The president of the United States, Donald Trumpon Monday, a decree signed the Justice Department to suspend proceedings against Americans accused of bribery employees of foreign governments while trying to earn or maintain business in these countries.
Trump’s decree suspends the application of the law of abroad corruption practices (FCPA), which is almost half a century of existence, and instructs the Attorney General, Pam Bondi, to analyze current and past actions related to the law and prepare new Guidelines for application.
The law, promulgated in 1977, prohibits companies that operate in the United States from bribing foreign authorities. Over time, it became a guiding force of how US companies operate abroad.
“This will mean much more business for the United States,” Trump told reporters by signing the decree in the Oval Hall on Monday.
Trump wanted to overthrow FCPA during his first term. He called her “horrible law” and said that “the world is laughing at us” for applying it.
The International Transparency Anti -Corruption Organization said FCPA has made the United States a leader in the fight against global corruption.
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Trump’s decree “decreases – and can make way for the full elimination – of the Crown Jewel in the US fight against global corruption,” said Gary Kalman, CEO of US International Transparency in a statement.
A White House statement said the law makes US companies less competitive.
“American companies are harmed by the excessive application of FCPA because they are prohibited from getting involved in common practices among international competitors, creating an unequal playing field,” the statement said.
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Trump’s decree requires “Revised and Reasonable Applications” of the Justice Department that do not harm US companies that compete abroad, the statement added.
Over the years, a wide range of multinational companies has been subjected to the US Department of Justice scrutiny regarding the law, including Goldman Sachs, Glencore and Walmart.
In 2024, the Justice Department and Securities and Exchance Commission (SEC, the US Capital Market regulator) filed 26 FCPA -related inspection actions, and at least 31 companies were being investigated by the end of the year, informed the statement of the White House.
