A bill to increase the fees that companies planning the biggest mergers pay to government antitrust agencies and to give those agencies bigger budgets passed the Senate Judiciary Committee on Thursday, May 13, on a voice vote.
The bill – co-sponsored by Amy Klobuchar, the top antitrust senator, and Chuck Grassley, the top Republican on the Senate Judiciary Committee – would lower the fee for smaller mergers under US$161.5 million from US$45,000 to US$30,000. But for deals worth US$5 billion or more, the fee would rise from US$280,000 to US$2.25 million.
The Federal Trade Commission (FTC) and Justice Department’s Antitrust Division assess mergers to ensure that they comply with antitrust law.
The bill would increase authorizations to each, giving the FTC a budget of $418 million while the Justice Department’s Antitrust Division would receive US$252 million.
In brief remarks before the vote, Klobuchar said the fees had not changed since 2001, and that the Justice Department sued Alphabet’s Google last year while the FTC filed a major antitrust lawsuit against Facebook.
“You just cannot take on the biggest companies in the world with duct tape and Band-Aids,” she said.
Senator Ted Cruz, a Republican, said in comments during a discussion of the bill that he was “quite disappointed by the lax antitrust enforcement we saw in the previous administration.”
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
