H.R.29 - Antitrust Amendments Act of 1990101st Congress (1989-1990)
|Sponsor:||Rep. Fish, Hamilton, Jr. [R-NY-21] (Introduced 01/03/1989)|
|Committees:||House - Judiciary|
|Committee Reports:||H.Rept 101-483|
|Latest Action:||11/16/1990 Became Public Law No: 101-588. (All Actions)|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Became Law
Summary: H.R.29 — 101st Congress (1989-1990)All Information (Except Text)
Passed Senate amended (10/27/1990)
Antitrust Amendments Act of 1990 - Amends the Clayton Act to prohibit any person from serving as a director or officer (currently, director only) of any two corporations that are competitors by virtue of their business and location so that the elimination of competition by agreement between them would constitute a violation of any of the antitrust laws, if each (currently, any) such corporation has capital, surplus, and undivided profits aggregating more than $10,000,000 (currently, $1,000,000). Establishes exceptions to such interlocking directorate and officer prohibition when: (1) the competitive sales of either corporation are less than $1,000,000; (2) the competitive sales of either corporation are less than two percent of that corporation's total sales; or (3) the competitive sales of each corporation are less than four percent of their total sales. Increases or decreases the $10,000,000 and $1,000,000 threshold amounts by the percentage increase or decrease in the gross national product for the preceding fiscal year. Provides that a director or officer shall not be deemed ineligible under the provisions of this Act until the expiration of one year from the date the event causing ineligibility occurred.
Repeals provisions prohibiting dealings exceeding $50,000 a year by a common carrier with a firm if there is any interlocking directorate, unless competitive bidding is used.
Amends the Sherman Act to increase criminal fines for restraint of trade and for monopolization of trade or commerce.
Amends the Clayton Act to provide for recovery of treble damages by the Government when it brings an antitrust action. (Current law allows only actual damages.)