In a move aimed at bolstering American businesses on the global stage, President Trump signed an executive order on Monday suspending enforcement of the Foreign Corrupt Practices Act (FCPA). This law, enacted in 1977, prohibits certain individuals and entities from bribing foreign officials to secure or retain business.

President Trump criticized the FCPA, stating that while it "sounds good on paper," it's a "disaster" in practice. He argued that the act subjects American businesses operating internationally to almost guaranteed investigations and indictments, discouraging foreign entities from engaging with them.

President Trump holds up the signed executive order concerning the FCPA. (Reuters)

The executive order instructs the Department of Justice (DOJ) to cease enforcing the FCPA. The White House contends that overzealous enforcement of the act has created an uneven playing field for American companies, hindering their ability to compete with international rivals who engage in similar practices.

President Trump signs the executive order addressing the FCPA. (Reuters)

The order also mandates that Attorney General Pam Bondi conduct a 180-day review of the FCPA and propose revised enforcement guidelines. The goal is to eliminate what the administration considers excessive barriers to American businesses operating abroad.

The DOJ headquarters is now prohibited from enforcing the FCPA under the new executive order. (Drew Angerer)

President Trump expressed confidence that this action will lead to increased business opportunities for American companies, predicting a positive impact on the American economy.