Business Accounting and Foreign Trade Simplification Act

Summary

Business Accounting and Foreign Trade Simplification Act - Changes the name of the Foreign Corrupt Practices Act of 1977 (FCPA) to the Business Practices and Records Act. Amends the Securities Exchange Act of 1934 to require securities issuers to maintain an internal accounting system that provides reasonable assurance that specified accountability and accuracy goals are met. Establishes the degree of previous knowledge necessary to find liability for violations of the accounting standards. Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the equity of domestic or foreign firms. Transfers from the Security and Exchange Commission to the Department of Justice jurisdiction to enforce the antibribery prohibitions of the FCPA with respect to issuers. Changes the jurisdictional basis of the current corrupt practices prohibition to prohibit bribery "with respect to activities in interstate or foreign commerce" (currently, the basis is use of the mails or interstate commerce "in furtherance" of bribery). Prohibits payments or promises made "directly or indirectly" by a domestic concern to a foreign official in order to obtain business. Prohibits such payments that are made to influence a foreign official's act or induce such an official to violate a legal duty. Prohibits domestic concerns from directing or authorizing such payments. Exempts from such prohibition any payment to a foreign official to facilitate or expedite performance of official duties and which is customary in the country where made. Enumerates additional exemptions, including items of value given in return for hospitality or in token of regard and esteem, and marketing or demonstration expenses pertaining to the business presentation. Empowers the Attorney General to undertake any civil investigation which is necessary to enforce the Act. Makes the provision in the Business Practices and Records Act the exclusive Federal law authorizing Federal proceedings against a domestic concern for using the mails or any instrumentality of interstate commerce to violate such Act. Requires an interagency task force to issue guidelines specifying: (1) permissible conduct and arrangements associated with common types of export sales arrangements; and (2) business contracts and precautionary procedures which would create a rebuttable presumption of compliance. Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the conduct does not involve a violation. Requires annual reports to Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Chairman of the Securities and Exchange Commission concerning the reporting requirements. Expresses the sense of the Congress that the President should negotiate agreements establishing standards of conduct for international business practices, a resolution procedure, and rates of commissions. Directs the President to report to Congress concerning the progress of such negotiations. Requires Congress to review the Business Practices and Records Act after receiving the President's report. Directs the President to report to Congress on the legal and practical consequences of specific action that the United States could take under existing law to: (1) promote international cooperation to prevent bribery of foreign officials, candidates, or parties in third countries; and (2) encourage persons or businesses operating in foreign countries to refrain from bribing foreign officials, candidates, or parties to the disadvantage of U. S. industry. Requires the report to contain recommendations for new legislation and an analysis of the potential effect on U. S. interests of the corruption of foreign officials and political leaders.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 12 March 1981

   Referred

   Referred to Subcommittee on Securities.

   Source: Committee

2. 12 March 1981

   Introduced

   Read second time and referred to Senate Committee on Banking.

   Source: IntroReferral

3. 12 March 1981

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 19 March 1981

   Committee

   Committee on Banking requested executive comment from Securities and Exchange Commission; Justice Department; Commerce Department.

   Source: Committee

5. 20 May 1981

   Committee

   Subcommittee on Securities. Hearings held.

   Source: Committee

6. 21 May 1981

   Committee

   Subcommittee on Securities. Hearings held.

   Source: Committee

7. 16 June 1981

   Committee

   Subcommittee on Securities. Hearings held.

   Source: Committee

8. 23 July 1981

   Committee

   Subcommittee on Securities. Hearings held.

   Source: Committee

9. 24 July 1981

   Committee

   Subcommittee on Securities. Hearings held.

   Source: Committee

10. 16 September 1981

    Reported

    Committee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Source: Committee

11. 9 October 1981

    Calendars

    Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 301.

    Source: Calendars

12. 9 October 1981

    Reported

    Committee on Banking. Reported to Senate by Senator D'Amato under the authority of the order of Oct 6, 81 favorably with an amendment in the nature of a substitute. With written report No. 97-209.

    Source: Committee

13. 9 October 1981

    Reported

    Committee on Banking. Reported to Senate by Senator D'Amato under the authority of the order of Oct 6, 81 favorably with an amendment in the nature of a substitute. With written report No. 97-209.

    Source: Committee

14. 23 November 1981

    Floor

    Considered by Senate.

    Source: Floor

15. 23 November 1981

    Passed

    Passed/agreed to in Senate: Passed Senate with amendments by Voice Vote.

    Source: Floor

16. 30 November 1981

    Introduced

    Referred to House Committee on Energy and Commerce.

    Source: IntroReferral

17. 1 December 1981

    Referred

    Referred to Subcommittee on Telecommunications, Consumer Protection and Finance.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Passed Senate amended

  summary · EN · 23 November 1981

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 9 October 1981

  Open at official source

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• Introduced in Senate

  summary · EN · 12 March 1981

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Chafee, John H. [R-RI] · R · Sponsor
• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Sen. Danforth, John C. [R-MO] · R · Sponsor
• Sen. Garn, E. J. (Jake) [R-UT] · R · Sponsor
• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• Sen. Goldwater, Barry [R-AZ] · R · Sponsor
• Sen. Hayakawa, Samuel Ichiye [R-CA] · R · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Mathias, Charles McC., Jr. [R-MD] · R · Sponsor
• Sen. Percy, Charles H. [R-IL] · R · Sponsor
• Sen. Pressler, Larry [R-SD] · R · Sponsor
• Sen. Roth Jr., William V. [R-DE] · R · Sponsor
• Sen. Thurmond, Strom [R-SC] · R · Sponsor
• Sen. Tower, John G. [R-TX] · R · Sponsor
• Sen. D'Amato, Alfonse [R-NY] · R · Cosponsor
• Sen. Schmitt, Harrison H. [R-NM] · R · Cosponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Cosponsor
• Sen. Jepsen, Roger W. [R-IA] · R · Cosponsor
• · hsif00 · Standing
• · ssbk00 · Standing

Related records

• related to → Business Accounting and Foreign Trade Simplification Act
• amends ← To delete section 9.
• amends ← To provide for small business representation on the Federal Reserve Board.
• amends ← Providing that no civil injunctive relief shall be imposed with respect to (a) any issuer for failing to comply with the requirements if such issuer shall show that it acted in good faith in attempting to comply with such requirements; or (b) any person other than issuer, in connection with an issuer's failure to comply, unless such person knowingly caused the issuer to fail to devise or maintain a system of internal accounting controls.
• amends ← To revise language relating to an exemption in section 104(c).
• amends ← Of a technical nature.
• amends ← To revise the exclusivity provision.
• amends ← To provide for a report to Congress on the status of international negotiations to reach an agreement on foreign business practices.