According to Xinhua News Agency, U.S. President Donald Trump signed an executive order on Feb. 10, directing a suspension of the enforcement of the Foreign Corrupt Practices Act (FCPA) and instructing the Department of Justice to halt prosecutions of Americans accused of bribery overseas.
During the signing at the White House, Trump stated, "It sounds good, but it hurts the country," He asked Attorney General Pamela Bondi to review past and current actions related to the law and prepare new guidelines.
The FCPA, enacted in 1977, prohibits individuals and companies engaged in U.S. business from bribing foreign government officials to obtain contracts. Trump previously criticized the FCPA during his last presidential term.
On the same day, the White House released a fact sheet asserting that American businesses have been harmed by the over-enforcement of the FCPA, arguing that the law undermines the competitiveness of U.S. companies.
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