,,ii  #aai? ,,congress  #b;d ,session   
,s4 #ddcd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #bi1 #bjbf,mr4  
,book] 7= himself1 ,ms4 ,w>r51 ,mr4     
,he9ri*1 ,mr4 ,murphy1 & ,ms4 ,hirono7  
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on !     
,judici>y  ,a ,,bill  ,to am5d !        
,clayton ,act to provide = ! dive/iture 
( c]ta9 transactions1 & = o!r purposes4 
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,correct+ ,laps$ ,en=cem5t 9 ,antitru/
 ,norms = ,m]g]s ,act or ! ,,clean      
,m]g]s ,act4  #b4 ,dive/iture ( ?re%old 
transactions2 review ( en=cem5t-lapse   
transactions ,! ,clayton ,act 7#ae      
,u4,s4,c4 #ab et seq47 is am5d$ by      
ins]t+ aft] section #g;,a 7#ae ,u4,s4,c4
 #ah;a7 ! foll[+3  #g;,b4 7a7 ,9 ?is    
section-- 7#a7 ! t]m ag5cies means !    
,dep>tm5t ( ,ju/ice1 ! ,f$]al ,trade    
,commission1 ! ,f$]al ,communications   
,commission1 ! ,dep>tm5t (              
,transportation1 & ! ,surface           
,transportation ,bo>d2  7#b7 ! t]m c\rt 

means any di/rict c\rt ( ! ,unit$ ,/ates
 hav+ jurisdiction ov] p>ties seek+ a   
decl>atory judgm5t or o!r relief        
pursuant to ?is ,act2  7#c7 ! t]m cov]$ 
p]iod means ! p]iod beg9n+ on ,janu>y   
#bj1 #bjbe1 & end+ on ,janu>y #ai1      
#bjbi2  7#d7 ! t]m en=cem5t-lapse       
transaction means any transaction       
consummat$ dur+ ! cov]$ p]iod t is n a  
?re%old transaction2  7#e7 ! t]m ,,hhi  
means ! ,h]f9dahl-,hirs*man ,index2     
7#f7 ! t]m relevant m>ket has ! mean+   
giv5 ! t]m 9 ! ,m]g] ,guidel9es ,u4,s4  
,dep>tm5t ( ,ju/ice & ! ,f$]al ,trade   
,commission issu$ on ,decemb] #ah1      
#bjbc2  7#g7 ! t]m transaction means an 
acquisition subject to section #g;,a1   
includ+ any transaction exempt f !      
requirem5ts ( subsection 7c7 ( t        
section1 dur+ ! cov]$ p]iod2 &  7#h7 !  
t]m ?re%old transaction means a         
transaction consummat$ dur+ ! cov]$     
p]iod ) a value ( n less ?an            
#aj1jjj1jjj1jjj4  7b7 7#a7 ,beg9n+ on ! 
date t is #ahj days aft] ! date (       

enactm5t ( ?is section1 ! p>ties to a   
?re%old transaction %all-- 7,a7 if !    
transaction 0 consummat$ be=e ! date (  
enactm5t ( ?is section1 complete        
dive/iture ( su* transaction2 &  7,b7 if
 ! transaction is consummat$ aft] ! date
 ( enactm5t ( ?is section1 hold sep>ate 
! assets ( ! m]g+ entities to ensure su*
 assets rema9 indep5d5t1 economically   
viable1 & t competition is ma9ta9$ dur+ 
! p5d5cy ( ag5cy review "u subsection   
7c77#a74  7#b7 ,! acquir+ p]son & p]son 
^: vot+ securities or assets 7 acquir$  
may file an action = a decl>atory       
judgm5t seek+ to exempt ! ?re%old       
transaction f ! dive/iture requirem5ts  
"u p>agraph 7#a7 by demon/rat+ t all ( !
 foll[+ conditions exi/3 7,a7 ,! ?re%old
 transaction did n result 9-- 7i7 a     
po/-acquisition ,,hhi 9 excess ( #a1hjj2
 or  7ii7 a *ange 9 ! ,,hhi ( great] ?an
 #ajj 9 any relevant m>ket2  7iii7 a    
m>ket %>e great] ?an #cj p]c5t ( any    
relevant m>ket2 or  7iv7 an increase 9  
,,hhi ( m ?an #ajj4  7,b7 ,) respect to 

any l9e ( bus9ess1 price increases or   
quality adju/m5ts 7 mat]ially consi/5t )
 repres5tations made dur+ ag5cy review (
 ! transaction4  7,c7 ,! ?re%old        
transaction 0 n foll[$ by any           
significant r$uction 9 output by !      
po/-acquisition entity1 z comp>$ to !   
highe/ level ( comb9$ output by !       
acquir+ p]son & p]son ^: vot+ securities
 or assets 7 acquir$ dur+ ! #b-ye> p]iod
 end+ on ! date on :i* ! ag5cy began    
review ( ! transaction4  7,d7 ,! ?re%old
 transaction 0 n foll[$ by any          
significant r$uction 9 employm5t        
inconsi/5t ) repres5tations made or     
omitt$ dur+ ag5cy review ( !            
transaction4  7,e7 ,any dive/iture or   
o!r condition impos$ 9 connection ) !   
approval ( ! transaction a*iev$ full &  
timely compliance )\t any accusation (  
circumv5tion1 malici\s compliance1 or   
failure ( any assets subject to         
dive/iture4  7,f7 ,no lawy] or law firm 
involv$ 9 ! transaction (f]$ or provid$ 
pro bono legal s]vices 9 connection )   

any settlem5t or agreem5t ) any review+ 
ag5cy or executive bran* (ficial4  7#c7 
,9 any proce$+ initiat$ pursuant to     
subsection 7b77#b71 ! ,attorney ,g5]al (
 any ,/ate %all h an unconditional "r ( 
int]v5tion4  7c7 7#a7 ,n lat] ?an #b    
ye>s aft] ! date ( enactm5t ( ?is       
section1 ! ag5cies or ! ,attorney ,g5]al
 ( any ,/ate may conduct a review ( any 
en=cem5t-laps$ transaction consummat$   
prior to or aft] ! date ( enactm5t ( ?is
 section to det]m9e :e!r any ( ! foll[+ 
conditions exi/$ ) respect to ! review  
or cle>ance ( su* transaction3 7,a7     
,conduct con/itut+ a violation ( section
 #bja1 #bjh1 or #ajja ( title #ah1      
,unit$ ,/ates ,code1 or section #g;,a ( 
?is ,act4  7,b7 ,! transaction 0 cle>$1 
approv$1 or subject to dismissal1 entry 
( a cons5t decree1 or o!r f9al          
disposition not)/&+ a writt5            
recomm5dation to ! contr>y by any civil 
s]vant 9 ! ag5cy conduct+ ! review1     
includ+-- 7i7 to op5 an inve/igation    
into a transaction2  7ii7 to reque/     

additional in=mation & docum5t>y        
mat]ials2  7iii7 t a p>ty )draw a       
prem]g] notification & submit a new fil+
 = a transaction2  7iv7 to *all5ge a    
transaction2 or  7v7 to fur!r modify or 
condition ! transaction4  7,c7 ,!       
transaction 0 approv$1 cle>$1 or o!rwise
 dispos$ ( )\t ! completion ( an        
inve/igation foll[+ a reque/ =          
additional in=mation or docum5t>y       
mat]ial "u section #g;,a7e74  7,d7 ,any 
political appo9tee1 regi/]$ lobbyi/1    
p]son act+ at ! direction or on behalf (
 ! acquir+ p]son & p]son ^: vot+        
securities or assets 7 acquir$1 or p]son
 ) a direct or indirect f9ancial int]e/ 
9 ! outcome ( su* transaction1          
communicat$ ) any (ficial or employee ( 
! ag5cies1 ! ,executive ,(fice ( !      
,presid5t1 or any o!r ,f$]al ag5cy      
reg>d+ ! review or disposition ( su*    
transaction outside ( proc$ures e/abli%$
 = public comm5t or =mal p>ty           
submissions4  7,e7 ,a mat]ial           
misrepres5tation or omission relat$ to !

 transaction 0 made to ! ag5cy at any   
po9t prior to or dur+ ! completion ( any
 review ( a transaction4  7,f7 ,!       
,presid5t1 or any memb] ( ! ,cab9et1 or 
head ( a ,f$]al ag5cy1 made /atem5ts--  
7i7 indicat+ a pref]5ce = a p>ticul>    
acquir+ p]son & p]son ^: vot+ securities
 or assets 7 acquir$1 or outcome 9 su*  
transaction2  7ii7 sugge/+ t commitm5ts1
 concessions1 or promises 7 s\ght or    
obta9$ f any acquir+ p]son & p]son ^:   
vot+ securities or assets 7 acquir$ 9   
connection ) ! review or cle>ance !re(2 
or  7iii7 sugge/+ t ! disposition ( su* 
transaction 0 influ5c$ by consid]ations 
unrelat$ to ! competitive effects ( su* 
transaction "u ! antitru/ laws4  7,g7 ,!
 approval ( ! transaction 0 mat]ially   
influ5c$ by a conflict ( int]e/1 improp]
 ex p>te communication1 or o!r e?ical   
violation or pr(essional misconduct by  
any (ficial involv$ 9 ! review4  7,h7 ,!
 acquir+ p]son & p]son ^: vot+          
securities or assets 7 acquir$ 7        
repres5t$ by any law firm1 lobby+ firm1 

or o!r p]son t _h previ\sly employ$ a   
political appo9tee at a review+ ag5cy   
dur+ ! #a-ye> p]iod end+ on ! date ( !  
appo9tm5t4  7,i7 ,any =eign gov]nm5t1   
=eign /ate-own$ ent]prise1 sov]eign     
weal? fund1 or ag5t ( a =eign pr9cipal1 
z def9$ 9 section #a7;b7 ( ! ,=eign     
,ag5ts ,regi/ration ,act ( #aich1 z     
am5d$ 7#bb ,u4,s4,c4 #faa7;b771 directly
 or indirectly s\ght to influ5ce !      
review1 cle>ance1 or disposition ( !    
transaction ?r\gh any communication )   
any (ficial or employee ( ! ag5cies1 !  
,executive ,(fice ( ! ,presid5t1 or any 
o!r ,f$]al ag5cy4  7#b7 7,a7 ,if !      
review+ ag5cy det]m9es t !re is a       
reasonable basis to conclude t #a or m (
 ! conditions describ$ 9 subp>agraphs   
7,a7 ?r\gh 7,i7 ( p>agraph 7#a7 are met1
 ! ag5cy %all provide writt5 notice to !
 acquir+ p]son & p]son ^: vot+          
securities or assets 7 acquir$ requir+  
dive/iture ( any & all transaction      
assets1 includ+ ! dissolution ( any     
agreem5t or v5ture incid5tal to !       

transaction1 n lat] ?an #cj days aft]   
su* det]m9ation4  7,b7 ,! dive/iture    
requir$ "u subp>agraph 7,a7 %all be     
complet$ n lat] ?an #ahj days aft] !    
date on :i* ! acquir+ p]son & p]son ^:  
vot+ securities or assets 7 acquir$     
receive ! notice "u t subp>agraph1      
unless ! acquir+ p]son & p]son ^: vot+  
securities or assets 7 acquir$ file an  
action = a decl>atory judgm5t "u        
p>agraph 7#c74  7#c7 ,! acquir+ p]son & 
p]son ^: vot+ securities or assets 7    
acquir$ may file = an action = a        
decl>atory judgm5t seek+ to exempt !    
en=cem5t-laps$ transaction f !          
dive/iture requirem5ts "u p>agraph 7#b7 
by demon/rat+ to ! c\rt by cle> &       
conv9c+ evid5ce t1 z to any condition   
=m+ ! basis ( a notice to dive/ "u      
p>agraph 7#b71 su* condition-- 7,a7 did 
n occur2 or  7,b7 0 s immat]ial to any  
ag5cy action relat$ to ! transaction t  
no reasonable p]son might consid] !     
condition & ag5cy action relat$ 9 any   
way4  7#d7 ,9 any proce$+ initiat$      

pursuant to p>agraph 7#c71 ! ,attorney  
,g5]al ( any ,/ate %all h an            
unconditional "r ( int]v5tion4  7d7 ,9  
any action "u ?is section1 !            
id5tification ( ! relevant m>ket-- 7#a7 
%all n require direct evid5ce or exp]t  
witness te/imony reg>d+ prices1 output1 
or sub/itutability2 &  7#b7 %all def] to
 any plausible subm>ket1 :i* may be     
adequately def9$ bas$ on indirect       
evid5ce ( ! b\nd>ies ( ! relevant m>ket1
 includ+ practical indicia ( m>ket      
b\nd>ies recogniz$ by ! indu/ry1 cu/om]s
 or ! public1 or any pot5tial subm>ket  
consid]$ by any ag5cy at ! "t !         
transaction 0 review$4  7e7 7#a7 ,all   
acquir+ p]sons & p]sons ^: vot+         
securities or assets 7 acquir$ dur+ !   
cov]$ p]iod & any c\nsel1 lobbyi/1 or   
o!r ag5t ( ! acquir+ p]son & p]son ^:   
vot+ securities or assets 7 acquir$     
%all-- 7,a7 pres]ve any writt5 or oral  
communication by or on behalf ( su*     
acquir+ p]son & p]son ^: vot+ securities
 or assets 7 acquir$1 includ+ any       

ephem]al message1 by any (fic]1         
director1 employee1 or ag5t ( su*       
acquir+ p]son & p]son ^: vot+ securities
 or assets 7 acquir$1 or o!r p]son1 )   
any (fic] or employee ( ! ,unit$ ,/ates 
relat$ to ! transaction2  7,b7 pres]ve  
any docum5t & electronically /or$       
in=mation describ$ 9 rule               
#cd7;a77#a77;,a7 ( ! ,f$]al ,rules (    
,civil ,proc$ure relat$ to !            
transaction2 &  7,c7 take all /eps      
necess>y to prev5t ! de/ruction1 loss1  
or alt]ation ( any su* docum5t1         
electronically /or$ in=mation1          
communication1 & o!r data or in=mation  
g5]at$ by or /or$ on ! a comput]1 mobile
 device1 or /orage m$ia ( an acquir+    
p]son & p]son ^: vot+ securities or     
assets 7 acquir$4  7#b7 ,if a p>ty fails
 to comply ) p>agraph 7#a71 9 any       
proce$+ be=e a c\rt relat+ to !         
transaction1 ! c\rt %all-- 7,a7 in/ruct 
! factf9d] to draw an adv]se inf]5ce t !
 evid5ce t 0 n pres]v$ w\ld h be5       
unfavorable to ! p>ty t fail$ to pres]ve

 su* evid5ce2  7,b7 sanction c\nsel &   
executives to ! ext5t !y knew or %\ld h 
kn[n _! actions or inactions w\ld cause 
su* failure2 &  7,c7 make crim9al       
ref]rals to ! ext5t su* failure is a    
violation ( section #aeab7;c7 ( title   
#ah1 ,unit$ ,/ates ,code4  7#c7 ,any    
records pres]v$ pursuant to ?is         
subsection %all be made available to !  
attorney g5]al ( any ,/ate ^u reque/4   
7f7 7#a7 ,if ! acquir+ p]son & p]son ^: 
vot+ securities or assets 7 acquir$ fail
 to complete dive/iture pursuant to     
subsection 7b77#a7 or 7c77#b7 be=e !    
date t is #ij days aft] ! date on :i* ! 
dive/iture is requir$ to be complet$1 ! 
c\rt %all appo9t1 or a review+ ag5cy    
%all move a c\rt to appo9t1 an indep5d5t
 dive/iture tru/ee ) ! au?ority to      
effect ! sale ( assets on su* t]ms z !  
tru/ee det]m9es are reasonable1 subject 
to c\rt approval4  7#b7 ,if a c\rt f9ds 
t any p]son kn[+ly violat$ ! requirem5ts
 ( subsection 7b77#a7 or 7c77#b71 ! c\rt
 may-- 7,a7 impose a civil p5alty n to  

exce$ ! great] (-- 7i7 #ajj1jjj ea* day 
dur+ :i* su* violation p]si/s2 or  7ii7 
#e p]c5t ( ! total value ( !            
transaction2  7,b7 impose aga9/ ! *ief  
executive (fic] & bo>d memb]s ( any     
entity result+ f ! transaction1 a civil 
p5alty n m ?an #ajj1jjj ea* day dur+ :i*
 su* violation p]si/s2 &  7,c7 impose   
any o!r monet>y or equitable relief1 or 
initiate a contempt proce$+ or crim9al  
ref]ral t ! c\rt1 9 its discretion1     
det]m9es is necess>y to effectuate      
compliance ) ! requirem5ts ( ?is ,act4  
7#c7 ,if ! c\rt f9ds t ! failure to     
dive/ pursuant to subsection 7b77#a7 or 
7c77#b7 0 kn[+1 ! c\rt may aw>d damages 
9 an am\nt equal to #c times ! value ( !
 comm]cial b5efit d]iv$ by ! p>ties f ! 
cont9u$ op]ation ( ! assets subject to  
dive/iture dur+ ! p]iod ( noncompliance4
  7#d7 ,if ! ag5cies h probable cause to
 believe t any p]son has violat$ section
 #bja1 section #bjh1 or section #ajja ( 
title #ah1 ,unit$ ,/ates ,code1 9       
connection ) ! review or approval ( a   

transaction1 ! ,attorney ,g5]al %all    
appo9t a special c\nsel to inve/igate &1
 if w>rant$1 prosecute su* violations4  
7g7 7#a7 ,except z provid$ 9 p>agraph   
7#b71 9 any action by an acquir+ p]son &
 p]son ^: vot+ securities or assets 7   
acquir$ = decl>atory judgm5t1 z to any  
?re%old or en=cem5t-lapse transaction1  
/ructural relief1 includ+ dive/iture1   
dissolution1 or rescission1 %all be !   
presumptive rem$y = re/or+ competition 9
 any relevant m>ket4  7#b7 ,! c\rt may  
ord] additional rem$ies1 includ+ !      
disgorgem5t ( any ga9 attributable to ! 
transaction1 only ^u a f9d+ support$ by 
cle> evid5ce t-- 7,a7 a dive/iture is   
physically or te*nologically impossible2
 or  7,b7 any o!r rem$y w\ld n fully &  
effectively re/ore competition4  4  #c4 
,limitations = antitru/ actions ,section
 #d;,b ( ! ,clayton ,act 7#ae ,u4,s4,c4 
#ae;b7 is am5d$1 9 ! fir/ s5t5ce1 by    
/rik+ f\r ye>s & ins]t+ #aj ye>s4  #d4  
,sev]ability ,if any provision ( ?is    
,act1 an am5dm5t made by ?is ,act1 or ! 

application ( su* provision or am5dm5t  
to any p]son or circum/ance is held to  
be uncon/itutional1 ! rema9d] ( ?is     
,act1 ! am5dm5ts made by ?is ,act1 & !  
application ( ! provisions ( su* to any 
p]son or circum/ance %all n be affect$  
!reby4