Merger Filing Fee Modernization Act of 2021
Proposed bill in the United States Congress
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The Merger Filing Fee Modernization Act of 2021 (MFFMA) is a proposed antitrust bill in the United States Congress. The legislation was introduced in the Senate by Amy Klobuchar (D-MN) and Chuck Grassley (R-IA) as S. 228 on February 4, 2021.[1][2] Companion legislation was introduced in the House of Representatives by Joe Neguse (D-CO) and Victoria Spartz (R-IN) as H.R. 3843 on June 11, 2021.[3][4]
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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 | the 117th United States Congress |
| Number of co-sponsors | 2 (Senate) |
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The legislation increases filing fees for the largest mergers and acquisitions. In doing so, the legislation intends to increase the amount of available resources for the Federal Trade Commission (FTC) and Department of Justice's (DOJ) antitrust probes.[5] The original Senate and House versions of the bill have passed the Senate Judiciary Committee and House 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 the State Antitrust Enforcement Venue Act and the Foreign Merger Subsidy Disclosure Act.[8] A version of the legislation was included in the Consolidated Appropriations Act, 2023.[9]
History
Provisions
Under the provisions of the original MFFMA, merger fees for:[10]
- 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 voted to advance the legislation to a full vote in the Senate by voice vote.[6] On June 23, the House Judiciary Committee in favor of advancing H.R. 3843 to the House floor by a 29—12 margin.[7]