Standard Merger and Acquisition Reviews Through Equal Rules Act of 2015

Bill: 114-hr-2745
Sponsor: Rep. Farenthold, Blake [R-TX-27]
Introduced: 2015-06-12 in the House
Policy area: Commerce
Subjects: Competition and antitrust
Corporate finance and management
Federal district courts
Jurisdiction and venue
Securities

Summary:
action_date: 2015-06-12
text: 

Standard Merger and Acquisition Reviews Through Equal Rules Act of 2015

 
This bill amends the Clayton Act with respect to notice to a state by the Department of Justice (DOJ) about federal actions brought for violations of antitrust laws.
 
The Federal Trade Commission (FTC) shall exercise the same authority and procedures as DOJ under the Clayton Act if the FTC has brought an action under Section 7 of the same 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 ordinary FTC proceedings, except in cases where the FTC approves an agreement with the parties to the transaction that contains a consent order.
 
U.S. district courts shall have jurisdiction 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 may result in an unfair method of competition.

action_date: 2016-03-14
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Standard Merger and Acquisition Reviews Through Equal Rules Act of 2015

 
(Sec. 2) This bill amends the Clayton Act with respect to notice to a state by the Department of Justice (DOJ) about federal actions brought for violations of antitrust laws. Currently DOJ must:
 
 
notify a state attorney general about an antitrust action regarding which DOJ has reason to believe that the state attorney general would also be entitled to bring an action based substantially on the same alleged violation of the antitrust laws; and 
 
upon request 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.
 
 
The Federal Trade Commission (FTC) shall exercise the same authority and procedures as DOJ under the Clayton Act if the FTC has brought an action under Section 7 of the same 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.
 
Also in cases brought by the FTC that result in final judgments against a defendant, those judgments shall be 
prima facie
 evidence of antitrust violations under substantially similar facts in actions brought by other parties.
 
The statute of limitations shall be tolled during a proceeding brought by the FTC under Section 7, and for one year thereafter, for any private and state rights of action based on the conduct in question during the proceeding.
 
The FTC shall enforce compliance with section 7 in the same manner as DOJ in acting to prevent or restrain antitrust violations. The FTC shall enforce a consent order, however, in the same manner it does already. 
(Sec. 3) The Federal Trade Commission Act (FTCA) is amended to exclude proposed mergers, acquisitions, joint ventures, or similar transactions from ordinary FTC proceedings, except in cases where the FTC approves an agreement with the parties to the transaction that contains a consent order.
 
U.S. district courts shall have jurisdiction 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 may result in an unfair method of competition.

action_date: 2016-03-23
text: 
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)
 

Standard Merger and Acquisition Reviews Through Equal Rules Act of 2015

 
(Sec. 2) This bill amends the Clayton Act with respect to notice to a state by the Department of Justice (DOJ) about federal actions brought for violations of antitrust laws. Currently DOJ must:
 
 
notify a state attorney general about an antitrust action regarding which DOJ has reason to believe that the state attorney general would also be entitled to bring an action based substantially on the same alleged violation of the antitrust laws; and 
 
upon request 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.
 
 
The Federal Trade Commission (FTC) shall exercise the same authority and procedures as DOJ under the Clayton Act if the FTC has brought an action under Section 7 of the same 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.
 
Also in cases brought by the FTC that result in final judgments against a defendant, those judgments shall be 
prima facie
 evidence of antitrust violations under substantially similar facts in actions brought by other parties.
 
The statute of limitations shall be tolled during a proceeding brought by the FTC under Section 7, and for one year thereafter, for any private and state rights of action based on the conduct in question during the proceeding.
 
The FTC shall enforce compliance with section 7 in the same manner as DOJ in acting to prevent or restrain antitrust violations. The FTC shall enforce a consent order, however, in the same manner it does already. 
(Sec. 3) The Federal Trade Commission Act (FTCA) is amended to exclude proposed mergers, acquisitions, joint ventures, or similar transactions from ordinary FTC proceedings, except in cases where the FTC approves an agreement with the parties to the transaction that contains a consent order.
 
U.S. district courts shall have jurisdiction 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 may result in an unfair method of competition.


Legislative actions:
action_date: 2016-04-04
text: Received in the Senate and Read twice and referred to the Committee on the Judiciary.
action_date: 2016-03-23
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-03-23
text: On passage Passed by recorded vote: 235 - 171 (Roll no. 137). (text: CR H1560-1561)
action_date: 2016-03-23
text: Passed/agreed to in House: On passage Passed by recorded vote: 235 - 171 (Roll no. 137).(text: CR H1560-1561)
action_date: 2016-03-23
text: On motion to recommit with instructions Failed by the Yeas and Nays: 174 - 235 (Roll no. 136). (consideration: CR H1568)
action_date: 2016-03-23
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H1568)
action_date: 2016-03-23
text: DEBATE - The House proceeded with ten minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to prohibit mergers that would increase the costs of pharmaceutical drugs.
action_date: 2016-03-23
text: Mr. Doggett moved to recommit with instructions to the Committee on the Judiciary. (consideration: CR H1567-1568; text: CR H1567)
action_date: 2016-03-23
text: The previous question was ordered pursuant to the rule. (consideration: CR H1567)
action_date: 2016-03-23
text: DEBATE - The House proceeded with one hour of debate on H.R. 2745.
action_date: 2016-03-23
text: Rule provides for consideration of H.R. 2745 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. Measure will be considered read. Bill is closed to amendments. On any legislative day during the period from March 24, 2016, through April 11, 2016, the Journal of the proceedings of the previous day shall be considered as approved; and the Chair may at any time declare the house adjourned to meet at a date and time, within the limits of clause 4, section 5, of article I of the Constitution, to be announced by the Chair in declaring the adjournment.
action_date: 2016-03-23
text: Considered under the provisions of rule H. Res. 653. (consideration: CR H1560-1569)
action_date: 2016-03-22
text: Rule H. Res. 653 passed House.
action_date: 2016-03-21
text: Rules Committee Resolution H. Res. 653 Reported to House. Rule provides for consideration of H.R. 2745 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit. Measure will be considered read. Bill is closed to amendments. On any legislative day during the period from March 24, 2016, through April 11, 2016, the Journal of the proceedings of the previous day shall be considered as approved; and the Chair may at any time declare the house adjourned to meet at a date and time, within the limits of clause 4, section 5, of article I of the Constitution, to be announced by the Chair in declaring the adjournment.
action_date: 2016-03-14
text: Placed on the Union Calendar, Calendar No. 344.
action_date: 2016-03-14
text: Reported by the Committee on Judiciary. H. Rept. 114-449.
action_date: 2016-03-14
text: Reported by the Committee on Judiciary. H. Rept. 114-449.
action_date: 2015-09-30
text: Ordered to be Reported by the Yeas and Nays: 18 - 10.
action_date: 2015-09-30
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-09-29
text: Subcommittee on Regulatory Reform, Commercial And Antitrust Law Discharged.
action_date: 2015-07-01
text: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
action_date: 2015-06-12
text: Referred to the House Committee on the Judiciary.
action_date: 2015-06-12
text: Introduced in House
action_date: 2015-06-12
text: Introduced in House