After two decades of grumbling, American business could get some relief from the Foreign Corrupt Practices Act of 1977. The law, passed following a string of palm-greasing scandals in the 1970s, bars U.S. companies from paying bribes or dispensing gratuities to sell overseas. American corporations have long complained that this puts them at a competitive disadvantage, especially in countries where the payment of baksheesh is a way of life. The Administration says it would reconsider FCPA if an international group, such as the 24-nation Organization for Economic Cooperation & Development, would develop a code barring commercial bribery by all of its members. Selling such an agreement could be a tough slog, however. Many OECD members don't want to surrender the advantage they now enjoy over U.S. competitors, and foreign companies are reluctant to change long-established ways of doing business.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- One of the World’s Hottest Stocks Is Now Tumbling
- This Rare Bear Who Called the Crash Warns Housing Is Too Hot Again
- Recent ‘Odd’ Market Moves May Be a Warning Sign for Stocks
- The Global Economy Is Doing Just Fine, But the Davos Elite Is Worried
- U.S. Stocks Gain as Senate Votes to End Shutdown: Markets Wrap