Foreign Competition in Foreign Commerce Act

Summary

Fair Competition in Foreign Commerce Act - Directs the Secretary of the Treasury to report to the President and to appropriate congressional committees on a strategic plan for requiring the use of independent third-party procurement monitoring and other international procurement reforms with respect to U.S. participation in multilateral development banks and other lending institutions. Requires such plan to include an instruction by the Secretary to the U.S. Executive Director of each multilateral development bank and lending institution to use the vote of the United States to oppose the use of funds appropriated or made available by the United States for any non- humanitarian assistance, until: (1) the recipient international financial institution has adopted an anticorruption plan that requires the use of independent third-party procurement monitoring services and ensures openness and transparency in government procurement; and (2) the recipient country institutes specific strategies for minimizing corruption and maximizing transparency in each stage of the procurement process. Prohibits the use of funds for nonhumanitarian foreign assistance programs (including Agency for International Development (AID) activities) unless the recipient country, multilateral development bank or lending institution has demonstrated that: (1) procurement practices are open, transparent, and free of corruption, fraud, inefficiency, and other misuse; and (2) the recipient has adopted and is using independent third-party procurement monitoring. Specifies exceptions to the requirements of this Act.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 October 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 October 1998

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• Introduced in Senate

  summary · EN · 10 October 1998

  Open at official source

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