is am5d$-- 7,a7 by /rik+ ,e & ins]t+
 7a7 ,e2 &  7,b7 by add+ at ! end !     
foll[+  7b7 7#a7 ,e p]son :o violates   
?is section %all be liable to ! ,unit$  
,/ates = a civil p5alty ( n m ?an !     
great] (-- 7,a7 #ae p]c5t ( ! total     
,unit$ ,/ates rev5ues ( ! p]son = !     
previ\s cal5d> ye>2 or  7,b7 #cj p]c5t (
 ! ,unit$ ,/ates rev5ues ( ! p]son 9 any
 "p ( ! trade or comm]ce relat$ to or   
t>get$ by ! unlawful conduct "u ?is     
section dur+ ! p]iod ( ! unlawful       
conduct4  7#b7 ,a civil p5alty "u ?is   

section may be recov]$ 9 a civil action 
br\ght by ! ,unit$ ,/ates4  4  7#b7     
,section #b ( ! %]man act ,section #b ( 
! ,%]man ,antitru/ ,act 7#ae ,u4,s4,c4  
#b7 is am5d$-- 7,a7 by /rik+ ,e & ins]t+
 7a7 ,e2 &  7,b7 by add+ at ! end !     
foll[+  7b7 7#a7 ,e p]son :o violates   
?is section %all be liable to ! ,unit$  
,/ates = a civil p5alty ( n m ?an !     
great] (-- 7,a7 #ae p]c5t ( ! total     
,unit$ ,/ates rev5ues ( ! p]son = !     
previ\s cal5d> ye>2 or  7,b7 #cj p]c5t (
 ! ,unit$ ,/ates rev5ues ( ! p]son 9 any
 "p ( ! trade or comm]ce relat$ to or   
t>get$ by ! unlawful conduct "u ?is     
section dur+ ! p]iod ( ! unlawful       
conduct4  7#b7 ,a civil p5alty "u ?is   
section may be recov]$ 9 a civil action 
br\ght by ! ,unit$ ,/ates4  4  7#c7     
,f$]al trade commission act ,section #e 
( ! ,f$]al ,trade ,commission ,act 7#ae 
,u4,s4,c4 #de7 is am5d$ by add+ at ! end
 ! foll[+3  7o7 7#a7 ,! ,commission may 
comm5ce a civil action 9 a di/rict c\rt 
( ! ,unit$ ,/ates aga9/ any p]son1      

p>tn]%ip1 or corporation = a violation (
 subsection 7a77#a7 respect+ an unfair  
me?od ( competition t con/itutes a      
violation ( sections #a or #b ( ! ,%]man
 ,act 7#ae ,u4,s4,c4 #a1 #b7 & to recov]
 a civil p5alty = su* violation4  7#b7  
,9 an action "u p>agraph 7#a71 any      
p]son1 p>tn]%ip1 or corporation f\nd to 
h violat$ subsection 7a77#a7 respect+ an
 unfair me?od ( competition t con/itutes
 a violation ( section #a or #b ( !     
,%]man ,act 7#ae ,u4,s4,c4 #a1 #b7 %all 
be liable = a civil p5alty ( n m ?an !  
great] (-- 7,a7 #ae p]c5t ( ! total     
,unit$ ,/ates rev5ues ( ! p]son1        
p>tn]%ip1 or corporation = ! previ\s    
cal5d> ye>2 or  7,b7 #cj p]c5t ( !      
,unit$ ,/ates rev5ues ( ! p]son1        
p>tn]%ip1 or corporation 9 any l9e (    
comm]ce relat$ to or t>get$ by !        
unlawful conduct describ$ 9 p>agraph    
7#a7 dur+ ! p]iod ( ! unlawful conduct4 
4  7b7 ,rule ( con/ruction  7#a7 ,civil 
p5alties ,! civil p5alties provid$ 9    
subsection 7b7 ( section #a ( ! ,%]man  

,act 7#ae ,u4,s4,c4 #a71 subsection 7b7 
( section #b ( ! ,%]man ,act 7#ae       
,u4,s4,c4 #b71 & subsection 7o7 (       
section #e ( ! ,f$]al ,trade ,commission
 ,act 7#ae ,u4,s4,c4 #de71 z add$ by    
subsection 7a7 ( ?is section1 are 9     
addition to1 & n 9 lieu (1 any o!r rem$y
 provid$ by ,f$]al law1 includ+ "u--    
7,a7 section #d or #af ( ! ,clayton ,act
 7#ae ,u4,s4,c4 #ae1 #bf72 or  7,b7     
section #ac7;b7 ( ! ,f$]al ,trade       
,commission ,act 7#ae ,u4,s4,c4         
#ec7;b774  7#b7 ,au?orities ,no?+ 9 ?is 
p>agraph may be con/ru$ to affect any   
au?ority ( ! ,attorney ,g5]al or !      
,f$]al ,trade ,commission "u any o!r    
provision ( law4  #aa4 ,jo9t civil      
p5alty guidel9es  7a7 ,9 g5]al ,n lat]  
?an #a ye> aft] ! date ( enactm5t ( ?is 
,act1 ! ,attorney ,g5]al & ! ,f$]al     
,trade ,commission %all issue jo9t      
guidel9es reflect+ ag5cy policies =     
det]m9+ ! appropriate am\nt ( a civil   
p5alty to be s\ght "u sections #a7;b7 & 
#b7;b7 ( ! ,%]man ,act 7#ae ,u4,s4,c4   

#a1 #b71 section #bf;,a7f7 ( ! ,clayton 
,act1 & sections #e7o7 & #e7p7 ( !      
,f$]al ,trade ,commission ,act 7#ae     
,u4,s4,c4 #de71 z add$ by ( ?is ,act1 ) 
! goal ( promot+ transp>5cy & craft+    
rem$ies = individual violations t are   
effective 9 det]r+ future unlawful      
conduct & proportionate to ! gravity ( !
 violation4  7b7 ,consid]ations ,9      
e/abli%+ ! guidel9es describ$ 9         
subsection 7a71 ! ,attorney ,g5]al & !  
,f$]al ,trade ,commission %all consid] !
 relevant factors to be us$ = calculat+ 
an appropriate civil p5alty = a p>ticul>
 violation1 includ+-- 7#a7 ! volume (   
comm]ce affect$2  7#b7 ! duration &     
sev]ity ( ! unlawful conduct2  7#c7 !   
int5t ( ! p]son und]tak+ ! unlawful     
conduct2  7#d7 ! ext5t to :i* ! unlawful
 conduct 0 egregi\s or a cle> violation 
( ! law2  7#e7 :e!r ! civil p5alty is to
 be appli$ 9 comb9ation ) o!r rem$ies1  
includ+-- 7,a7 /ructural rem$ies1       
behavioral conditions1 or equitable     
disgorgem5t2 or  7,b7 o!r rem$ies       

available "u section #d1 #d;,a1 #ae1 or 
#af ( ! ,clayton ,act 7#ae ,u4,s4,c4    
#ae1 #ae;a1 #be1 #bf7 or section #ac7;b7
 ( ! ,f$]al ,trade ,commission ,act 7#ae
 ,u4,s4,c4 #ec7;b772  7#f7 :e!r ! p]son 
has previ\sly engag$ 9 ! same or simil> 
anticompetitive conduct2 &  7#g7 :e!r ! 
p]son und]took ! conduct 9 violation ( a
 preexi/+ cons5t decree or c\rt ord]4   
7c7 ,updates ,! ,attorney ,g5]al & !    
,f$]al ,trade ,commission %all update ! 
jo9t guidel9es issu$ "u subsection 7a71 
z ne$$ to reflect curr5t ag5cy policies 
& practices1 b n less frequ5tly ?an once
 e #e ye>s beg9n+ on ! date ( enactm5t (
 ?is ,act4  7d7 ,public notice & comm5t 
7#a7 ,guidel9es ,be=e issu+ guidel9es "u
 subsection 7a7 or subsection 7c71 !    
,attorney ,g5]al & ! ,f$]al ,trade      
,commission %all publi% propos$         
guidel9es 9 draft =m & provide public   
notice & opportunity = comm5t = n less  
?an #fj days aft] ! date on :i* !       
guidel9es are publi%$4  7#b7            
,inapplicability ( rulemak+ provisions  

,! provisions ( section #eec ( title #e1
 ,unit$ ,/ates ,code1 %all n apply to ! 
guidel9es issu$ "u ?is section4  #ab4   
,f$]al ,trade ,commission litigation    
au?ority ,section #af7;a77#b7 ( ! ,f$]al
 ,trade ,commission ,act 7#ae ,u4,s4,c4 
#ef7;a77#b77 is am5d$-- 7#a7 9          
subp>agraph 7,d71 by /rik+ or at ! end2 
7#b7 9 subp>agraph 7,e7-- 7,a7 by mov+ !
 m>g9s #b ems to ! left2 &  7,b7 by     
/rik+ ! semicolon & ins]t+ 2 or2 &  7#c7
 by ins]t+ aft] subp>agraph 7,e7 !      
foll[+3  7,f7 to recov] civil p5alties  
"u section #e7o7 ( ?is ,act2  4  #ac4   
,m>ket def9ition  7a7 ,9 g5]al ,e/abli%+
 liability "u ! antitru/ laws does n    
require ! def9ition ( a relevant m>ket1 
except :5 ! def9ition ( a relevant m>ket
 is requir$1 to e/abli% a presumption or
 to resolve a claim1 "u a /atutory      
provision t explicitly ref]5ces ! t]ms  
relevant m>ket1 m>ket conc5tration1 or  
m>ket %>e4 ,/atutory ref]5ces to ! t]m  
l9e ( comm]ce %all n con/itute an       
exception to ! =ego+ rule t e/abli%+    

liability "u ! antitru/ laws does n     
require ! def9ition ( a relevant m>ket4 
7b7 ,direct evid5ce ,if direct evid5ce 9
 ! record is suffici5t to prove actual  
or likely h>m to competition1 an        
appreciable risk to competition         
suffici5t to satisfy ! applicable       
/atutory /&>d1 or t ! effect ( an       
acquisition subject to section #g ( !   
,clayton ,act 7#ae ,u4,s4,c4 #ah7 may be
 to create an appreciable risk (        
mat]ially less5+ competition or to t5d  
to create a monopoly or a monopsony1    
nei!r a c\rt nor ! ,f$]al ,trade        
,commission %all require def9ition ( a  
relevant m>ket 9 ord] to evaluate !     
evid5ce1 to f9d liability1 or to f9d t a
 claim has be5 /at$ "u ! antitru/ laws4 
7c7 ,rule ( con/ruction ,no?+ 9 ?is     
section may be con/ru$ to prev5t a c\rt 
or ! ,f$]al ,trade ,commission f        
consid]+ evid5ce relat+ to ! def9ition (
 propos$ relevant m>kets to evaluate !  
m]its ( a claim "u ! antitru/ laws4     
#ad4 ,limitations on impli$ immunity f !

 antitru/ laws  7a7 ,9 g5]al ,9 any     
action or proce$+ to en=ce ! antitru/   
laws ) respect to conduct t is regulat$ 
"u ,f$]al /atute1 no c\rt or            
adjudicatory body may f9d t ! ,f$]al    
/atute1 or any rule or regulation       
promulgat$ 9 accordance ) ! ,f$]al      
/atute1 implicitly precludes application
 ( ! antitru/ laws to ! conduct unless--
 7#a7 a ,f$]al ag5cy or dep>tm5t        
actively regulates ! conduct "u ! ,f$]al
 /atute2  7#b7 ! ,f$]al /atute does n   
include any provision pres]v+ ! rights1 
claims1 or rem$ies "u ! applicable      
antitru/ laws or "u any area ( law t    
includes ! antitru/ laws2 &  7#c7 ,f$]al
 ag5cy or dep>tm5t rules or regulations1
 adopt$ by rulemak+ or adjudication1    
explicitly require or au?orize !        
def5dant to und]take ! conduct4  7b7    
,exi/+ f$]al regulation ,9 any action or
 proce$+ describ$ 9 subsection 7a71 !   
antitru/ laws %all be appli$ fully & )\t
 qualification or limitation1 & ! scope 
( ! antitru/ laws %all n be def9$ m     

n>r[ly on acc\nt ( ! exi/5ce ( ,f$]al   
rules1 regulations1 or regulatory       
ag5cies or dep>tm5ts1 unless application
 ( ! antitru/ laws is preclud$ or limit$
 by-- 7#a7 an explicit exemption f !    
antitru/ laws "u a ,f$]al /atute2 or    
7#b7 an impli$ immunity t satisfies !   
requirem5ts "u subsection 7a74  #ae4    
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ = fiscal ye> 
#bjbb-- 7#a7 #dhd1ejj1jjj = ! ,antitru/ 
,division ( ! ,dep>tm5t ( ,ju/ice2 &    
7#b7 #fea1jjj1jjj = ! ,f$]al ,trade     
,commission4  #af4 ,:i/lebl[]           
protections  7a7 ,protections = civil   
:i/lebl[]s ,! ,clayton ,act 7#ae        
,u4,s4,c4 #ab et seq47 is am5d$ by      
ins]t+ aft] section #bg 7#ae ,u4,s4,c4  
#bf;b7 ! foll[+3  #bg;,a4               
,anti-retaliation protection = civil    
:i/lebl[]s  7a7 ,:i/lebl[] protections =
 employees1 contractors1 subcontractors1
 & ag5ts  7#a7 ,9 g5]al ,no employ] may 
dis*>ge1 demote1 susp5d1 ?reat51 h>ass1 
or 9 any o!r mann] discrim9ate aga9/ a  

cov]$ individual 9 ! t]ms & conditions (
 employm5t ( ! cov]$ individual because 
( any lawful act done by ! cov]$        
individual-- 7,a7 to provide or cause to
 be provid$ to ! ,f$]al ,gov]nm5t or a  
p]son ) sup]visory au?ority ov] ! cov]$ 
individual 7or su* o!r p]son work+ = !  
employ] :o has ! au?ority to inve/igate1
 discov]1 or t]m9ate misconduct7        
in=mation relat+ to any violation (1 or 
any act or omission ! cov]$ individual  
reasonably believes to be a violation (1
 ! applicable antitru/ laws2 or  7,b7 to
 cause to be fil$1 te/ify 91 p>ticipate 
91 or o!rwise assi/ a ,f$]al ,gov]nm5t  
inve/igation or a ,f$]al ,gov]nm5t      
proce$+ fil$ or ab\t to be fil$ 7) any k
 ( ! employ]7 relat+ to any violation (1
 or any act or omission ! cov]$         
individual reasonably believes to be a  
violation (1 ! applicable antitru/ laws4
  7#b7 ,limitation on protections       
,p>agraph 7#a7 %all n apply to any cov]$
 individual if-- 7,a7 ! cov]$ individual
 plann$ & initiat$ a violation or       

attempt$ violation ( ! applicable       
antitru/ laws2  7,b7 ! cov]$ individual 
plann$ & initiat$ a violation or        
attempt$ violation ( a crim9al law 9    
conjunction ) a violation or attempt$   
violation ( ! applicable antitru/ laws2 
or  7,c7 ! cov]$ individual plann$ &    
initiat$ an ob/ruction or attempt$      
ob/ruction ( an inve/igation by ! ,f$]al
 ,gov]nm5t ( a violation ( ! applicable 
antitru/ laws4  7#c7 ,def9itions ,9 ?is 
section3 7,a7 ,applicable antitru/ laws 
,! t]m applicable antitru/ laws means   
section #a1 #b1 or #c ( ! ,%]man ,act   
7#ae ,u4,s4,c4 #a1 #b1 & #c7 or section 
#e ( ! ,f$]al ,trade ,commission ,act   
7#ae ,u4,s4,c4 #de7 to ! ext5t t su*    
section applies to unfair me?ods (      
competition4  7,b7 ,cov]$ individual ,! 
t]m cov]$ individual means an employee1 
contractor1 subcontractor1 or ag5t ( an 
employ]4  7,c7 ,employ] ,! t]m employ]  
means a p]son1 or any (fic]1 employee1  
contractor1 subcontractor1 or ag5t ( su*
 p]son4  7,d7 ,f$]al gov]nm5t ,! t]m    

,f$]al ,gov]nm5t means-- 7i7 a ,f$]al   
regulatory or law en=cem5t ag5cy2 or    
7ii7 any ,memb] ( ,congress or committee
 ( ,congress4  7,e7 ,p]son ,! t]m p]son 
has ! same mean+ z 9 subsection 7a7 ( ! 
fir/ section ( ! ,clayton ,act 7#ae     
,u4,s4,c4 #ab7;a774  7b7 ,en=cem5t      
action  7#a7 ,9 g5]al ,a cov]$          
individual :o alleges dis*>ge or o!r    
discrim9ation by any employ] 9 violation
 ( subsection 7a7 may seek relief "u    
subsection 7c7 by-- 7,a7 fil+ a compla9t
 ) ! ,secret>y ( ,labor2 or  7,b7 if !  
,secret>y ( ,labor has n issu$ a f9al   
decision )9 #ahj days ( ! fil+ ( !      
compla9t & !re is no %[+ t su* delay is 
due to ! bad fai? ( ! claimant1 br++ an 
action at law or equity = de novo review
 9 ! appropriate di/rict c\rt ( ! ,unit$
 ,/ates1 :i* %all h jurisdiction ov] su*
 an action )\t reg>d to ! am\nt 9       
controv]sy4  7#b7 ,proc$ure  7,a7 ,9    
g5]al ,a compla9t fil$ ) ! ,secret>y (  
,labor "u p>agraph 7#a77;,a7 %all be    
gov]n$ "u ! rules & proc$ures set =? 9  

section #dbaba7;b7 ( title #di1 ,unit$  
,/ates ,code4  7,b7 ,exception          
,notification made "u section           
#dbaba7;b77#a7 ( title #di1 ,unit$      
,/ates ,code1 %all be made to any       
individual nam$ 9 ! compla9t & to !     
employ]4  7,c7 ,burd5s ( pro( ,an action
 br\ght "u p>agraph 7#a77;,b7 %all be   
gov]n$ by ! legal burd5s ( pro( set =? 9
 section #dbaba7;b7 ( title #di1 ,unit$ 
,/ates ,code4  7,d7 ,/atute (           
limitations ,a compla9t "u p>agraph     
7#a77;,a7 %all be fil$ ) ! ,secret>y (  
,labor n lat] ?an #ahj days aft] ! date 
on :i* ! violation ( ?is section occurs4
  7,e7 ,civil actions to en=ce ,if a    
p]son fails to comply ) an ord] or      
prelim9>y ord] issu$ by ! ,secret>y (   
,labor pursuant to ! proc$ures set =? 9 
section #dbaba7;b7 ( title #di1 ,unit$  
,/ates ,code1 ! ,secret>y ( ,labor or ! 
p]son on ^: behalf ! ord] 0 issu$ may   
br+ a civil action to en=ce ! ord] 9 !  
di/rict c\rt ( ! ,unit$ ,/ates = !      
judicial di/rict 9 :i* ! violation      

occurr$4  7c7 ,rem$ies  7#a7 ,9 g5]al ,a
 cov]$ individual prevail+ 9 any action 
"u subsection 7b77#a7 %all be entitl$ to
 all relief necess>y to make ! cov]$    
individual :ole4  7#b7 ,comp5satory     
damages ,relief = any action "u p>agraph
 7#a7 %all include-- 7,a7 re9/atem5t ) !
 same s5iority /atus t ! cov]$          
individual w\ld h _h1 b = !             
discrim9ation2  7,b7 ! am\nt ( back pay1
 ) int]e/2 &  7,c7 comp5sation = any    
special damages su/a9$ z a result ( !   
discrim9ation includ+ litigation co/s1  
exp]t witness fees1 & reasonable        
attorney's fees4  7d7 ,rights reta9$ by 
:i/lebl[]s ,no?+ 9 ?is section %all be  
deem$ to dim9i% ! rights1 privileges1 or
 rem$ies ( any cov]$ individual "u any  
,f$]al or ,/ate law1 or "u any          
collective b>ga9+ agreem5t4  4  7b7     
,:i/lebl[] rew>d ,! ,antitru/ ,crim9al  
,p5alty ,enhancem5t & ,re=m ,act ( #bjjd
 7#ae ,u4,s4,c4 #a note7 is am5d$ by    
ins]t+ aft] section #baf ! foll[+3      
#bag4 ,crim9al antitru/ :i/lebl[]       

inc5tives  7a7 ,def9itions ,9 ?is       
section ! foll[+ def9itions %all apply3 
7#a7 ,antitru/ laws ,! t]m antitru/ laws
 means section #a or #c ( ! ,%]man ,act 
7#ae ,u4,s4,c4 #a & #c74  7#b7 ,cov]$   
en=cem5t action ,! t]m cov]$ en=cem5t   
action means any crim9al action br\ght  
by ! ,attorney ,g5]al "u ! antitru/ laws
 t results 9 crim9al f9es exce$+        
#a1jjj1jjj4  7#c7 ,orig9al in=mation ,! 
t]m orig9al in=mation means in=mation   
t-- 7,a7 is d]iv$ f ! indep5d5t k or    
analysis ( a :i/lebl[]2  7,b7 is n kn[n 
to ! ,attorney ,g5]al or ! ,dep>tm5t (  
,ju/ice f any o!r s\rce1 unless !       
:i/lebl[] is ! orig9al s\rce ( !        
in=mation2 &  7,c7 is n exclusively     
d]iv$ f an allegation made 9 a judicial 
or adm9i/rative he>+1 9 a gov]nm5tal    
report1 he>+1 audit1 or inve/igation1 or
 f ! news m$ia1 unless ! :i/lebl[] is a 
s\rce ( ! in=mation4  7#d7 ,:i/lebl[] ,!
 t]m :i/lebl[] means any individual :o  
provides1 or #b or m individuals act+   
jo9tly :o provide1 in=mation relat+ to a

 violation ( ! antitru/ laws to !       
,dep>tm5t ( ,ju/ice1 9 a mann] e/abli%$ 
by ! ,dep>tm5t ( ,ju/ice4  7b7 ,aw>ds   
7#a7 ,9 g5]al ,9 a cov]$ en=cem5t       
action1 ! ,attorney ,g5]al1 subject to  
subsection 7c71 may pay an aw>d or aw>ds
 to #a or m :i/lebl[]s :o volunt>ily    
provid$ orig9al in=mation to ! ,dep>tm5t
 ( ,ju/ice t l$ to ! successful en=cem5t
 ( ! cov]$ en=cem5t action1 9 an am\nt  
equal to n m ?an #cj p]c5t1 9 total1 (  
:at has be5 collect$ ( ! crim9al f9e    
impos$ 9 ! cov]$ en=cem5t action "u !   
antitru/ laws4  7#b7 ,paym5t ,any am\nt 
paid "u p>agraph 7#a7 %all be paid f !  
crim9al f9e collect$ 9 ! cov]$ en=cem5t 
action4  7c7 ,det]m9ation ( am\nt (     
aw>d2 d5ial ( aw>d  7#a7 ,det]m9ation ( 
am\nt ( aw>d  7,a7 ,discretion ,!       
det]m9ation ( ! am\nt ( an aw>d made "u 
subsection 7b7 %all be 9 ! discretion ( 
! ,attorney ,g5]al4  7,b7 ,crit]ia ,9   
det]m9+ ! am\nt ( an aw>d made "u       
subsection 7b71 ! ,attorney ,g5]al %all 
take into consid]ation-- 7i7 !          

significance ( ! in=mation provid$ by ! 
:i/lebl[] to ! success ( ! cov]$        
en=cem5t action2  7ii7 ! degree (       
assi/ance & coop]ation provid$ by !     
:i/lebl[] 9 a cov]$ en=cem5t action2    
7iii7 ! int]e/ ( ! ,dep>tm5t ( ,ju/ice 9
 det]r+ crim9al violations ( ! antitru/ 
laws by mak+ aw>ds to :i/lebl[]s :o     
provide in=mation t lead to ! successful
 cov]$ en=cem5t actions2 &  7iv7 su*    
additional relevant factors z !         
,attorney ,g5]al may e/abli%4  7#b7     
,d5ial ( aw>d ,no aw>d "u subsection 7b7
 %all be made-- 7,a7 to any :i/lebl[] :o
 is1 or 0 at ! "t ! :i/lebl[] acquir$ ! 
orig9al in=mation submitt$ to !         
,commission1 a memb]1 (fic]1 or employee
 (-- 7i7 any bran*1 ag5cy1 or           
in/rum5tality ( ! ,f$]al ,gov]nm5t2 or  
7ii7 any law en=cem5t organization2     
7,b7 to any :i/lebl[] :o is convict$ ( a
 crim9al violation relat$ to ! cov]$    
en=cem5t action = :i* ! :i/lebl[]       
o!rwise c\ld receive an aw>d "u ?is     
section2  7,c7 to any :i/lebl[] :o 0 an 

orig9ator or lead] ( or :o co]c$ any o!r
 p>ty to p>ticipate 9 ! activity giv+   
rise to liability "u ! antitru/ laws 9 !
 cov]$ en=cem5t action = :i* ! :i/lebl[]
 o!rwise c\ld receive an aw>d "u ?is    
section2  7,d7 to any :i/lebl[] :o fails
 to respond fully & tru?fully to all    
inquiries ( ! ,dep>tm5t ( ,ju/ice relat+
 to ! orig9al in=mation or int5tionally 
)holds in=mation relat+ to ! orig9al    
in=mation2  7,e7 to any :i/lebl[] :o    
commits1 p>ticipates 91 or attempts to  
commit or p>ticipate 9 any crimes aft]  
disclos+ ! orig9al in=mation to !       
,dep>tm5t ( ,ju/ice2 or  7,f7 to any    
:i/lebl[] :o fails to submit in=mation  
to ! ,dep>tm5t ( ,ju/ice 9 su* =m z !   
,dep>tm5t may require4  7d7             
,repres5tation  7#a7 ,p]mitt$           
repres5tation ,any :i/lebl[] :o makes a 
claim = an aw>d "u subsection 7b7 may be
 repres5t$ by c\nsel4  7#b7 ,requir$    
repres5tation ,any :i/lebl[] :o makes a 
claim = an aw>d "u subsection 7b7 may be
 repres5t$ by c\nsel4 7,a7 ,9 g5]al ,any

 :i/lebl[] :o anonym\sly makes a claim =
 an aw>d "u subsection 7b7 %all be      
repres5t$ by c\nsel if ! :i/lebl[]      
anonym\sly submits ! in=mation ^u :i* ! 
claim is bas$4  7,b7 ,disclosure (      
id5tity ,prior to ! paym5t ( an aw>d1 a 
:i/lebl[] %all disclose ! id5tity ( !   
:i/lebl[] & provide su* o!r in=mation z 
! ,attorney ,g5]al or ! ,dep>tm5t (     
,ju/ice may require1 directly or ?r\gh  
c\nsel = ! :i/lebl[]4  7e7 ,appeals ,any
 det]m9ation made "u ?is section1       
includ+ :e!r1 to :om1 or 9 :at am\nt to 
make aw>ds1 %all be 9 ! discretion ( !  
,attorney ,g5]al4 ,any su* det]m9ation1 
except ! det]m9ation ( ! am\nt ( an aw>d
 if ! aw>d 0 made 9 accordance )        
subsection 7b71 may be appeal$ to !     
appropriate c\rt ( appeals ( ! ,unit$   
,/ates n m ?an #cj days aft] !          
det]m9ation is issu$ by ! ,attorney     
,g5]al4 ,! c\rt %all review !           
det]m9ation made by ! ,attorney ,g5]al 9
 accordance ) section #gjf ( title #e4  
4  #ag4 ,prejudgm5t int]e/ ,section #d (

 ! ,clayton ,act 7#ae ,u4,s4,c4 #ae7 is 
am5d$ by /rik+ subsection 7a7 & ins]t+ !
 foll[+3  7a7 ,except z provid$ 9       
subsection 7b71 any p]son :o %all be    
injur$ 9 8 bus9ess or prop]ty by reason 
( any?+ =bidd5 9 ! antitru/ laws may sue
 !re= 9 any di/rict c\rt ( ! ,unit$     
,/ates 9 ! di/rict 9 :i* ! def5dant     
resides or is f\nd or has an ag5t1 )\t  
respect to ! am\nt 9 controv]sy1 & %all 
recov] ?reefold ! damages by him su/a9$1
 ! co/ ( suit1 includ+ a reasonable     
attorney's fee1 & simple int]e/ on      
?reefold ! damages by him su/a9$ = !    
p]iod beg9n+ on ! date ( s]vice ( su*   
p]son's plead+ sett+ =? a claim "u !    
antitru/ laws & end+ on ! date (        
judgm5t4  4  #ah4 ,additional rem$ies2  
rules ( con/ruction  7a7 ,additional    
rem$ies ,! rights & rem$ies provid$ "u  
?is ,act are 9 addition to1 n 9 lieu (1 
any o!r rights & rem$ies provid$ by     
,f$]al law1 includ+ "u section #d1      
#d;,a1 #ae1 or #af ( ! ,clayton ,act    
7#ae ,u4,s4,c4 #ae1 #ae;a1 #be1 #bf7 or 

section #ac7;b7 ( ! ,f$]al ,trade       
,commission ,act 7#ae ,u4,s4,c4         
#ec7;b774  7b7 ,rules ( con/ruction     
,no?+ 9 ?is ,act may be con/ru$ to--    
7#a7 impair or limit ! applicability (  
any ( ! antitru/ laws2 &  7#b7 prohibit 
any o!r rem$y provid$ by ,f$]al law4