Interlocking Directorate Act of 1986

Summary

Interlocking Directorate Act of 1986 - Amends the Clayton Act to prohibit any person from serving as a director in two or more corporations if each (currently, any) of such corporations has capital, surplus, and undivided profits aggregating more than $10,000,000 (currently, $1,000,000). Establishes exceptions to such interlocking directorate prohibition where the sales of each corporation of each product or service sold in competition with the other corporations: (1) are less than five percent of such corporation's total sales, unless such corporation's sales of all such products or services exceed 25 percent of its total sales; (2) added to such corporation's sales of all other such products or services are less than $1,000,000; or (3) are less than three percent of the total sales in each line of commerce in each section of the country in which such corporations compete. Increases the $10,000,000 and $1,000,000 threshold amounts by the percentage increase in the gross national product for the preceding fiscal year.

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Timeline

1. 7 March 1986

   Introduced

   Read twice and referred to the Committee on Judiciary.

   Source: IntroReferral

2. 7 March 1986

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 21 March 1986

   Committee

   Committee on Judiciary requested executive comment from Federal Trade Commission.

   Source: Committee

4. 28 April 1986

   Committee

   Committee on Judiciary. Hearings held. Hearings printed: S.Hrg. 99-716.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 7 March 1986

  Open at official source

Sponsors

• Sen. Thurmond, Strom [R-SC] · R · Sponsor
• Sen. Laxalt, Paul D. [R-NV] · R · Sponsor
• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• Sen. East, John P. [R-NC] · R · Sponsor
• Sen. McConnell, Mitch [R-KY] · R · Sponsor
• Sen. Murkowski, Frank H. [R-AK] · R · Sponsor
• Sen. Chafee, John H. [R-RI] · R · Cosponsor
• · ssju00 · Standing

Related records

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