The Hart-Scott-Rodino Antitrust Improvements Act of 1976, Pub. L. 94-435 (known commonly as the HSR Act), is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. Ford on September 30, 1976. The context in which the HSR Act is usually cited is 15 U.S.C. section 18a, title II of the original law, which provides that a company seeking to acquire or merge with another company must file advance notice of its intentions with the Federal Trade Commission and the Assistant Attorney General in charge of the Antitrust Division of the Department of Justice at least thirty days prior to consummation of such a transaction. If the government requests additional information to determine whether the proposed transaction comports with antitrust law, it may extend the waiting period for an additional thirty days after the information is submitted.
Title III of the Act allows states to sue companies in Federal court for monetary damages under antitrust laws on behalf of their citizens; previously, only the persons harmed by anticompetitive activity had a right to sue for damages. Title III is in substance the original bill introduced in the House of Representatives by Congressman Peter W. Rodino, Jr. ; the other titles of the Act were added as the bill was amended during Congesssional deliberations.
The HSR Act is named after Senators Philip A. Hart and Hugh D. Scott, Jr. , in addition to Congressman Rodino.
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Last updated: 05-20-2005 04:15:20
