The degree to which corporate lobbyists have been able to shape Dodd-Frank more to their liking has been stunning.

A great example of this is the portion of the law that would require automated clearing in the OTC derivatives industry. It's looking better and better for the big dealers every day. Is there reason to think that corporate lobbyists will be just as successful when it comes to the Foreign Corrupt Practices Act? That's unclear at this point, but there is a growing chorus of critics in the corporate world that would like to see some tweaks to the law--which was invoked often in 201--though the number of prosecutions seems to have slowed in 2011.

The Huffington Post reports the reform movement has made great strides recently. Lobbyists have suggested, among other things, that the law should allow for a compliance defense to the FCPA (similar to one available under the UK Bribery Act), more specific definitions of foreign officials, limited liability for acts committed by a subsidiary or an acquired company and actions prior to acquisition and a "willfulness" requirement for prosecution.

The time may be ripe for these sorts of tweaks. But as Congress gets closer to a reform measure, the rhetoric on both sides will heat up. Some will argue that the bribery problem remains rampant, while others will argue that multinationals are being harmed. Pick your poison. Hopefully, cooler, more analytical heads will prevail.

For more:
- here's the article

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