00:00If an American goes over to a foreign country and starts doing business over there legally,
00:05legitimately, it's almost a guaranteed investigation, indictment, and nobody
00:11wants to do business with the Americans because of it. Nobody wants to do business.
00:14It made it very, very hard from a practical standpoint to make deals. They want to deal
00:20with the Americans, but they don't want to be under investigation. Many, many deals are unable
00:24to be made because of it. Nobody wants to do business because they don't want to feel like
00:28every time they pick up a phone, they're going to jail.
00:35We have an executive order relating to the Foreign Corrupt Practices Act.
00:42As you've repeatedly identified, the way that this act has been enforced over the years
00:46has been devastating to American business opportunities and business competitiveness
00:51abroad. We are essentially ordering the Department of Justice to use its prosecutorial
00:56discretion in a way to ameliorate the negative effects of the Foreign Corrupt Practices Act,
01:01to allow Americans to do business abroad, and to allow our foreign partners to do business
01:05with Americans without fearing unjust prosecution. And for those of you that know this, it turned
01:12out to be, it sounds good on paper, but in practicality, it's a disaster. It means that
01:18if an American goes over to a foreign country and starts doing business over there legally,
01:23legitimately, or otherwise, it's almost a guaranteed investigation, indictment,
01:31and nobody wants to do business with the Americans because of it. Nobody wants to
01:35do business. They say, look, we can deal with China. They can do whatever they want. We can
01:39deal with Russia. We can deal with anybody, and we have a normal life. You deal with America,
01:43the FBI gets over there. They don't investigate death and murders on the street. In New York,
01:49in Los Angeles, they go over and investigate a business guy trying to do business. So,
01:54it made it very, very hard from a practical standpoint to make deals. They want to deal
02:00with the Americans, but they don't want to be under investigation every time they speak
02:04to an American, every time an American makes a phone call to somebody in a different country.
02:10It's a disaster for this country. And the, I guess it was a Jimmy Carter
02:16concept. And it sounds so good, but it's so bad. It hurts the country. And many, many deals are
02:23unable to be made because of it. Nobody wants to do business because they don't want to feel like
02:28every time they pick up a phone, they're going to jail. So, we'll sign this, and it takes courage
02:35to sign it because you only get bad publicity when you sign it. It sounds so nice. The title
02:39is so lovely, but it's an absolutely horror show for America. So, we're signing it because that's
02:46what we have to do to make it good. Okay. Thank you. It's an important one. It's going to mean
03:02a lot more business for America. Okay. Thank you, sir.
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