A bill to amend the Federal Trade Commission Act to impose certain requirements with respect to the acquisition of substantial energy reserves holders, and for other purposes.

Amends the Federal Trade Commission Act with respect to a consent agreement proposed by the Federal Trade Commission, a consent decree proposed for submission to a court of competent jurisdiction, or an order issued by the Commission or a court with respect to an acquisition of a substantial energy reserve holder which provides for the divestiture of any part of the assets of such holder or of the person acquiring such holder, to prohibit such agreement, decree, or order from becoming final before the required divestiture has been approved by the Commission or the court.

Declares that if a substantial energy reserve holder is acquired in such an acquisition, or if such a holder is acquired and an action or proceeding has been commenced by a public party on or after January 1, 1984, to declare the acquisition a violation of this Act or of an Antitrust Act, the substantial energy reserve holder shall be maintained as a separate viable business entity.

Prohibits such an entity's assets from being commingled with those of the person making the acquisition, and prohibits the person making the acquisition from electing more than 20 percent of the board of directors of such holder, until: (1) 60 days after the date the consent agreement, consent decree, or order becomes final; or (2) if the final agreement, decree, or order does not require divestiture, the date becomes final.

Makes January 1, 1984, the effective date for the restrictions set forth by this Act.

Permits the Federal Trade Commission or the Assistant Attorney General to extend the waiting period for evaluation of a proposed acquisition for an additional period of not more than 60 days if the net sales or total assets of the person proposed to be acquired exceed $2,000,000,000.