Trump’s SEC Pick: FCPA Causes ‘Lasting Harm’ for U.S. Companies

ByAndrew Ramonas, Bloomberg BNA

President-elect Donald Trump’s pick to lead the Securities and Exchange Commission took aim at the Foreign Corrupt Practices Act in a 2011report, arguing against the “zealous” enforcement of the anti-bribery law by the SEC and Justice Department.

Jay Clayton, a Sullivan & Cromwell partner, chaired a New York City Bar Association drafting committee that put out “The FCPA and its Impact on International Business Transactions – Should Anything Be Done to Minimize the Consequences of the U.S.’s Unique Position on Combating Offshore Corruption?” The 25-page paper called for a “reevaluation of the ...