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Bill101th CongressFiled May 16, 1989Commerce
S. 995

Antitrust Procedures Improvement Act of 1989

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What it doesSummary reported to senate with amendment(s) (May 14, 1990)

Antitrust Procedures Improvement Act of 1989 - Amends the Sherman Act to increase the fines for criminal violations to $10,000,000 for corporations and $250,000 for individuals.

Amends the Clayton Act to require that annual net sales and total assets of a partnership acquiring a business be based upon the greatest of the annual net sales or total assets of: (1) the partnership; (2) any general partner; (3) any partner having the right to at least 50 percent of the profits; or (4) any partner having the right, in the event of dissolution, to at least 50 percent of the assets of the partnership.

Extends the waiting periods following premerger notifications for cash tender acquisitions. Allows the court to extend the additional period for up to 25 days if, due to the complexity or scope of information or documentary material to be evaluated, the Federal Trade Commission (FTC) or the Assistant Attorney General reasonably requires such additional time to determine whether the proposed acquisition may violate the antitrust laws.

Increases the penalty for violations of the premerger notification requirements from $10,000 to $100,000 for each day a person is in violation.

Authorizes the FTC to sue to recover such penalty unless the Attorney General determines during the 45-day period following FTC notification with regard to such action that such action would be inconsistent with U.S. enforcement policies.

What just happenedOct 27, 1990

Indefinitely postponed by Senate by Unanimous Consent.

Who’s behind it

Sen. Metzenbaum, Howard M. [D-OH](D-OH)Sponsor
2 cosponsors1 D1 R
Read on Congress.gov
2cosponsors1committees8actions10subjects
  1. Oct 27, 1990Floor

    Indefinitely postponed by Senate by Unanimous Consent.

  2. May 14, 1990Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 544.

  3. May 14, 1990Committee

    Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute. With written report No. 101-287.

    Judiciary Committee
  4. May 14, 1990Committee14000

    Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute. With written report No. 101-287.

    Judiciary Committee
  5. Mar 22, 1990Committee

    Committee on Judiciary. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Judiciary Committee
  6. Jul 25, 1989Committee

    Committee on Judiciary. Hearings held. Hearings printed: S.Hrg. 101-312.

    Judiciary Committee
  7. May 16, 1989IntroReferral

    Read twice and referred to the Committee on Judiciary.

    Judiciary Committee
  8. May 16, 1989IntroReferral10000

    Introduced in Senate

Reported to Senate with amendment(s)May 14, 199001

Antitrust Procedures Improvement Act of 1989 - Amends the Sherman Act to increase the fines for criminal violations to $10,000,000 for corporations and $250,000 for individuals.

Amends the Clayton Act to require that annual net sales and total assets of a partnership acquiring a business be based upon the greatest of the annual net sales or total assets of: (1) the partnership; (2) any general partner; (3) any partner having the right to at least 50 percent of the profits; or (4) any partner having the right, in the event of dissolution, to at least 50 percent of the assets of the partnership.

Extends the waiting periods following premerger notifications for cash tender acquisitions. Allows the court to extend the additional period for up to 25 days if, due to the complexity or scope of information or documentary material to be evaluated, the Federal Trade Commission (FTC) or the Assistant Attorney General reasonably requires such additional time to determine whether the proposed acquisition may violate the antitrust laws.

Increases the penalty for violations of the premerger notification requirements from $10,000 to $100,000 for each day a person is in violation.

Authorizes the FTC to sue to recover such penalty unless the Attorney General determines during the 45-day period following FTC notification with regard to such action that such action would be inconsistent with U.S. enforcement policies.

Introduced in SenateMay 16, 198900

Antitrust Procedures Improvement Act of 1989 - Amends the Sherman Act to increase the fines for criminal violations to $10,000,000 for corporations and $250,000 for individuals.

Amends the Clayton Act to require that annual net sales and total assets of a person acquiring a business, in the case of a partnership, be based upon the annual net sales or total assets of: (1) any general partner; (2) any partner having the right to at least 50 percent of the profits; or (3) any partner having the right, in the event of dissolution, to at least 50 percent of the assets of the partnership, subject to certain limitations.

Raises the threshold for persons required to file a premerger notification from at least: (1) $10,000,000 to $15,000,000 in total assets or annual net sales; and (2) $15,000,000 to $30,000,000 in securities and assets resulting from the acquisition.

Extends the waiting periods for cash tender acquisitions. Allows the court to extend the additional period for up to 25 days if, due to the complexity or scope of information or documentary material to be evaluated, the Federal Trade Commission or the Assistant Attorney General reasonably requires such additional time to determine whether the proposed acquisition may violate the antitrust laws.

Increases the penalty for violations of the premerger notification requirements from $10,000 to $100,000 for each day such person is in violation.

Establishes filing fees for persons making premerger notifications.