Interlocking Directorate Act of 1988

Interlocking Directorate Act of 1988 - Amends the Clayton Act to prohibit any person from serving as a director or officer (currently director only) of any two corporations if each (currently any) such corporation has capital, surplus, and undivided profits aggregating more than $10,000,000 (currently $1,000,000) and such corporations are competitors, so that a merger, acquisition, or combination would substantially lessen competition or tend to create a monopoly. Establishes exceptions to such interlocking directorate and officer prohibition when: (1) the competitive sales of either corporation are less than $1,000,000; (2) the competitive sales of either corporation are less than three percent of that corporation's total sales; or (3) the competitive sales of each corporation are less than five percent of that corporation's total sales. Increases or decreases the $10,000,000 and $1,000,000 threshold amounts by the percentage increase or decrease in the gross national product for the preceding fiscal year. Provides that a director or officer shall not be deemed ineligible under the provisions of this Act until the expiration of one year from the date the event causing ineligibility occurred.

Repeals provisions prohibiting dealings exceeding $50,000 a year by a common carrier with a firm if there is any interlocking directorate, unless competitive bidding is used.