Thursday, October 28, 2010

Republicans pushing for cutback in law enforcement against bribery

One of the reasons corporations are pouring so much money into the Republican Party is that they want protections against bribery and corruption weakened:
Yesterday, the Chamber kicked off its U.S. Chamber Institute For Legal Reform Legal Reform Summit 2010, where it is advocating for its pro-corporate “legal reform” agenda. As a part of the agenda, the Chamber is presenting a paper at its summit titled “Restoring Balance: Proposed Amendments to the Foreign Corrupt Practices Act.”

Since 1977, when it was first enacted, the Foreign Corrupt Practices Act (FCPA) has been the government’s main enforcement mechanism to stop American-based multinational firms from bribing foreign governments in order to win special business advantages. The anti-corruption law has been especially strong during the Obama Administration, during which FCPA-related fines collected by the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) dramatically increased — in just the first two months of 2010, they totaled $1.2 billion, far more than the measly $87 million collected in all of 2007 by the Bush Administration.

Therefore, it makes sense that, now, with the “likelihood of a Republican wave in midterm elections” being increasingly high, the Chamber would release a paper proposing amendments to the law that would serve to gut many of its core provisions.
Click here to see the provisions the Republican Party and its allies want to remove from the law.

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