Foreign Merger Subsidy Disclosure Act of 2021

Bill: 117-hr-5639
Sponsor: full_name: Rep. Fitzgerald, Scott [R-WI-5]
Introduced: 2021-10-20
Policy area: Commerce
Latest action: action_date: 2022-11-01
text: Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.

Summaries:
action_date: 2021-10-20
action_desc: Introduced in House
text: <p><strong>Foreign Merger Subsidy Disclosure Act of 2021</strong></p> <p>This bill requires entities to disclose in their premerger notification filings to federal antitrust regulators a detailed accounting of any economic support they received from a foreign state.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5639 IN THE HOUSE OF REPRESENTATIVES October 20, 2021 Mr. Fitzgerald (for himself, Mr. Stanton , Ms. Speier , Mr. Loudermilk , Mr. Tiffany , Mr. Crawford , Ms. Sherrill , Mr. Gohmert , Mr. Stewart , Mr. Bishop of North Carolina , and Mr. Owens ) introduced the following bill; which was referred to the Committee on the Judiciary A BILL To require disclosure of foreign government subsidies in the premerger notification process.

1. Short title This Act may be cited as the Foreign Merger Subsidy Disclosure Act of 2021 . 2. Mergers involving foreign government subsidies (a) Accounting for foreign government subsidies A person required to file a notification required by section 7A of the Clayton Act ( 15 U.S.C. 18a ) that received a subsidy from a foreign state shall include in such notification a detailed accounting of each such subsidy. (b) Authority of antitrust regulators The Federal Trade Commission, with the concurrence of the Assistant Attorney General in charge of the Antitrust Division of the Department of Justice and by rule in accordance with section 553 of title 5, consistent with purposes of this section shall require that the notification required under subsection (a) 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. 3. Definitions For the purposes of this Act: (a) Foreign state The term foreign state shall have the meaning given it in section 1603(a) of title 28, United States Code. (b) Subsidy The term subsidy includes a direct subsidy, a grant, a loan (including a below-market loan), a loan guarantee, a tax concession, a preferential governmental procurement policy, or other form of economic support including ownership or control by a foreign state. 4. Effective date This Act shall take effect 90 days after the date of the enactment of this Act.