A bill to amend the Federal Trade Commission Act to impose certain reporting requirements on United States persons with respect to restrictive business practices abroad, to direct the President to seek an agreement with other countries to prohibit restrictive business practices, and for other purposes.

Summary

Amends the Federal Trade Commission Act to impose certain reporting requirements on United States persons, partnerships, or corporations (and their foreign subsidiaries) with respect to restrictive business practices abroad. Imposes civil penalties of up to $1,000,000 upon a United States firm and up to $25,000 upon any officer or director of such firm, for noncompliance with such reporting requirements. Directs the President to seek an agreement of the signatory countries of the General Agreement on Tariffs and Trade to prohibit restrictive trade practices. Expresses the sense of the Congress that such an agreement should impose an obligation on each signatory nation to enact and enforce legislation prohibiting restrictive trade practices within its respective jurisdiction. Amends the Trade act of 1974 to include restrictive business practices by a foreign country or instrumentality affecting United States or requiring United States concerns to engage in such practices within the coverage of such Act. Defines restrictive business practices for the purposes of such Act.

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Documents

1 official file

• Introduced in House

  summary · EN · 17 August 1978

  Open at official source

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