Antitrust Legislation Introduced in the House and Scheduled for Markup
Washington, D.C. – Regulatory Reform, Commercial and Antitrust Law Subcommittee Vice-Chairman Blake Farenthold (R-Tex.) introduced H.R. 5402, the Standard Merger and Acquisition Reviews Through Equal Rules Act (SMARTER Act). The Judiciary Committee is scheduled to markup the SMARTER Act tomorrow, September 10th starting at 10:00 a.m.
Under existing antitrust law, the Federal Trade Commission and the Department of Justice face different standards in court and utilize different processes when seeking to prevent a proposed merger or acquisition. The SMARTER Act eliminates these disparities and ensures that companies face the same standards and processes regardless of which federal agency reviews the proposed transaction.
House Judiciary Committee Chairman Bob Goodlatte (R-Va.) and Subcommittee Vice-Chairman Blake Farenthold issued the following statements on the bill’s introduction:
Chairman Goodlatte: “One of the responsibilities of the Judiciary Committee is to ensure fairness and consistency in the enforcement of our nation’s antitrust laws. Under existing law, the rules for reviewing a merger or acquisition differ depending on whether the Federal Trade Commission or the Justice Department reviews the merger. The SMARTER Act is a commonsense measure that reduces disparities in the merger review process. The legislation ensures that companies face the same standards and processes regardless of whether the Federal Trade Commission or Department of Justice reviews the merger.”
Subcommittee Vice-Chairman Farenthold: “The SMARTER Act will ensure that parties to a proposed merger receive the same treatment regardless of whether the FTC or the DOJ reviews the transaction. My bill implements the reforms recommended by the bi-partisan Antitrust Modernization Commission to make merger review fairer and more straightforward – as it should be.”