Congressman Cohen Applauds Passage of His Amendments to the America COMPETES Act – Congressman Steve Cohen

WASHINGTON Congressman Steve Cohen (TN-09) applauded todays House passage of two amendments he authored that will be part of the America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength (COMPETES) Act that will be considered on Friday.

One amendment, which combats foreign kleptocrats and which he offered with Congressman and Helsinki Commission Ranking member Joe Wilson (SC-02), contains both the Justice for Victims of Kleptocracy Act and the Foreign Corruption Accountability Act. The first bill mandates a public listing by country of stolen assets recovered in the United States and the second authorizes public visa bans against foreign individuals who demand bribes.

The second amendment, the Foreign Business Agent Act, which he offered with Congressman French Hill (AR-02), requires foreign business entities to assign and register agents with the Department of Commerce for service of process in legal and regulatory proceedings.

Congressman Cohen made the following statement:

These amendments are commonsense but overdue solutions to problems that hurt our countrys ability to compete. Kleptocracy threatens national security and human rights and has an impact on every global challenge we face today. From climate change and COVID to organized crime and human trafficking, kleptocrats either cause or worsen the problem.

Transparency and the rule of law are essential elements of fair and efficient business operations, but many foreign companies in the United States operate outside our legal system, beyond the jurisdiction of U.S. courts and regulatory agencies. The Foreign Business Agent Act would remedy this legal gray area by requiring foreign business entities to assign and register agents with the Department of Commerce.

I am proud to work with my Republican colleagues in strengthening this important bill.

The full House of Representatives is expected to take up America COMPETES with Congressman Cohens amendments on Friday.

###

Read the rest here:
Congressman Cohen Applauds Passage of His Amendments to the America COMPETES Act - Congressman Steve Cohen