Foreign-Funded U.S. Chamber Of Commerce Advocates For Weakening Law Against Bribing Foreign Govs

[Joanne98]

As ThinkProgress has documented, the “U.S.” Chamber Of Commerce has for years received at least hundreds of thousands of dollars from foreign-owned corporations. While the Chamber claims that the foreign funds it receives do not fund its $75 million in partisan attack ads, it would be highly unusual for these foreign corporations to be donating to the organization without expecting some sort of political activity on their behalf. Now, a new Chamber paper advocating for a change in a U.S. law intended to crack down on American-based multinational corporations bribing foreign governments may provide an answer as to why these foreign firms are doling out cash to the right-wing lobbying group.

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

http://thinkprogress.org/2010/10/28/foreign-funded-chamber-corruption/

[blondeatlast]

1. "TAX-EXEMPT Foreign-Funded U.S. Chamber Of Commerce Advocates For Weakening Law Against Bribing

Bribing Foreign Govs"

Minor (actually MAJOR, but unintentional) ommission in the subject line--fixed if for you. :hi:

[Tippy]

2. K&R...Why am I not suprised?

[AngryAmish]

3. This is especially outrageous since we all know Chinese companies never bribe governments

Just another black mark on the Chamber's record.