2022: Schweikert Voted Against The FY 2023 Omnibus Spending Package, Which Included The Filing Fee Modernization Act And Increased Filing Fees For Larger Merger Transactions. In December 2022, according to Congressional Quarterly, Schweikert voted against concurring with the Senate amendment to the Consolidated Appropriations Act, 2023, which would "modify filing fees for business merger transactions to generally increase fees for larger mergers." The vote was on a motion to concur. The House concurred with the Senate amendment by a vote of 225-201, thus bill was sent to President Biden and ultimately became law. [House Vote 549, 12/23/22; Congressional Quarterly, 12/23/22; Congressional Actions, S.Amdt. 6552; Congressional Actions, H.R. 2617]
2022: Schweikert Voted To Increase Filing Fees For Merger Transactions Up To $2.25 Million Based On The Value Of The Transaction And Provide For Annual Increases To The Filing Fees Based On Inflation. In September 2022, according to Congressional Quarterly, Schweikert voted for the Merger Filing Fee Modernization Act of 2022, which would "modify filing fees for merger transactions to generally increase fees for larger mergers. Specifically, it would increase the number of filing fee tiers from three to six, with fees ranging from $30,000 to $2.25 million based on the transaction value. It would provide for annual increases to the fee amounts based on inflation rates, while adjustments to threshold ranges would continue to be based on the percentage change in the U.S. gross domestic product. It would require the Federal Trade Commission and Justice Department to jointly report to Congress on fees received; require the FTC to report on any actions taken by a 3-2 vote, along with the overall percentage of actions decided on a 3-2 vote; and require entities to disclose in their premerger notification filings a detailed accounting of any economic support they received from a foreign state. The bill would also prohibit the transfer and consolidation in federal court of antitrust cases that are brought by states." The vote was on passage. The House passed the bill by a vote of 242-184. The Senate did not take substantive action on the bill. [House Vote 460, 9/29/22; Congressional Quarterly, 9/29/22; Congressional Actions, H.R. 3843]
The Filing Fee Modernization Act Updated Filing Fees For The First Time Since 2001 Under The Hart-Schott-Rodino Antitrust Improvements Act Of 1976. According to JD Supra, "The Filing Fee Modernization Act substantially alters the framework for filing fees under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ('HSR Act') for the first time since 2001." [JD Supra, 1/4/23]
For The Largest Transactions, The Bill Increased The Highest Filing Fees From $280K To $2.25 Million. According to JD Supra, "Filing fees for the largest transactions will increase to $2.25 million, substantially higher than the current highest filing fee of $280,000." [JD Supra, 1/4/23]
The Bill Provided A Slight Decrease In Filing Fees For Smaller Transactions. According to JD Supra, "Smaller transactions will see a slight decrease in their filing fees." [JD Supra, 1/4/23]
The Bill Established New Disclosure Requirements For Entities That Pose Strategic Or Economic Threats To The U.S. According to JD Supra, "The Filing Fee Modernization Act also imposes new disclosure requirements related to entities that are strategic or economic threats to the United States." [JD Supra, 1/4/23]
The Hart-Schott-Rodino Antitrust Improvements Act Required Merger And Acquisition Parities To Meet Certain Jurisdictional Criteria To File For A Pre-Merger Notification Within The Federal Trade Commission And The Antitrust Division At The Justice Department, Which Includes A Filing Fee. According to JD Supra, "The HSR Act requires parties to mergers and acquisitions that meet jurisdictional thresholds to file an HSR premerger notification with the FTC and the Antitrust Division of the Department of Justice ('DOJ') and to observe a statutorily prescribed waiting period prior to closing. The notification process requires the parties to pay a filing fee based on the 'size of the transaction.'" [JD Supra, 1/4/23]
The Filings Fees Will Be Adjusted Annually Based On The Consumer Price Index. According to JD Supra, "After the new fees are implemented, they will be adjusted annually based on the consumer price index." [JD Supra, 1/4/23]
The Bill Required Parties To Disclose Information Over Subsidies They Received From Foreign Countries Or Entities That Pose A Strategic Or Economic Threats To The U.S. According to JD Supra, "The Filing Fee Modernization Act makes other changes to the premerger notification process, including a requirement that parties disclose information concerning subsidies received from countries or entities that are strategic or economic threats to the United States ('Foreign Entities of Concern' under section 40207 of the Infrastructure Investment and Jobs Act (42 U.S.C. 18741(a)))." [JD Supra, 1/4/23]