TEAM Act

Bill: 117-s-2039
Sponsor: Sen. Lee, Mike [R-UT]
Introduced: 2021-06-14 in the Senate
Policy area: Commerce
Subjects: Administrative law and regulatory procedures
Administrative remedies
Civil actions and liability
Competition and antitrust
Congressional oversight
Consumer affairs
Corporate finance and management
Criminal investigation, prosecution, interrogation
Department of Justice
Economic performance and conditions
Evidence and witnesses
Executive agency funding and structure
Federal Communications Commission (FCC)
Federal Trade Commission (FTC)
Financial services and investments
Government employee pay, benefits, personnel management
Government information and archives
Government liability
Government studies and investigations
Inflation and prices
Interest, dividends, interest rates
Intergovernmental relations
Internet, web applications, social media
Judicial review and appeals
Jurisdiction and venue
Legal fees and court costs
Licensing and registrations
Military personnel and dependents
Public contracts and procurement
Securities
State and local government operations
Unemployment
User charges and fees

Summary:
action_date: 2021-06-14
text: 

Tougher Enforcement Against Monopolists Act or the TEAM Act

 
This bill makes various changes with respect to the enforcement of federal antitrust laws.
 
Specifically, the bill consolidates antitrust enforcement authority in one agency by transferring all Federal Trade Commission (FTC) antitrust functions, employees, assets, and funding to the Department of Justice (DOJ). The bill also transfers to DOJ the responsibility for reviewing specified communications transactions that is currently the duty of the Federal Communications Commission.
 
Additionally, the bill modifies and expands the schedule for graduated merger filing fees and requires that such fees be adjusted each year based on the U.S. Gross National Product. The bill also establishes certain presumptions that a merger substantially lessens competition under specified circumstances, and it revises the premerger notification requirements.
 
The bill further requires the Office of Information and Regulatory Affairs of the Office of Management and Budget, in reviewing a significant regulatory action of an agency, to submit an impact statement to the agency identifying how the regulatory action may impact competition in the market to which the regulation applies.
 
The bill grants antitrust immunity to state occupational licensing boards in states that satisfy specified occupational licensing law requirements. To meet these requirements a state must either (1) adopt certain licensing policies and actively supervise such boards, or (2) provide for judicial review of occupational licensing laws.
 
Finally, the bill makes other modifications to antitrust enforcement such as (1) permitting DOJ to recover triple damages in actions brought on behalf of consumers, and (2) providing for civil fines for knowing violations of antitrust laws.


Legislative actions:
action_date: 2021-06-14
text: Read twice and referred to the Committee on the Judiciary. (Sponsor introductory remarks on measure: CR S4519-4520)
action_date: 2021-06-14
text: Introduced in Senate