Please elaborate.
If you are convinced that the “FCPA is an impediment to trade and should be abolished.”
Please expound on that thought and share why you think that is the case.
What do we have to loose if it is kept in place and what do we have to gain by it’s abolishment?
How is shady dealing good for trade?
What are your experiences that you believe back up your opinion on this?
Essentially, in my opinion, the FCPA puts in place at least some restrictions on “pay for play” for US companies doing business internationally. I don’t personally feel the companies with the most money they are willing to throw around should be given preferential treatment or have a blind eye turned to questionable practices.
That which is Shady Dealing in the mind of a moralistic American is the norm in many parts of the world and has been since the beginning of time. It is hard to compete as an American when followed into a customer’s office by a competitor salesman from another country carrying a briefcase full of money.
By not being able to trade within the norms of the customer’s country American firms lose out to competitors.
It is especially true here where Hillary Clinton et al are world famous for hiding the bribes
I lived and traded overseas most of my adult life in Asia, Europe and Africa. Before and after the Foreign Corrupt Practices Act. It didn’t stop bribery and corruption. It did insure that the Japanese, Germans and our other competitors were more competitive and open about their paying of bribes and commissions. It looses us a lot of business. It forces US companies into making arrangements that get around it and profits various agents and consultants. It still goes on. The US business person is put in a legal bind and is forced out if knowledge of transactions. So companies use foreigners to do business in their place.
There is no good solution. I hated the corruption, but it was obvious that most other countries let it go on. If you think it doesn’t just name a country and I can give you examples.
I have no solutions.