Should Congress provide more money to the FTC and increase the fees imposed on large merger deals?
This bill would update merger filing fees that are imposed on merger deals by the federal government. It will replace the old system of fees (which is constant regardless of the size of the transaction) with a new system that determines a fee based on how expensive the deal is. These fees will also be linked to the Producer Price Index to ensure permanency. The bill also provides additional funding to the Antitrust Division of the Department of Justice and the FTC.
Sponsor: Representative Joe Neguse (Democrat, Colorado, District 2)
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Opponents say
• "H.R. 3843 would increase authorized funds for the Federal Trade Commission (FTC) and the Department of Justice (DOJ) and would change certain merger filing fees in a manner that would increase revenues for the Biden Administration's antitrust enforcers. The Committee considered this bill as part of a package of radical legislation put forward by Committee Democrats. Authorizing more funds and giving the out-of-control Biden antitrust enforcers more resources will empower Democrats to continue their efforts to destroy free market principles and radically transform the American economy." Source: Rep. Jim Jordan (Republican, Ohio, District 4)
• "Now is not the time to give the Federal Trade Commission, which is currently run by an activist hostile to American business, additional funding to micromanage the U.S. economy. H.R. 3843 increases merger fees for certain transactions above a government-determined size. Some have claimed that the bill will not lead to more money for the FTC or Department of Justice because it does not increase appropriations for those agencies. While this is technically true, it is only half the story. The fees will go to the Treasury Department, which Democrats will then steer back to the FTC and DOJ. As a whole, the bill would shovel hundreds of millions of dollars to the Biden FTC and DOJ." Source: Tom Hebert (Federal Affairs Manager, Americans for Tax Reform)
Proponents say
• "As a former regulator and leader of Colorado’s consumer protection agency, I know how critical it is for our enforcement agencies to have the necessary resources to do their job. That is why, as part of today’s package, I am introducing the Merger Filing Fee Modernization Act, bipartisan legislation which will update merger filing fees for the first time in over a decade, ensuring that parties to larger mergers pay their fair share and consumers don’t have to foot the bill for these necessary and long-overdue increases to antitrust agency enforcement budgets. Congress has a vital role to play to ensure that markets are working in a way that benefits consumers, small businesses, innovation and our democracy. Today’s legislative action is a critical first step in that process." Source: Rep. Joe Neguse (Democrat, Colorado, District 2)
• "This package represents a strong, bipartisan consensus approach to strengthening enforcement of the federal antitrust laws, against both Big Tech and other bad actors. Importantly, these bills improve antitrust enforcement without appropriating any more funds to President Biden’s out-of-control FTC. We call on all of our colleagues in the House of Representatives to strongly support this package." Source: Sen. Mike Lee (Republican, Utah)
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