About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 1 (March 28, 2024)

handle is hein.crs/goveout0001 and id is 1 raw text is: Congressional Sa Research Service The 2023 Merger Guidelines: Analysis and Issues for Congress March 28, 2024 In December 2023, the Department of Justice (DOJ) and Federal Trade Commission (FTC) finalized the 2023 Merger Guidelines (the Guidelines), which outline the agencies' analytical approach to merger review. The Guidelines represent a major departure from the 2010 Horizontal Merger Guidelines and the 2020 Vertical Merger Guidelines, signaling a more aggressive approach to merger enforcement. This Legal Sidebar analyzes the finalized 2023 Guidelines and discusses related considerations for Congress. The 2023 Merger Guidelines The DOJ and FTC began efforts to revise previous merger guidelines in January 2022, when they launched a public inquiry aimed at strengthening enforcement against illegal mergers. As part of that inquiry, the agencies issued a request for information on several topics, including the purpose and scope of merger review; threats to potential and nascent competition; monopsony power and labor markets; and the unique characteristics of digital markets. In July 2023, the agencies released new draft guidelines for public comment. The draft guidelines addressed many of the issues from the January 2022 RFI and were summarized in a previous Legal Sidebar, which also provided background information on merger law. The finalized Guidelines largely track the July 2023 draft, with some modifications. In addition to discussing several topics that were absent from previous guidelines, the finalized Guidelines appear to evince a broader philosophical shift in merger enforcement that is consistent with recent enforcement trends and public statements from the leadership of the DOJ's Antitrust Division and the FTC. Some of the key features of the finalized Guidelines-which reflect the agencies' enforcement policies but do not bind courts-are discussed below. Shift in Emphasis from Market Power to Market Structure. The 2023 Guidelines appear to adopt a different normative benchmark from previous guidelines. The unifying theme of the 2010 Horizontal Merger Guidelines (HMGs) was that mergers should not be permitted to create, enhance, or entrench market power or to facilitate its exercise. The 1992, 1984, and 1982 guidelines contained similar language. The July 2023 draft guidelines did not include this emphasis on market power, focusing instead on the more general notion of harm to competition. This change is consistent with the position that Congressional Research Service https://crsreports.congress.gov LSB11138 CRS Legal Sidebar Prepared for Members and Committees of Congress

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Already a HeinOnline Subscriber?

Log In

profiles profiles most