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| Long title | A bill to promote antitrust enforcement and protect competition through adjusting premerger filing fees, and increasing antitrust enforcement resources. |
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| Announced in | the117th United States Congress |
| Number of co-sponsors | 2 (Senate) |
| Legislative history | |
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TheMerger Filing Fee Modernization Act of 2021 (MFFMA) is a proposedantitrustbill in theUnited States Congress. The legislation was introduced in theSenate byAmy Klobuchar (D-MN) andChuck Grassley (R-IA) as S. 228 on February 4, 2021.[1][2] Companion legislation was introduced in theHouse of Representatives byJoe Neguse (D-CO) andVictoria Spartz (R-IN) as H.R. 3843 on June 11, 2021.[3][4]
The legislation increases filing fees for the largestmergers and acquisitions. In doing so, the legislation intends to increase the amount of available resources for theFederal Trade Commission (FTC) andDepartment of Justice's (DOJ) antitrust probes.[5] The original Senate and House versions of the bill have passed theSenate Judiciary Committee andHouse Judiciary Committee, respectively.[6][7]
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 theState Antitrust Enforcement Venue Act and the Foreign Merger Subsidy Disclosure Act.[8] A version of the legislation was included in theConsolidated Appropriations Act, 2023.[9]
The legislation proposes the first increase to pre-merger filing fees in the United States since 2001.[10] Members of the FTC have argued that currently filing fees and agency funding have not kept pace with inflation and increase in merger activity.[11]
Under the provisions of the original MFFMA, merger fees for:[10]
At the same time, the legislation reduces filing fees for mergers under $500 million from $125,000 to $100,000.
On May 13, 2021, theSenate Judiciary Committee voted to advance the legislation to a full vote in the Senate by voice vote.[6] On June 23, theHouse Judiciary Committee in favor of advancing H.R. 3843 to the House floor by a 29—12 margin.[7]
The Senate Judiciary Committee on Thursday easily advanced Sen. Amy Klobuchar's bill to raise government filing fees on the largest mergers and acquisitions in order to better fund enforcement agencies' antitrust probes.
Democrats on the Federal Trade Commission used the annual increase in merger reporting thresholds Monday as an opportunity to renew their call for higher filing fees, more Congressional appropriations and other, more fundamental changes to the U.S. transaction review system. Accompanying the 4-0 vote to increase the dollar-value threshold requiring transaction notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 from $92 million to $101 million, Commissioner Rebecca Kelly Slaughter was joined by Chair Lina M. Khan in a statement arguing that filing fees and agency funding haven't kept pace with inflation or a "historic merger wave," straining the resources of the commission and the U.S. Department of Justice Antitrust Division.
