H.R. 5530: Antitrust Criminal Penalties Enforcement & Reform Act

H.R. 5530

Antitrust Criminal Penalties Enforcement & Reform Act

Date
May 24, 2010 (111th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

H.R. 5530 is expected to be considered on the floor of the House on Monday, May 24, 2010, under a motion to suspend the rules, requiring a two-thirds vote for passage. The legislation was introduced by Rep. Hank Johnson (D-GA) on May 18, 2010.

Bill Summary

H.R. 5530 would extend for ten years a provision in current law regarding increased penalties for antitrust violations that is set to expire on June 22, 2010. The provision sets a maximum prison sentence for antitrust violations of 10 years, sets the maximum fine for individuals at $1 million, and sets the maximum fine at $100 million for corporations. The bill would also require the Government Accountability Office to report to Congress on the effectiveness of the law that increased the antitrust penalties to their current levels.

Background

In 2004, Congress passed a law that increased the maximum prison sentences and fines for antitrust violations. Specifically, the law increased the maximum prison sentences for antitrust violations to 10 years from three years, raised the maximum fine for individuals to $1 million from $350,000, and raised the maximum fine for corporations to $100 million from $10 million.

Cost

The Congressional Budget Office (CBO) had not prepared a cost estimate as of press time.