Although the merger statute--section 7 of 'the Clayton Act'--was enacted in 1914, it was forty years before it assumed any importance in the antitrust field. The original statute, applicable to acquisitions of stock but not to acquisitions of assets, was wholly ineffective to prevent mergers. Enforcement efforts were insignificant...
If Congress expected the 1950 amendment to solve all the merger problems which were discussed prior to its enactment, this expectation has not been realized. Congressional committees in both the House and Senate have instituted investigations and held public hearings which have indicated considerable dissatisfaction with the effectiveness of section 7 as amended.
Joseph W. Burns,
Legal, Economic and Political Considerations Involved in Mergers,
11 Vanderbilt Law Review
Available at: https://scholarship.law.vanderbilt.edu/vlr/vol11/iss1/3