International Anti-Bribery and Fair Competition Act of 1998
Latest action (10 Nov 1998): Signed by President.
What this bill does
This bill amends the Foreign Corrupt Practices Act of 1977 and the Securities Exchange Act of 1934, the federal laws that prohibit bribing foreign officials to gain business. It broadens the definition of prohibited conduct to include payments made to secure "any improper advantage," not just to influence official acts. It expands the definition of "foreign official" to cover employees of public international organizations. It also creates new "alternative jurisdiction," allowing U.S. persons and U.S.-organized companies to be prosecuted for corrupt acts committed entirely outside the United States, even without use of U.S. mail or interstate commerce. A new section extends coverage to foreign persons and companies who commit bribery-related acts while physically present in U.S. territory. Penalty provisions are updated, including increased corporate fines.
The changes affect publicly traded companies ("issuers"), U.S. businesses and individuals operating abroad ("domestic concerns"), and, for the first time, foreign nationals and foreign companies who take bribery-related actions on U.S. soil. Officers, directors, employees, agents, and stockholders acting on behalf of covered entities face both criminal fines/imprisonment and civil penalties for violations, while corporate entities face separate, higher fines.
The bill was introduced in the Senate on July 30, 1998, sponsored by Sen. Alfonse D'Amato, and passed through Congress during the 105th Congress's second session. It was signed into law by the President on November 10, 1998, and its provisions are now part of federal law.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
This bill was enacted after being signed by the President on November 10, 1998.
Timeline
10 Nov 1998
Signed by President.
21 Oct 1998
Senate agreed to the House amendment to the Senate amendment no. 1 by Unanimous Consent.
14 Oct 1998
Senate concurred in the House amendment with an amendment (SP 3826) by Unanimous Consent.
9 Oct 1998
On passage Passed without objection.
31 Jul 1998
Passed Senate without amendment by Unanimous Consent.
25 Jun 1998
Committee on Banking ordered to be reported an original measure.
Common questions
- What does S. 2375 do?
- This bill amends the Foreign Corrupt Practices Act of 1977 and the Securities Exchange Act of 1934, the federal laws that prohibit bribing foreign officials to gain business. It broadens the definition of prohibited conduct to include payments made to secure "any improper advantage," not just to influence official acts. It expands the definition of "foreign official" to cover employees of public international organizations. It also creates new "alternative jurisdiction," allowing U.S. persons and U.S.-organized companies to be prosecuted for corrupt acts committed entirely outside the United States, even without use of U.S. mail or interstate commerce. A new section extends coverage to foreign persons and companies who commit bribery-related acts while physically present in U.S. territory. Penalty provisions are updated, including increased corporate fines. The changes affect publicly traded companies ("issuers"), U.S. businesses and individuals operating abroad ("domestic concerns"), and, for the first time, foreign nationals and foreign companies who take bribery-related actions on U.S. soil. Officers, directors, employees, agents, and stockholders acting on behalf of covered entities face both criminal fines/imprisonment and civil penalties for violations, while corporate entities face separate, higher fines. The bill was introduced in the Senate on July 30, 1998, sponsored by Sen. Alfonse D'Amato, and passed through Congress during the 105th Congress's second session. It was signed into law by the President on November 10, 1998, and its provisions are now part of federal law.
- Has S. 2375 become law?
- Yes. S. 2375 has been enacted. Status last updated 10 Nov 1998.
- Who sponsored S. 2375?
- S. 2375 was sponsored by Sen. Alfonse D’Amato [R-NY, 1981-1998] (Republican-NY), with 0 cosponsors.
- What's the latest action on S. 2375?
- Signed by President. (10 Nov 1998).
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