Foreign Merger Subsidy Disclosure Act

Bill: 117-s-4322
Sponsor: full_name: Sen. Cotton, Tom [R-AR]
Introduced: 2022-05-26
Policy area: Commerce
Latest action: action_date: 2022-05-26
text: Read twice and referred to the Committee on the Judiciary.

Summaries:
action_date: 2022-05-26
action_desc: Introduced in Senate
text: <p><strong>Foreign Merger Subsidy Disclosure Act</strong></p> <p>This bill requires entities to disclose in their premerger notification filings to federal antitrust regulators content regarding any economic support they received from a foreign state.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4322 IN THE SENATE OF THE UNITED STATES May 26, 2022 Mr. Cotton (for himself and Mr. Hagerty ) introduced the following bill; which was read twice and referred to the Committee on the Judiciary A BILL To require disclosure of foreign government subsidies in the premerger notification process, and for other purposes.

1. Short title This Act may be cited as the Foreign Merger Subsidy Disclosure Act . 2. Mergers involving foreign government subsidies (a) Definition In this section, the term foreign entity of concern has the meaning given the term in section 40207 of the Infrastructure Investment and Jobs Act ( 42 U.S.C. 18741(a) ). (b) Accounting for foreign government subsidies A person required to file a notification under section 7A of the Clayton Act ( 15 U.S.C. 18a ) that received a subsidy from a foreign entity of concern shall include 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 Division of the Department of Justice, and in consultation with the Chairperson of the Committee on Foreign Investment in the United States, the Secretary of Commerce, the Chair of the United States International Trade Commission, the United States Trade Representative, and the heads of other appropriate agencies, and by rule in accordance with section 553 of title 5, United States Code, consistent with purposes of this section 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 This section shall take effect on the date on which the rule described in subsection (c) takes effect.