The Merger Filing Fee Modernization Act of 2021 (MFFMA) is a proposed
antitrust bill
Bill(s) may refer to:
Common meanings
* Banknote, paper cash (especially in the United States)
* Bill (law), a proposed law put before a legislature
* Invoice, commercial document issued by a seller to a buyer
* Bill, a bird or animal's beak
Plac ...
in the
United States Congress
The United States Congress is the legislature of the federal government of the United States. It is bicameral, composed of a lower body, the House of Representatives, and an upper body, the Senate. It meets in the U.S. Capitol in Washing ...
. The legislation was introduced in the
Senate by
Amy Klobuchar (
D-
MN) and
Chuck Grassley
Charles Ernest Grassley (born September 17, 1933) is an American politician serving as the president pro tempore emeritus of the United States Senate, and the senior United States senator from Iowa, having held the seat since 1981. In 2022, h ...
(
R-
IA) as S. 228 on February 4, 2021. Companion legislation was introduced in the
House of Representatives
House of Representatives is the name of legislative bodies in many countries and sub-national entitles. In many countries, the House of Representatives is the lower house of a bicameral legislature, with the corresponding upper house often c ...
by
Joe Neguse
Joseph D. Neguse ( ; born May 13, 1984) is an American lawyer and politician serving as the U.S. representative for Colorado's 2nd congressional district since 2019. The district is based in Boulder and includes many of Denver's northwestern s ...
(D-
CO) and
Victoria Spartz
Victoria Spartz ( Kulheyko; uk, Вікторія Кульгейко , Viktoriya Kul'heyko; born October 6, 1978) is a Ukrainian-born American politician and businesswoman who is the U.S. representative for . A member of the Republican Party, s ...
(R-
IN) as H.R. 3843 on June 11, 2021.
The legislation increases filing fees for the largest
mergers and acquisitions
Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...
. In doing so, the legislation intends to increase the amount of available resources for the
Federal Trade Commission (FTC) and
Department of Justice
A justice ministry, ministry of justice, or department of justice is a ministry or other government agency in charge of the administration of justice. The ministry or department is often headed by a minister of justice (minister for justice in a ...
's (DOJ) antitrust probes. The original Senate and House versions of the bill have passed the
Senate Judiciary Committee
The United States Senate Committee on the Judiciary, informally the Senate Judiciary Committee, is a standing committee of 22 U.S. senators whose role is to oversee the Department of Justice (DOJ), consider executive and judicial nominations ...
and
House Judiciary Committee, respectively.
On September 29, 2022, the House voted to pass a legislative package led by the MFFMA in a 242—184 vote. The package also includes the
State Antitrust Enforcement Venue Act and the Foreign Merger Subsidy Disclosure Act. A version of the legislation was included in the
Consolidated Appropriations Act, 2023
The Consolidated Appropriations Act, 2023 is a $1.7 trillion omnibus spending bill funding the U.S. federal government for the 2023 fiscal year. It includes funding for a range of domestic and foreign policy priorities, including support for ...
.
History
The legislation proposes the first increase to pre-merger filing fees in the United States since 2001.
Members of the FTC have argued that currently filing fees and agency funding have not kept pace with inflation an increase in merger activity.
Provisions
Under the provisions of the original MFFMA, merger fees for:
* Deals between $500 million and $1 billion, which currently range from $125,000 and $280,000, would be changed to $250,000
* Deals between $1 billion and $2 billion would be raised from $280,000 to $400,000
* Deals worth over $5 billion would see an increase from $280,000 to $2.25 million
At the same time, the legislation reduces filing fees for mergers under $500 million from $125,000 to $100,000.
Voting history
On May 13, 2021, the
Senate Judiciary Committee
The United States Senate Committee on the Judiciary, informally the Senate Judiciary Committee, is a standing committee of 22 U.S. senators whose role is to oversee the Department of Justice (DOJ), consider executive and judicial nominations ...
voted to advance the legislation to a full vote in the Senate by voice vote.
On June 23, the
House Judiciary Committee in favor of advancing H.R. 3843 to the House floor by a 29—12 margin.
See also
*
American Innovation and Choice Online Act
The American Innovation and Choice Online (AICO) is a proposed antitrust bill in the United States Congress. The legislation was introduced by David Cicilline ( D- RI) in the House of Representatives as the American Choice and Innovation Online ...
*
Hart–Scott–Rodino Antitrust Improvements Act
The Hart–Scott–Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into l ...
*
Open App Markets Act
The Open App Markets Act (OAMA) is a proposed antitrust bill in the United States Congress. The Senate version of the legislation, S.2710, was introduced on August 11, 2021, by Richard Blumenthal ( D- CT), Amy Klobuchar (D- MN) and Marsha Blac ...
*
State Antitrust Enforcement Venue Act of 2021
*
United States antitrust law
In the United States, antitrust law is a collection of mostly federal laws that regulate the conduct and organization of businesses to promote competition and prevent unjustified monopolies. The three main U.S. antitrust statutes are the Sherm ...
References
{{Joe Biden
Proposed legislation of the 117th United States Congress
United States antitrust law
United States proposed federal antitrust legislation