,,ii  #aaith ,,congress  #ast ,session  
,s4 #agif  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ae1      
#bjbe,ms4 ,klobuchar 7for herself1 ,ms4 
,warren1 ,ms4 ,smith1 ,mr4 ,wyden1 ,ms4 
,hirono1 ,mr4 ,merkley1 and ,mr4        
,sanders7 introduced the following bill2
 which was read twice and referred to   
the ,committee on the ,judiciary  ,a    
,,bill  ,to modify the premerger        
notification requirements under the     
,clayton ,act with respect to certain   
acquisitions of residential property1   
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,housing ,acquisitions ,review and      
,transparency ,act or the ,,hart ,act4  
#b4 ,definitions ,in this ,act3 7#a7    
,residential property ,the term         
residential property-- 7,a7 means       
property that is zoned or intended to be
 used as a dwelling for individuals or  
households1 including multifamily       
housing1 condominiums1 manufactured     
homes1 or single-family homes2 and  7,b7

 does not include any place of          
short-term lodging4  7#b7 ,investment   
rental property ,the term investment    
rental property means real property     
that-- 7,a7 will not be rented to an    
entity1 including any entity of the     
acquiring person1 except for the sole   
purpose of maintaining1 managing1 or    
supervising the operation of the real   
property2 and  7,b7 will be held solely 
for rental or investment purposes4  7#c7
 ,place of short-term lodging ,the term 
place of short-term lodging means a     
hotel1 motel1 inn1 short-term rental1 or
 other place of lodging that advertises 
at a price that is a nightly1 hourly1 or
 weekly rate4  #c4 ,housing transactions
 reportable  7a7 ,single acquisition    
,section #g;,a7a7 of the ,clayton ,act  
7#ae ,u4,s4,c4 #ah;a7a77 is amended by  
adding at the end the following3 ,for   
purposes of this subsection1 all        
acquisitions of residential property 7as
 defined in section #b of the ,,hart    
,act7 by any person within a single     

calendar year shall be deemed to be a   
single acquisition and notification     
pursuant to this subsection shall be    
filed by the acquiring person upon      
acquiring the property that brings such 
single acquisition within any           
requirement described in paragraph 7#b7 
when aggregated with all other prior    
acquisitions of residential property by 
the person in that calendar year4  7b7  
,exemption ,section #g;,a7c77#a7 of the 
,clayton ,act 7#ae ,u4,s4,c4            
#ah;a7c77#a77 is amended by inserting 1 
unless the transaction includes         
residential property or investment      
rental property 7as defined in section  
#b of the ,,hart ,act71 including in the
 form of a real estate investment trust1
 that is not solely intended for the    
personal use of an individual4  7c7     
,code of ,federal ,regulations ,the     
,federal ,trade ,commission1 with the   
concurrence of the ,assistant ,attorney 
,general in charge of the ,antitrust    
,division of the ,department of ,justice

 and by rule1 in accordance with section
 #eec of title #e1 ,united ,states      
,code1 shall amend part #hjb of title   
#af1 ,code of ,federal ,regulations to  
conform with the amendments to section  
#g;,a7a7 of the ,clayton ,act 7#ae      
,u4,s4,c4 #ah7;a77 made by this ,act4   
7d7 ,rulemaking ,the ,federal ,trade    
,commission1 with the concurrence of the
 ,assistant ,attorney ,general in charge
 of the ,antitrust ,division of the     
,department of ,justice and by rule1 in 
accordance with section #eec of title   
#e1 ,united ,states ,code1 shall issue  
rules relating to the form and          
documentary material and information    
relevant to any acquisition or          
aggregated acquisitions of residential  
property is necessary and appropriate   
under section #g;,a7a7 of the ,clayton  
,act 7#ae ,u4,s4,c4 #ah;a7a771 as       
amended by subsection 7a71 to enable the
 ,federal ,trade ,commission and the    
,assistant ,attorney ,general to        
determine whether such acquisition or   

aggregated acquisitions may violate the 
antitrust laws1 as defined in subsection
 7a7 of the first section of the        
,clayton ,act 7#ae ,u4,s4,c4 #ab74