| FOR IMMEDIATE RELEASE
THURSDAY, MARCH 23, 1995
TDD (202) 514-1888
JUSTICE DEPARTMENT AND FEDERAL TRADE COMMISSION ANNOUNCE STEPS TO
STREAMLINE THE HART-SCOTT-RODINO ACT PREMERGER REVIEW PROCESS
WASHINGTON, D.C. -- The Department of Justice and the Federal Trade Commission today announced steps that will streamline the Hart-Scott-Rodino premerger review process without sacrificing effective merger enforcement that protects American consumers and businesses.
Anne K. Bingaman, Assistant Attorney General in charge of the Department's Antitrust Division and Janet Steiger, Chairman of the Federal Trade Commission, announced eight major steps that will benefit American businesses by making the entire premerger review process quicker, more efficient and less costly. The improvements result from internal evaluation by the agencies and discussions with the private bar and business groups.
Three of the new improvements allow the agencies to determine which one will review a proposed merger in a much speedier fashion, create a joint model to be used when requesting additional information from proposed merging parties which will result in increased consistency, and establish an internal appeals process designed to reduce burdens involving the issuance of requests for additional information, known as "second requests."
"Effective merger enforcement is critical to this nation's economic health," said Bingaman. "This more efficient and cost effective process limits burdens on American businesses and reduces their compliance costs while at the same time allows us to do our job of protecting American consumers with sound reasoned merger enforcement. These initiatives also will save enormous resources for both businesses and the federal government."
The agencies will take the following eight major steps:
Bingaman said that these initiatives will result in real improvements in the merger review process from start to finish.
Any interested party may submit comments on other potential initiatives to Robert A. Potter, Chief, Legal Policy Section, Antitrust Division, Department of Justice, 10th and Constitution Avenue, N.W., Washington, D.C. 20530.