Washington, DC [US], February 11 (ANI): US President Donald Trump on Monday signed an executive order directing the US Justice Department to halt persecutions of Americans accused of bribing foreign officials while trying to win or retain business in their nations, Reuters reported.
Trump’s new order halts implementation of the nearly 50-year-old Foreign Corrupt Practices Act (FCPA) and orders Attorney General Pam Bondi to review current and past decisions related to the law and make new guidelines for enforcement, as per the Reuters report.
Enacted in 1977, the law bans US-based companies from bribing foreign officials. Over time, the legislation has become a guiding force for how US firms operate in other nations.
While signing the order in the Oval Office on Monday, Donald Trump said, “It’s going to mean a lot more business for America.” He wanted to strike down FCPA during his first term in office. Trump has termed it a “horrible law” and said “the world is laughing at us” for implementing it, according to Reuters report.
While signing the executive order, Trump said, “It turned out to be, it sounds good on paper, but in practicality, it’s a disaster. It means that if an American goes over to a foreign country and starts doing business over there, legally legitimately or otherwise, its almost a guaranteed investigation, indictment and nobody wants to do business with the Americans because of it.”
He stated, “It’s a disaster for this country, and I guess it was a Jimmy Carter concept and it sounds so good but it’s so bad. It hurts the country and many many deals are unable to be made because of it. Nobody wants to do business because they don’t want to feel like every time they pick up a phone, they’re going to jail. So, we’ll sign this and it takes courage to sign it because you only get bad publicity when you sign it. Sounds so nice, the title is so lovely. But, its an absolutely horror show for America. So we are signing it because that’s what we have to do to make it good.”
Meanwhile, anti-corruption watchdog Transparency International has stresssed US became a leader in addressing global corruption by enforcing FCPA.
In a fact sheet, the White House said, “Today, President Donald J. Trump signed an Executive Order to restore American competitiveness and security by ordering revised, reasonable enforcement guidelines for the Foreign Corrupt Practices Act (FCPA) of 1977.”
According to the fact sheet, FCPA overenforcement harmed US companies as they are banned from engaging in practices common among international competitors, creating an uneven playing field. It noted that FCPA interpretation and enforcement by US prosecutors over time has broadened, imposing a growing cost on US’ economy.
“American national security depends on America and its companies gaining strategic commercial advantages around the world, and President Trump is stopping excessive, unpredictable FCPA enforcement that makes American companies less competitive,” said the fact sheet released by the White House.
In the fact sheet, the White House expressed Trump’s commitment to prioritizing US economic and security interests and ensuring US businesses have the tools to succeed around the world.
Since assuming office, Trump has signed several executive actions to enhance American economic competitiveness, including an Executive Order to strengthen US leadership in artificial intelligence (AI) and tariffs on Mexico, Canada, and China to protect the American people, according to the fact sheet.
Trump renegotiated trade deals, including the United States-Mexico-Canada Agreement (USMCA) to secure better terms for American workers and businesses. In addition, he has worked to cut regulations that hinder US businesses, ensuring they can operate efficiently and competitively on the world stage. (ANI)
