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.
Andrew Finch, a prominent figure in U.S. antitrust law and former top official at the Justice Department during the first Donald Trump administration, has made the move to Cravath, Swaine & Moore from rival firm Paul, Weiss, Rifkind, Wharton & Garrison. Finch, who most recently co-chaired the antitrust practice at Paul Weiss, is set to join Cravath’s litigation department as a partner in New York.
According to Reuters, Finch’s tenure at the Justice Department, where he served as principal deputy assistant attorney general and acting assistant attorney general in the antitrust division between 2017 and 2019, underscores his expertise in the field. His work in government, alongside his clients at Paul Weiss, including Spirit Airlines, Uber, and Mastercard, makes him a valuable addition to Cravath’s team. At Cravath, Finch will focus on advising clients on antitrust investigations, litigation, and merger reviews, according to the firm’s announcement.
In a statement, Faiza Saeed, Cravath’s presiding partner, highlighted Finch’s credentials, noting that his experience “will be invaluable to our clients as they navigate an increasingly complex regulatory environment.” Saeed’s comments reflect the growing demand for expert guidance in the fast-evolving antitrust landscape.
The news of Finch’s departure from Paul Weiss comes just after the inauguration of President Donald Trump for his second term, a timing that adds another layer of significance to the move. A Paul Weiss spokesperson expressed well wishes to Finch, acknowledging his contributions to the firm.
Cravath’s decision to bring Finch aboard is part of a broader trend where the firm, historically known for promoting from within, has increasingly looked outside for top-tier talent. In recent years, Cravath has recruited several former government officials, including a trio of regulatory experts in 2022 to open a new office in Washington, D.C. This follows the 2022 hire of Noah Phillips, a former commissioner at the U.S. Federal Trade Commission during the Trump administration, who now co-chairs Cravath’s antitrust practice alongside Christine Varney, a former U.S. assistant attorney general for antitrust under the Obama administration.
Source: Reuters
Featured News
Top Antitrust Expert Joins Cravath from Paul Weiss
Jan 21, 2025 by
CPI
CMA Chief Removed as UK Government Targets Regulatory Overhaul
Jan 21, 2025 by
CPI
Court Denies Dismissal in Crab Price-Fixing Lawsuit
Jan 21, 2025 by
CPI
TikTok Stays Online for Now: Trump Floats US Ownership Deal
Jan 21, 2025 by
CPI
Hong Kong Watchdog Unveils Compliance Tool for Small Businesses
Jan 21, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Pharmacy Benefit Managers
Jan 20, 2025 by
CPI
Untangling the PBM Mess
Jan 20, 2025 by
Kent Bernard
Using Data, Not Anecdotes, to Analyze Criticisms of Pharmacy Benefit Managers
Jan 20, 2025 by
Dennis Carlton
Vertical Integration and PBMs: What, Me Worry?
Jan 20, 2025 by
Lawton Robert Burns & Bradley Fluegel
The Economics of Benefit Management in Prescription-Drug Markets
Jan 20, 2025 by
Casey B. Mulligan