prises to carry out mergers and acquisitions (M&A), 
equity investment, and venture capital overseas’’. 
(4) The 2020 report to Congress from the bi-
partisan U.S.-China Economic and Security Review 
Commission concluded that the Chinese Government 
subsidizes companies with a goal of their expanding 
into the United States and other countries, finding 
that ‘‘[t]his process assists Chinese national cham-
pions in surpassing and supplanting global market 
leaders’’. The report warns that the risk is particu-
larly acute when it comes to emerging technologies, 
where China seeks to ‘‘surpass and displace the 
United States altogether [and that] [f]ailure to ap-
preciate the gravity of this challenge and defend 
U.S. competitiveness would be dire . . . [and] risks 
setting back U.S. economic and technological 
progress for decades’’. 
(5) In remarks before the Hudson Institute on 
December 8, 2020, FTC Commissioner Noah Phil-
lips stated, ‘‘[O]ne area where antitrust needs to 
reckon with the strategic interests of other nations 
is when we scrutinize mergers or conduct involving 
state-owned entities . . . companies that are con-
trolled, to varying degrees, by the state . . . [and]
often are a government tool for implementing indus-
trial policies or to protect national security’’. 
(b) PURPOSE.—The purpose of this section is to re-
quire parties providing pre-merger notifications to include 
in the notification required under section 7A of the Clay-
ton Act (15 U.S.C. 18a) information concerning subsidies 
they receive from countries or entities that are strategic 
or economic threats to the United States. 
SEC. 202. MERGERS INVOLVING FOREIGN GOVERNMENT 
SUBSIDIES. 
(a) DEFINITION.—In this section, the term ‘‘foreign 
entity of concern’’ has the meaning given the term in sec-
tion 40207 of the Infrastructure Investment and Jobs Act 
(42 U.S.C. 18741(a)). 
(b) ACCOUNTING FOR FOREIGN GOVERNMENT SUB-
SIDIES.—A person required to file a notification under 
section 7A of the Clayton Act (15 U.S.C. 18a) that re-
ceived a subsidy from a foreign entity of concern shall in-
clude in such notification content regarding such subsidy. 
(c) AUTHORITY OF ANTITRUST REGULATORS.—The 
Federal Trade Commission, with the concurrence of the 
Assistant Attorney General in charge of the Antitrust Di-
vision of the Department of Justice, and in consultation 
with the Chairperson of the Committee on Foreign Invest-
ment in the United States, the Secretary of Commerce,
the Chair of the United States International Trade Com-
mission, the United States Trade Representative, and the 
heads of other appropriate agencies, and by rule in accord-
ance with section 553 of title 5, United States Code, shall 
require that the notification required under subsection (b) 
be in such form and contain such documentary material 
and information relevant to a proposed acquisition as is 
necessary and appropriate to enable the Federal Trade 
Commission and the Assistant Attorney General in charge 
of the Antitrust Division of the Department of Justice to 
determine whether such acquisition may, if consummated, 
violate the antitrust laws. 
(d) EFFECTIVE DATE.—Subsection (b) shall take ef-
fect on the date on which the rule described in subsection 
(c) takes effect. 
TITLE III—VENUE FOR STATE 
ANTITRUST ENFORCEMENT 
SEC. 301. VENUE FOR STATE ANTITRUST ENFORCEMENT. 
Section 1407 of title 28, United States Code, is 
amended— 
(1) in subsection (g) by inserting ‘‘or a State’’ 
after ‘‘United States’’ and striking ‘‘; but shall not 
include section 4A of the Act of October 15, 1914, 
as added July 7, 1955 (69 Stat. 282; 15 U.S.C. 
15a)’’; and
(2) by striking subsection (h). 
Passed the House of Representatives September 29, 
2022. 
Attest: 
Clerk.
117TH CONGRESS 
2D SESSION 
H. R. 3843 
AN ACT 
To protect competition and promote antitrust en-
forcement by adjusting premerger filing fees to 
increase antitrust enforcement resources.