On April 20, 2010, the Department of Justice (DOJ) and Federal Trade Commission (FTC, and collectively, the agencies) published for public comment a comprehensive revision of the Horizontal Merger Guidelines. The current version of the guidelines was issued by the agencies in 1992 and last revised in 1997.2

In releasing the proposed guidelines, FTC Chairman Jon Leibowitz noted that it had been "[e]ighteen years . . . since the Horizontal Merger Guidelines were revised. During that time the Agencies' approach has evolved significantly, and the Guidelines should reflect that." According to the agencies, "[t]he proposed Guidelines . . . reflect the current state of merger analysis at the FTC [and DOJ], and will help make the process more transparent to American businesses and courts."