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FAIR Transition and Competition Act
12/31/2022, 5:06 AM
Summary of Bill HR 4534
One key aspect of the bill is the establishment of guidelines for mergers and acquisitions to prevent anti-competitive behavior. This includes requiring companies to demonstrate that their proposed mergers will not harm competition or consumers. Additionally, the bill seeks to strengthen enforcement of antitrust laws to hold companies accountable for anti-competitive practices.
The FAIR Transition and Competition Act also includes provisions to support small businesses and startups by providing resources and assistance to help them compete in the marketplace. This includes access to funding, mentorship programs, and other support services to help small businesses thrive. Overall, the bill aims to promote a competitive marketplace that benefits consumers and businesses alike. By addressing issues related to competition and anti-competitive behavior, the FAIR Transition and Competition Act seeks to create a more level playing field for businesses of all sizes.
Congressional Summary of HR 4534
Fair, Affordable, Innovative, and Resilient Transition and Competition Act or the FAIR Transition and Competition Act
This bill requires the Department of the Treasury, not later than July 1, 2023, and annually thereafter, to determine the domestic environmental cost incurred for industrial facilities producing steel, aluminum, cement, iron, or other products (sectors), and for the production of natural gas, petroleum, or coal (covered fuels) that are or may be used to emit greenhouse gases. By that same date, the Environmental Protection Agency must determine and publish the average greenhouse gas emissions of each sector to determine progress in reducing such emissions.
The bill imposes a fee (border carbon adjustment) on importers of covered fuels and products.
Treasury must provide to each state a resilient communities grant to provide job training and worker transition assistance, assist certain governmental entities and frontline communities, alleviate historical burdens imposed on communities of color and other vulnerable populations, and to assist small businesses disproportionately impacted by the border carbon adjustment fee.
