WASHINGTON, D.C. – Lisa A. Rickard, president of the U.S. Chamber Institute for Legal Reform, issued the following statement regarding the House Judiciary Subcommittee on Crime, Terrorism, and Homeland Security’s hearing today to examine the Foreign Corrupt Practices Act (FCPA):
“Today’s hearing was an important step toward modernizing the Foreign Corrupt Practices Act, a 34-year-old law that has become a stumbling block for America’s ability to compete in today’s global economy. The FCPA, though well-intentioned, is a relic of a time before globalization transformed the U.S. economy and, until updated, the Act will continue to hurt U.S. businesses.”
“Among reforms discussed were adding a compliance defense, clearly defining a ‘foreign official’ under the statute, limiting a company’s criminal liability for prior acts of a company it has acquired, and adding a ‘willfulness’ requirement for corporate criminal liability.
“In an economy where nearly one-third of U.S. business revenue comes from foreign trade, Congress must advance FCPA reforms that will provide clarity and guidance to the business community while continuing to enforce unethical practices that undermine our free market system. This will help grow jobs during a time when millions of U.S. citizens are looking for one.”
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