Standard Merger and Acquisition Reviews Through Equal Rules Act of 2015

Summary: Standard Merger and Acquisition Reviews Through Equal Rules Act of 2015 This bill amends the Clayton Act with respect to actions brought by the Attorney General for violations of antitrust laws. The Federal Trade Commission (FTC) is required, but only under the Clayton Act, to exercise the same authority and procedures of the Attorney General specified in the Act with respect to the prohibition against acquisition by one corporation of the stock of another (merger) that may substantially lessen competition or tend to create a monopoly. The Federal Trade Commission Act (FTCA) is amended to exclude proposed mergers, acquisitions, joint ventures, or similar transactions from FTC proceedings, except in cases where the FTC approves an agreement with the parties to the transaction that contains a consent order. Jurisdiction is granted to the U.S. district courts to issue writs of mandamus commanding compliance with the FTCA or any FTC order, if the FTC applies to such courts with respect to any activity related to consummation of a merger, acquisition, joint venture, or similar transaction that results in an unfair method of competition.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Standard Merger and Acquisition 
Reviews Through Equal Rules Act of 2015''.

SEC. 2. AMENDMENTS TO THE CLAYTON ACT.

    The Clayton Act (15 U.S.C. 12 et seq.) is amended--
            (1) by striking section 4F and inserting the following--

``SEC. 4F. ACTIONS BY ATTORNEY GENERAL OF THE UNITED STATES OR THE 
              FEDERAL TRADE COMMISSION.

    ``(a) Whenever the Attorney General of the United States has 
brought an action under the antitrust laws or the Federal Trade 
Commission has brought an action under section 7, and the Attorney 
General or Federal Trade Commission, as applicable, has reason to 
believe that any State attorney general would be entitled to bring an 
action under this Act based substantially on the same alleged violation 
of the antitrust laws or section 7, the Attorney General or Federal 
Trade Commission, as applicable, shall promptly give written 
notification thereof to such State attorney general.
    ``(b) To assist a State attorney general in evaluating the notice 
described in subsection (a) or in bringing any action under this Act, 
the Attorney General of the United States or Federal Trade Commission, 
as applicable, shall, upon request by such State attorney general, make 
available to the State attorney general, to the extent permitted by 
law, any investigative files or other materials which are or may be 
relevant or material to the actual or potential cause of action under 
this Act.'';
            (2) in section 5--
                    (A) in subsection (a) by inserting ``(including a 
                proceeding brought by the Federal Trade Commission with 
                respect to a violation of section 7)'' after ``United 
                States under the antitrust laws''; and
                    (B) in subsection (i) by inserting ``(including a 
                proceeding instituted by the Federal Trade Commission 
                with respect to a violation of section 7)'' after 
                ``antitrust laws'';
            (3) in section 11, by adding at the end the following:
    ``(m)(1) Except as provided in paragraph (2), in enforcing 
compliance with section 7, the Federal Trade Commission shall enforce 
compliance with that section in the same manner as the Attorney General 
in accordance with section 15.
    ``(2) If the Federal Trade Commission approves an agreement with 
the parties to the transaction that contains a consent order with 
respect to a violation of section 7, the Commission shall enforce 
compliance with that section in accordance with this section.'';
            (4) in section 13, by inserting ``(including a suit, 
        action, or proceeding brought by the Federal Trade Commission 
        with respect to a violation of section 7)'' before 
        ``subpoenas''; and
            (5) in section 15, by inserting ``and the duty of the 
        Federal Trade Commission with respect to a violation of section 
        7,'' after ``General,''.

SEC. 3. AMENDMENTS TO THE FEDERAL TRADE COMMISSION ACT.

    The Federal Trade Commission Act (15 U.S.C. 41) is amended--
            (1) in section 5(b), by inserting ``(excluding the 
        consummation of a proposed merger, acquisition, joint venture, 
        or similar transaction that is subject to section 7 of the 
        Clayton Act (15 U.S.C. 18), except in cases where the 
        Commission approves an agreement with the parties to the 
        transaction that contains a consent order)'' after ``unfair 
        method of competition'';
            (2) in section 9, by inserting after the fourth 
        undesignated paragraph the following:
    ``Upon the application of the commission with respect to any 
activity related to the consummation of a proposed merger, acquisition, 
joint venture, or similar transaction that is subject to section 7 of 
the Clayton Act (15 U.S.C. 18) that may result in any unfair method of 
competition, the district courts of the United States shall have 
jurisdiction to issue writs of mandamus commanding any person or 
corporation to comply with the provisions of this Act or any order of 
the commission made in pursuance thereof.'';
            (3) in section 13(b)(1), by inserting ``(excluding section 
        7 of the Clayton Act (15 U.S.C. 18) and section 5(a)(1) with 
        respect to the consummation of a proposed merger, acquisition, 
        joint venture, or similar transaction that is subject to 
        section 7 of the Clayton Act (15 U.S.C. 18))'' after 
        ``Commission''; and
            (4) in section 20(c)(1), by inserting ``or under section 7 
        of the Clayton Act (15 U.S.C. 18), where applicable,'' after 
        ``Act,''.

SEC. 4. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

    (a) Effective Date.--Except as provided in subsection (b), this Act 
and the amendments made by this Act shall take effect on the date of 
the enactment of this Act.
    (b) Application of Amendments.--The amendments made by this Act 
shall not apply to any of the following that occurs before the date of 
enactment of this Act:
            (1) A violation of section 7 of the Clayton Act (15 U.S.C. 
        18).
            (2) A transaction with respect to which there is compliance 
        with section 7A of the Clayton Act (15 U.S.C. 18a).
            (3) A case in which a preliminary injunction has been filed 
        in a district court of the United States.