,,ii  #aai? ,,congress  #a/ ,session    
,s4 #acj  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,janu>y #af1 #bjbe,ms4 
,klobu*> 7= h]self1 ,mr4 ,:iteh\se1 ,mr4
 ,blum5?al1 ,mr4 ,book]1 ,ms4 ,hirono1  
,mr4 ,wel*1 ,mr4 ,he9ri*1 ,mr4 ,m>key1  
,mr4 ,murphy1 ,ms4 ,smi?1 ,mr4 ,s*atz1  
,mr4 ,w>n]1 ,mr4 ,wyd51 & ,mr4 ,b5net7  
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 ( #bjbe4  #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 competitive m>kets are  
crucial = ! ,unit$ ,/ates global        
economic competitiv5ess & national      
security2  7#e7 9 ! ,unit$ ,/ates       
economy today1 ! pres5ce & ex]cise (    
m>ket p[] is sub/antial & gr[+2  7#f7 ! 
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#g7 m>ket  
p[] & undue m>ket conc5tration          
contribute to ! consolidation (         

political p[]1 und]m9+ ! heal? (        
democracy 9 ! ,unit$ ,/ates2  7#h7 !    
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#i7 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#aj7 horizontal         
consolidation1 v]tical consolidation1 & 
conglom]ate m]g]s all h ! pot5tial to   
increase m>ket p[] & cause              
anticompetitive h>m2  7#aa7 ext5sive    
consolidation is r$uc+ competition &    
?reat5s to place ! ,am]ican dream fur!r 
out ( rea* = _m consum]s 9 ! ,unit$     
,/ates2  7#ab7 s9ce #bjjh1 firms 9 !    

,unit$ ,/ates h engag$ 9 ov]            
#aj1jjj1jjj1jjj1jjj 9 m]g]s &           
acquisitions2  7#ac7 ! acquisition (    
nasc5t or pot5tial rivals by dom9ant    
firms c pres5t significant long-t]m     
?reats to competition & innovation & h>m
 ! global economic competitiv5ess ( !   
,unit$ ,/ates2  7#ad7 ! acquisition1 by 
"o ( its competitors1 ( a mav]ick firm t
 plays a disruptive role 9 ! m>ket1 by  
us+ an innovative bus9ess model or      
te*nology1 (f]+ l[] prices or new1      
diff]5t products or s]vices1 or by o!r  
means t b5efit consum]s1 (t5 pres5ts a  
?reat to competition2  7#ae7 section #g 
( ! ,clayton ,act 7#ae ,u4,s4,c4 #ah7 is
 ! prim>y l9e ( def5se aga9/            
anticompetitive m]g]s2  7#af7 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 fail+ 
to prop]ly acc\nt = direct evid5ce (    
competitive h>m1 includ+ int5t evid5ce2 
&  7,e7 requir+ ! gov]nm5t to prove     
h>mful effects ( a propos$ m]g] to a ne>
 c]ta9ty2  7#ag7 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#ah7 :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#ai7 :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#bj7 :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#ba7 nasc5t  
or pot5tial rivals1 ev5 ^? t are        
unpr(itable or ineffici5t1 are an       
important s\rce ( competitive discipl9e 
= dom9ant firms2  7#bb7 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#bc7 ! 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#bd7 ! 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#be7 9 "s cases1 effective   
det]r5ce requires ! imposition ( civil  
p5alties1 alone or 9 comb9ation ) exi/+ 
rem$ies1 includ+ /ructural relief1      
behavioral relief1 private damages1 &   
equitable monet>y relief1 includ+       
disgorgem5t & re/itution2 &  7#bf7      
,f$]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 & increase      
comp5sation to 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[]  
,subsection 7a7 ( ! fir/ section ( !    
,clayton ,act 7#ae ,u4,s4,c4 #ab7 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 ! acquisition w\ld
 increase ! ability & inc5tive to engage
 9 exclusion>y conduct1 z def9$ 9       
section #bf;,a ( ! ,clayton ,act4  7#c7 
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 a result ( ! acquisition1 9 !
 same relevant m>ket2  7#d7 !           
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#e7 ! 
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#f7 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 #bjbe1 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 #bjbd2 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%es1 by a prepond]ance ( !        
evid5ce1 t ! effect ( ! acquisition w n 

be to create an appreciable risk (      
mat]ially less5+ competition or w n t5d 
to create a monopoly or a monopsony4 ,9 
?is p>agraph1 ! t]m mat]ially means m   
?an a de m9imis am\nt  4  #e4           
,po/-proce$+ data ,section #g;,a ( !    
,clayton ,act 7#ae ,u4,s4,c4 #ah;a7 is  
am5d$ by add+ at ! end ! foll[+3  7l7   
7#a7 ,ea* p]son :o resolves a proce$+   
br\ght "u ! antitru/ laws by ! ,f$]al   
,trade ,commission or ,unit$ ,/ates by  
ent]+ into an agreem5t or by ! f9al     
judgm5t 9 a ,f$]al or adm9i/rative c\rt 
reg>d+ an acquisition ) respect to :i*  
notification is requir$ "u ?is section  
%all1 on an annual basis dur+ ! #e-ye>  
p]iod beg9n+ on ! date on :i* ! agreem5t
 is ent]$ into1 file ) ! ,f$]al ,trade  
,commission or ! ,assi/ant ,attorney    
,g5]al1 z applicable1 & ! ,competition  
,advocate1 in=mation suffici5t = !      
,f$]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  7#d7 ,! *ief
 executive (fic]1 *ief f9ancial (fic]1  
g5]al c\nsel1 or a corporate (fic] (    
simil> au?ority %all c]tify1 "u p5alty (
 p]jury1 ! accuracy ( a report "u ?is   
subsection4  4  #f4 ,f$]al ,trade       
,commission /udy  7a7 ,9 g5]al ,n lat]  
?an #b ye>s aft] ! date ( enactm5t ( ?is
 ,act1 ! ,f$]al ,trade ,commission1 9   
consultation ) ! ,securities & ,ex*ange 
,commission1 %all conduct & publi% a    
/udy1 pursuant to section #f7;b7 ( !    
,f$]al ,trade ,commission ,act1 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 ! impacts ( su*
 ov]lapp+ own]%ip or control on         
competition2 &  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  7b7 ,exemption f ,pap]work   
,r$uction ,act ,*apt] #ce ( title #dd1  
,unit$ ,/ates ,code1 %all n apply to !  
collection ( in=mation "u subsection    
7a74  #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 & publi% 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 
dur+ ! #h-ye> p]iod end+ on ! date on   
:i* ! /udy is conduct$1 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    
subsection 7a77#a7 e #d ye>s aft] ! date
 ( enactm5t ( ?is ,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 ,*air  
means ! ,*air ( ! ,commission2  7#c7 !  
t]m ,commission means ! ,f$]al ,trade   
,commission2  7#d7 ! t]m cov]$ 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#e7 ! t]m ,(fice means ! ,(fice ( !
 ,competition ,advocate e/abli%$ "u     

subsection 7b74  7b7 ,e/abli%m5t ,!re is
 e/abli%$ )9 ! ,f$]al ,trade ,commission
 ! ,(fice ( ! ,competition ,advocate4   
7c7 ,competition ,advocate  7#a7 ,9     
g5]al ,! head ( ! ,(fice %all be !      
,competition ,advocate1 :o %all-- 7,a7  
report directly to1 & be "u ! sup]vision
 (1 ! ,*air1 b ! ,*air %all n prev5t or 
prohibit ! ,competition ,advocate f     
initiat+1 c>ry+ out1 or complet+ any (  
its duties "u ?is section2  7,b7 be     
appo9t$ by ! ,*air ) ! approval ( !     
,commission1 includ+ at lea/ #a         
,commission] :o is n a memb] ( ! same   
political p>ty z ! ,*air1 f among       
individuals hav+ exp]i5ce 9 advocat+ = !
 promotion ( competition2 &  7,c7 s]ve a
 t]m ( #g ye>s & %all n be removable    
except ^u a unanim\s vote ( !           
,commission4  7#b7 ,comp5sation ,!      
annual rate ( pay = ! ,competition      
,advocate %all be equal to ! highe/ rate
 ( annual pay = o!r s5ior executives :o 
report to ! ,*air ( ! ,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 &   
7,b7 dur+ ! #e-ye> p]iod beg9n+ on !    
date on :i* ! p]son ceases to s]ve z !  
,competition ,advocate4  7d7 ,/aff (    
,(fice ,! ,commission %all allocate     
funds f ! ,commission budget to ! ,(fice
 ( ! ,competition ,advocate suffici5t = 
! ,competition ,advocate to reta9 or    
employ su* c\nsel1 rese>* /aff1 & s]vice
 /aff 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 & work]s ab\t possible       
anticompetitive practices or adv]se     
effects ( conc5tration2  7#b7 provide   
recomm5dations to o!r ag5cies ab\t ag5cy
 actions t may h anticompetitive effects

 & ! pot5tial h>m to competition2  7#c7 
provide recomm5dations to o!r ag5cies   
ab\t ag5cy actions t may h              
procompetitive effects & ! pot5tial     
b5efit to competition2  7#d7 publi%     
p]iodic reports on-- 7,a7 ! effects (   
rem$ies requir$ by ! ,dep>tm5t ( ,ju/ice
 or ! ,f$]al ,trade ,commission 9 cons5t
 decrees2  7,b7 ! effects ( law en=cem5t
 actions1 :e!r successful or n1 includ+ 
settlem5ts1 prelim9>y injunctions1      
c\rt-m&at$ rem$ies1 or any o!r rem$y    
impos$ by a c\rt or agre$ to by !       
,dep>tm5t ( ,ju/ice or ,f$]al ,trade    
,commission2  7,c7 ! effects ( a        
decision by ! ,dep>tm5t ( ,ju/ice or !  
,f$]al ,trade ,commission to all[ any   
m]g] or transaction to move =w>d )\t a  
cons5t decree or br++ a law en=cem5t    
action2  7,d7 ! effects ( decisions &   
op9ions issues by ,/ate & ,f$]al c\rts  
relat$ to ! antitru/ laws on competition
 & ! future en=cem5t ( ! antitru/ laws2 
&  7,e7 ! effects ( o!r ag5cy actions1  
includ+ rulemak+s1 on competition2  7#e7

 provide recomm5dations to ! ,f$]al     
,trade ,commission & ,dep>tm5t ( ,ju/ice
 ab\t ! effectiv5ess ( policy /atem5ts1 
guidel9es1 or practices to improve !    
en=cem5t ( ! antitru/ laws2  7#f7 report
 any evid5ce ! ,competition ,advocate   
obta9s t any p]son1 p>tn]%ip1 or        
corporation has engag$ 9 transactions or
 conduct t may con/itute ( a violation (
 ! antitru/ laws1 or any settlem5t1     
agreem5t1 or cons5t decree relat$ to a  
pot5tial violation ( ! antitru/ laws1 to
 ! ,commission1 :i* may in/itute fur!r  
inve/igation1 initiate en=cem5t         
proce$+s1 or ref] su* evid5ce to !      
,attorney ,g5]al2  7#g7 reque/ su*      
in=mation or assi/ance z may be necess>y
 = c>ry+ out ! duties & p[]s describ$ 9 
?is subsection f any ag5cy or unit !re(1
 includ+ ! ,commission4 ,! head ( any   
ag5cy %all1 ins(> z is practicable & n 9
 contrav5tion ( any exi/+ /atutory      
re/riction or regulation ( ! ag5cy f :i*
 ! in=mation is reque/$1 furni% to !    
,competition ,advocate su* in=mation or 

assi/ance2  7#h7 h discretion to decide 
:e!r to release ! recomm5dations ( !    
,competition ,advocate publicly2  7#i7 h
 access to all in=mation & data collect$
 & reta9$ by ! ,(fice ( ,m>ket ,analysis
 & ,data2 &  7#aj7 submit all           
recomm5dations or reports to !          
,committee on ! ,judici>y ( ! ,s5ate & !
 ,committee on ! ,judici>y ( ! ,h\se (  
,repres5tatives4  7f7 ,subpo5a au?ority 
7#a7 ,9 g5]al ,! ,competition ,advocate 
may ei!r accept volunt>y submissions (  
p]iodic & o!r reports f any cov]$       
company1 or compel ! production ( su* a 
report by subpo5a = ! purpose ( c>ry+   
out its duties & p[]s 9 subsection 7e74 
7#b7 ,indep5d5t subpo5a au?ority ,^u a  
f9d+ t a cov]$ company w n submit1 or   
has n submitt$1 a suffici5t report      
volunt>ily1 ! ,competition ,advocate    
may1 "u its own indep5d5t au?ority1 &   
not)/&+ any jurisdictional limitations 9
 ! ,f$]al ,trade ,commission ,act       
applicable to ! ,commission's           
inve/igative au?ority1 compel !         

submission ( a p]iodic or o!r reports f 
any cov]$ company by issu+ a subpo5a4   
7#c7 ,en=cem5t ,! ,competition ,advocate
 %all h indep5d5t au?ority to br+ an    
action 9 any appropriate ,f$]al c\rt to 
en=ce any subpo5a issu$ "u ?is          
subsection4  7#d7 ,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\rce1 f ! cov]$ company on a    
volunt>y basis1 or ano!r ag5cy4  7#e7   
,mitigation ( report burd5 ,be=e requir+
 ! submission ( a report f any cov]$    
company1 ! ,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  7#f7 ,confid5tiality         
,in=mation report$ to or o!rwise obta9$ 
by ! ,competition ,advocate %all be     
subject to ! same confid5tiality        

requirem5ts & protection applicable to  
in=mation report$ to or o!rwise obta9$  
by ! ,commission4  #i4 ,(fice ( ,m>ket  
,analysis & ,data  7a7 ,e/abli%m5t ,!re 
is e/abli%$1 )9 ! ,f$]al ,trade         
,commission1 an ,(fice ( ,m>ket         
,analysis & ,data4  7b7 ,duties ,!      
,(fice ( ,m>ket ,analysis & ,data %all1 
9 consultation ) ! ,bureau ( ,economics1
 assi/ ! ,f$]al ,trade ,commission 9--  
7#a7 collect+1 validat+1 & ma9ta9+ data 
obta9$ f ag5cies1 z def9$ 9 section #eea
 ( title #e1 ,unit$ ,/ates ,code1       
comm]cial data provid]s1 publicly       
available data s\rces1 any cov]$        
company1 & any data obta9$ by !         
,commission pursuant to its au?ority "u 
section #f7;b7 ( ! ,f$]al ,trade        
,commission ,act 7#ae ,u4,s4,c4         
#df7;b771 = ! purpose ( c>ry+ out !     
functions 9 p>agraphs 7#b7 ?r\gh 7#f72  
7#b7 prep>+ & publi%+1 9 a mann] t is   
easily accessible to ! public-- 7,a7 a  
conc5tration database2  7,b7 a m]g]     
en=cem5t database2 &  7,c7 any o!r      

database t ! ,commission det]m9es is    
necess>y to c>ry out ! duties ( !       
,(fice2  7#c7 collect+ & publi%+ data   
reg>d+ conc5tration levels across       
indu/ries & ! impact & degree ( antitru/
 en=cem5t2  7#d7 /&>diz+ ! types & =mats
 ( data report$ & collect$1 includ+     
/&>ds = report+ f9ancial transaction &  
position data2  7#e7 publi%+ reports    
reg>d+ competitive conditions & dynamics
 affect+ m>kets or indu/ry sectors1 9 ! 
,unit$ ,/ates1 local geographic m>kets1 
diff]5t demographic & socioeconomic     
gr\ps 7includ+ ! effects t m>ket        
conc5tration1 m]g]s & acquisitions1     
c]ta9 types ( agreem5ts1 & o!r =ms (    
bus9ess conduct h on competition71      
consum]s1 work]s1 innovation1 ! economic
 competitiv5ess ( ! ,unit$ ,/ates1      
economic resili5ce1 & national security2
 &  7#f7 publi%+ reports conc]n+ !      
competitive effects ( acquisitions1 :i* 
%all include recomm5dations conc]n+     
appropriate en=cem5t action to rem$y any
 anticompetitive effects discov]$1 & may

 include assessm5ts (-- 7,a7 !          
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-- 7i7 ! prices (  
goods or s]vices1 includ+ wages 9 any   
affect$ labor m>kets2  7ii7 ! output &  
quality ( goods & s]vices2  7iii7 !     
entry or exit ( competitors2  7iv7      
innovation2  7v7 consum] *oice & product
 v>iety2  7vi7 ! opportunity ( suppli]s 
& v5dors to sell _! products or s]vices2
  7vii7 coord9at$ int]action betwe5     
competitors2 &  7viii7 subsequ5t m]g]s &
 acquisitions activity2  7,b7 :e!r !    
acquir+ p]son or its successors 9       
int]e/-- 7i7 compli$ ) all obligations  
"u any agreem5t ) ! ,f$]al ,trade       
,commission1 ! ,unit$ ,/ates1 or ,/ate  
law en=cem5t au?orities to resolve a    
proce$+ br\ght "u ! antitru/ laws2 &    
7ii7 a*iev$ measurable1                 
transaction-specific effici5cies1 :i*   
did n arise f anticompetitive r$uctions 

( output1 z a result ( ! acquisition2 & 
7,c7 :e!r any agreem5ts ) ! ,f$]al      
,trade ,commission or ! ,unit$ ,/ates or
 rem$ies impos$ by a ,f$]al c\rt to     
resolve a proce$+ br\ght "u ! antitru/  
laws reg>d+ ! acquisition 0 effective 9 
mitigat+ ! anticompetitive effects f !  
acquisition4  7c7 ,in=mation security ,!
 ,commission %all ensure t data collect$
 & ma9ta9$ by ! ,(fice ( ,m>ket         
,analysis & ,data is kept secure &      
protect$ aga9/ unau?oriz$ disclosure4   
7d7 ,regulations ,! ,commission may1 "u 
section #eec ( title #e1 ,unit$ ,/ates  
,code1 promulgate regulations relat+ to 
! collection & /&>diz+ ( data "u        
subsection 7b74  #aj4 ,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 ,9 g5]al ,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     
,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 au?ority  7#a7 ,9 g5]al ,!  

,clayton ,act 7#ae ,u4,s4,c4 #ab et     
seq47 is am5d$ by ins]t+ aft] section   
#bf;,a1 z add$ by subsection 7a71 !     
foll[+3  #bf;,b4 ,civil p5alties  7a7   
,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    
section #bf;,a7b77#a7 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  7b7 ,commission      
litigation au?ority ,except z o!rwise   
provid$ 9 section #af7;a77#c7 ( ! ,f$]al
 ,trade ,commission ,act 7#ae ,u4,s4,c4 
#ef7;a77#c771 ! ,commission %all h      
exclusive au?ority to comm5ce or def5d1 

& sup]vise ! litigation (1 any civil    
action au?oriz$ "u section #bf;,a & any 
appeal ( su* action 9 its own "n by any 
( its attorneys designat$ by x = su*    
purpose1 unless ! ,commission au?orizes 
! ,attorney ,g5]al to d s4 ,!           
,commission %all in=m ! ,attorney ,g5]al
 ( ! ex]cise ( su* au?ority1 & su*      
ex]cise %all n preclude ! ,attorney     
,g5]al f int]v5+ on behalf ( ! ,unit$   
,/ates 9 su* action & any appeal ( su*  
action z may be o!rwise provid$ by law4 
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 subsection 7a7
 ( ?is section1 ) ! goal ( promot+      
transp>5cy & det]r+ violations ( su*    
section #bf;,a4  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
 p>agraph 7#a7 or 7#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  #aa4 ,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$-- 7,a7 by   
/rik+ ,e & ins]t+ 7a7 ,e2 &  7,b7 by    
add+ at ! end ! foll[+3  7b7 7#a7 ,e    
p]son :o violates ?is section %all be   
liable to ! ,unit$ ,/ates = a civil or  

crim9al 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   
p5alty "u ?is section may be recov]$ 9 a
 civil or crim9al 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     
,section #e ( ! ,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  7#d7 ,section #af ( ! ,f$]al ,trade  
,commission ,act ,section #af7;a77#b7 ( 
! ,f$]al ,trade ,commission ,act 7#ae   
,u4,s4,c4 #ef7;a77#b77 is am5d$-- 7,a7 9
 subp>agraph 7,d71 by /rik+ or at ! end2
  7,b7 9 subp>agraph 7,e7-- 7i7 by mov+ 
! m>g9s #b ems to ! left2 &  7ii7 by    
/rik+ ! semicolon & ins]t+ 2 or2 &  7,c7
 by ins]t+ aft] subp>agraph 7,e7 !      
foll[+3  7,f7 to recov] civil p5alties  
"u section #e7o72  4  7b7 ,rule (       
con/ruction ,! civil p5alties provid$ 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  #ab4 ,jo9t civil p5alty      
guidel9es  7a7 ,9 g5]al ,n lat] ?an #a  
ye> aft] ! date ( enactm5t ( ?is ,act1 !
 ,attorney ,g5]al & ! ,f$]al ,trade     
,commission %all issue jo9t guidel9es   
reflect+ ag5cy policies = det]m9+ !     
appropriate am\nt ( a civil p5alty to be
 s\ght "u sections #a7;b7 & #b7;b7 ( !  
,%]man ,act 7#ae ,u4,s4,c4 #a1 #b71     
section #bf;,a7f7 ( ! ,clayton ,act1 z  
add$ by section #aj7;a7 ( ?is ,act1 &   
section #e7o7 ( ! ,f$]al ,trade         
,commission ,act 7#ae ,u4,s4,c4 #de71 z 
add$ by section #aa7;a7 ( ?is ,act1 ) ! 
goal ( promot+ transp>5cy & seek+       
rem$ies = individual violations t are   
effective 9 det]r+ future unlawful      
conduct & proportionate to ! gravity ( !

 violation4  7b7 ,consid]ations ,9      
det]m9+ civil p5alty am\nts "u sections 
#a7;b7 & #b7;b7 ( ! ,%]man ,act 7#ae    
,u4,s4,c4 #a1 #b71 section #bf;,a7f7 ( !
 ,clayton ,act1 z add$ by section       
#aj7;a7 ( ?is ,act1 & section #e7o7 ( ! 
,f$]al ,trade ,commission ,act 7#ae     
,u4,s4,c4 #de71 z add$ by section       
#aa7;a7 ( ?is ,act1 a di/rict c\rt ( !  
,unit$ ,/ates %all consid]-- 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 ! ext5t  
to :i* ! p5alty w act to det] future    
violations ( ! antitru/ laws2 &  7#h7   
: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  #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    
,: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 7#ae ,u4,s4,c4 
#g;a-#c7 ! 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 ,collect$ proce$s ,! t]m
 collect$ proce$s means any sanctions1  
f9es1 p5alties1 or aw>ds obta9$ 9 any   
cov]$ en=cem5t action1 :e!r by judgm5t1 
settlem5t1 or a def]r$ prosecution      
agreem5t4  7#c7 ,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   
collect$ proce$s exce$+ #a1jjj1jjj4     
7#d7 ,orig9al in=mation ,! t]m orig9al  
in=mation means in=mation t-- 7,a7 is   
d]iv$ f ! p]sonal k ( 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$ia1 unless ! :i/lebl[] is a 
s\rce ( ! in=mation2 &  7,d7 is n       
already requir$ to be disclos$ to !     
,dep>tm5t ( ,ju/ice or ano!r ,f$]al     
ag5cy4  7#e7 ,relat$ action ,! t]m      
relat$ action1 :5 us$ ) respect to any  
cov]$ en=cem5t action br\ght by !       
,attorney ,g5]al1 means any crim9al     
action br\ght by ano!r ,unit$ ,/ates    
entity t is bas$ ^u ! orig9al in=mation 
provid$ by a :i/lebl[] t l$ to !        
successful en=cem5t action by !         
,attorney ,g5]al4  7#f7 ,:i/lebl[] ,!   
t]m :i/lebl[] means any individual :o   
provides1 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 or relat$ action1 ! ,attorney   
,g5]al1 subject to subsection 7c71 may  
pay an aw>d or aw>ds to a :i/lebl[] :o  
volunt>ily provid$ orig9al in=mation to 
! ,dep>tm5t ( ,ju/ice t l$ to !         
successful en=cem5t ( ! cov]$ en=cem5t  
action1 or relat$ action1 9 an am\nt n  
less ?an #aj p]c5t & n m ?an #cj p]c5t1 
9 total1 ( :at has be5 collect$ ( !     
crim9al f9e impos$ 9 ! cov]$ en=cem5t   
action or relat$ action "u ! antitru/   
laws2  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 at ! 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 provide timely1     
tru?ful1 cont9u+1 & complete coop]ation 
to ! ,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  7,f7 to any       
:i/lebl[] :o fails to submit in=mation  
to ! ,dep>tm5t ( ,ju/ice 9 su* =m z !   
,dep>tm5t may require1 or fail$ to      
report relevant in=mation to ! ,dep>tm5t
 kn[n to ! :i/lebl[] :5 ! :i/lebl[] fir/
 report$ ! in=mation to ! ,dep>tm5t2    
7,g7 to any :i/lebl[] :o fails to submit
 in=mation to ! ,dep>tm5t ( ,ju/ice 9   
su* =m z ! ,dep>tm5t may require z      
prescrib$ by regulation2  7,h7 to any   
:i/lebl[] :o plann$ & initiat$ an       
ob/ruction or attempt$ ob/ruction ( an  

inve/igation by ! ,dep>tm5t ( ,ju/ice ( 
a violation ( ! antitru/ laws2 or  7,i7 
to any :i/lebl[] :o engages 9 conduct t 
w\ld disqualify ! :i/lebl[] if !        
:i/lebl[] 7 a l5i5cy applicant "u !     
,l5i5cy ,program ( ! ,antitru/          
,division4  7d7 ,repres5tation ,any     
:i/lebl[] :o makes a claim = an aw>d "u 
subsection 7b7 may be repres5t$ by      
c\nsel4  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 #e1 ,unit$ ,/ates ,code4  4  #af4 
,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  #ag4 ,no =c$ arbitration = 
antitru/ disputes  7a7 ,9 g5]al ,title  
#i1 ,unit$ ,/ates ,code1 is am5d$ by    
add+ at ! end ! foll[+3  #e ,arbitration
 antitru/ disputes  #eja4 ,def9itions ,9
 ?is *apt]-- 7#a7 ! t]m antitru/ dispute
 means a dispute-- 7,a7 aris+ f an      
alleg$ violation ( ! antitru/ laws 7z   
def9$ 9 subsection 7a7 ( ! fir/ section 

( ! ,clayton ,act 7#ae ,u4,s4,c4        
#ab7;a77 or ,/ate antitru/ laws2 &  7,b7
 9 :i* ! pla9tiffs seek c]tification z a
 class "u rule #bc ( ! ,f$]al ,rules (  
,civil ,proc$ure or a comp>able rule or 
provision ( ,/ate law2  7#b7 ! t]m      
pr$ispute arbitration agreem5t means an 
agreem5t to arbitrate a dispute t has n 
yet aris5 at ! "t ( ! mak+ ( ! agreem5t2
 &  7#c7 ! t]m pr$ispute jo9t-action    
waiv] means an agreem5t1 :e!r or n "p ( 
a pr$ispute arbitration agreem5t1 t w\ld
 prohibit1 or waive ! "r (1 "o ( !      
p>ties to ! agreem5t to p>ticipate 9 a  
jo9t1 class1 or collective action 9 a   
judicial1 arbitral1 adm9i/rative1 or o!r
 =um1 conc]n+ a dispute t has n yet     
aris5 at ! "t ( ! mak+ ( ! agreem5t4    
#ejb4 ,no validity or en=ceability  7a7 
,9 g5]al ,not)/&+ any o!r provision (   
?is title1 no pr$ispute arbitration     
agreem5t or pr$ispute jo9t-action waiv] 
%all be valid or en=ceable ) respect to 
an antitru/ dispute4  7b7 ,applicability
 ,an issue z to :e!r ?is *apt] applies )

 respect to a dispute %all be det]m9$ "u
 ,f$]al law4 ,! applicability ( ?is     
*apt] to an agreem5t to arbitrate & !   
validity & en=ceability ( an agreem5t to
 :i* ?is *apt] applies %all be det]m9$  
by a c\rt1 r ?an an arbitrator1         
irrespective ( :e!r ! p>ty resi/+       
arbitration *all5ges ! arbitration      
agreem5t specifically or 9 conjunction )
 o!r t]ms ( ! contract conta9+ su*      
agreem5t1 & irrespective ( :e!r !       
agreem5t purports to delegate su*       
det]m9ations to an arbitrator4  4  7b7  
,te*nical & con=m+ am5dm5ts  7#a7 ,9    
g5]al ,title #i ( ! ,unit$ ,/ates ,code 
is am5d$-- 7,a7 9 section #b1 by ins]t+ 
or #e be=e ! p]iod at ! end2  7,b7 9    
section #bjh1 by ins]t+ or #e be=e !    
p]iod at ! end2 &  7,c7 9 section #cjg1 
by ins]t+ or #e be=e ! p]iod at ! end4  
7#b7 ,table ( *apt]s ,! table ( *apt]s =
 title #i1 ,unit$ ,/ates ,code1 is am5d$
 by add+ at ! end ! foll[+3             
#e4;,arbitration ( antitru/ disputes#eja
  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$]al law4  #ai4 ,au?orization (      
appropriations  7a7 ,fiscal ye> #bjbe   
,!re is au?oriz$ to be appropriat$ =    
fiscal ye> #bjbe-- 7#a7 #ece1jjj1jjj = !
 ,antitru/ ,division ( ! ,dep>tm5t (    
,ju/ice2 &  7#b7 #gbe1jjj1jjj = ! ,f$]al
 ,trade ,commission4  7b7 ,subsequ5t    
ye>s ,beg9n+ 9 fiscal ye> #bjbf1 & ea*  
fiscal ye> !reaft]1 all prem]g]         
notification fil+ fees collect$ pursuant
 to section #g;,a ( ! ,clayton ,act 7#ae
 ,u4,s4,c4 #ah;a7 %all-- 7#a7 be reta9$ 

& us$ = exp5ses necess>y = ! en=cem5t ( 
! antitru/ & k9dr$ laws by ! ,antitru/  
,division ( ! ,dep>tm5t ( ,ju/ice & !   
,f$]al ,trade ,commission1 to rema9     
available until exp5d$2 &  7#b7 %all be 
treat$ z direct sp5d+ describ$ 9 section
 #bej7;c77#h77;,a7 ( ! ,balanc$ ,budget 
& ,em]g5cy ,deficit ,control ,act (     
#aihe 7#b ,u4,s4,c4 #ijj7;c77#h77;,a774