President’s Action Likely to Raise Costs on American Businesses, Undermine National Security
WASHINGTON, D.C. — Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement in response to President Donald Trump’s signing of a Congressional Review Act resolution of disapproval (H.J.Res.41) voiding the implementing provisions of the bipartisan Cardin-Lugar anti-corruption safeguard, also known as Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act:
“Signing this measure into law will undermine anti-corruption efforts around the world, hamper U.S. national security, and likely drive up compliance costs on industry. It’s astonishing that Congress and the President would move to undermine American efforts to combat violent extremism abroad by rolling back this important transparency safeguard, which protects American companies and democratic interests around the globe. It is especially surprising given that the measure will likely drive up the regulatory costs on American businesses.”
For a fuller explanation of how nullifying this safeguard could increase the compliance costs on businesses, reference Mr. Gascoigne’s comments in The Wall Street Journal. Additional analysis from a former staffer of Sen. Richard Lugar (R-IN) can be found on the website of The Lugar Center.
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