President Donald Trump signed an executive order on Monday aimed at improving American companies’ economic prospects by limiting enforcement of business transactions under foreign corruption laws.
“It’s going to mean a lot more business for America,” Trump said, while signing the order in the Oval Office.
Enforcement of the Foreign Corrupt Practices Act—established by Congress in 1977 to restrict U.S. businesses from bribing foreign government officials to secure or retain contracts or other business—is ordered paused.
“It’s a disaster for this country,” Trump said. “It sounds so good but it’s so bad. Many, many deals are unable to be done because of it.”…