PROPOSAL FOR A FOREIGN PAYMENTS DISCLOSURE ACT-MESSAGE FROM THE PRESIDENT OF THE UNITED STATED (H. DOC. NO. 94-572)

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP79-00957A000100100028-9
• Release Decision: RIFPUB
• Original Classification: K
• Document Page Count: 2
• Document Creation Date: December 16, 2016
• Document Release Date: July 21, 2005
• Sequence Number: 28
• Publication Date: August 3, 1976
• Content Type: OPEN

 August 3,' 1976. : CONGRESSIONAL RECORD- HOUSE ? 1 r~ 8233
Approved FQr Release 2005/08/03_ - CIA- R P79-00 7A(~.0010 1Qs1
and affilidties' in relation to business with' lieve_ can be an Iniportanl deterrentto lee on g d nd National Security
foreign- governments. The reporting re-` extorters. In addition, the Commission's of the Committee on Government Opera-
quirement covers a broad range of pay-;- system of disclosure-focusing as It does tions may be permitted to sit during pro-
ments- relative to government transac- - primarily on the interests of the invest- ceedings in the House under the 5-minute
tions as well as- political.- contributions- tog public-Is not designed to respond rule on "Wednesday. August 4, 1976, from
and payments made directly to foreign to some of the broader public policy and 10 a.m. until noon.
Public officials. By requiring reporting of. foreign policy Interests- related to the The SPEAKER. Is there objection to
all significant payments, whether proper - questionable payments problem. the request of the gentleman from Texas?
LT., ROUTSSELOT Mr Spen er T
lems of definition and proof that arise in 'eet to Commission 1 eEil require-- gentleman from t;aruorrua uiaxc_ uim, a
the context of enforcement of legisla of it ca or the ory reservation of objection, so that I may -
tion that seeks to deal specifically, with vo vementof the Secretaries of State and give an explanation?
bribery or extortion abroad.. Commerce- and the Attorney General In Mr.- ROUSSELOT.Mr. .Speaker. I re
The Secretary of Commerca will, by.' administering a system which addresses serve the right to object.
regulation,. further define the scope of the lull range of public policy interests - Mr. BROOKS. Mr. Speaker, if the Ben-
reporting required. Small or routine inherently -involved in the questionable tleman will yield, this is a hearing that
payments will be excluded, as will cer- payments problem we are having, not marking up any legis
tain clearly bona Jtde payments ?such- The Secretary of Commerce will take lation, I say to my distinguished friend,
as taxes. Reports will include the names every feasible step. to minimize the re- .- and we hope to continue and conclude
of recipients. porting burdens under this new legisla- the hearings by 10 o'clock. If it runs over,
Reports will be made available to the tion. The legislation directs the Secre- I would like to have -the authority to
Departments of State and Justice as well' tart' to.consult with other federal agen-, legally complete the legislation which the
as to, the Internal Revenue Service and cies to eliminate duplicative reporting.- GSA, the OMB, and GAO have requested.-
the Securities and Exchange Commis- Where appropriate, agencies are author-.- . . ROUSSELOT. Mr. Speaker, has
sion` The, Department of Justice and the. ized. to combine reporting and record-, the minority been consulted on this?.
State-.Department will. in appropriate keeping in single forms. Mr. BROOKS. Mr. Speaker, if the gen-
Instances, relay reported information to In this regard, I also wish to recognize, tleman will yield further, the minority
authorities in foreign jurisdictions to as- and build upon the Securities and Ex- has no objection and supports this and
sist - them..- in the enforcement of their change Commission's acknowledged ex- is the coauthor of the legislation.
own laws. pertise in financial reporting.` Persons. -Mr. ROUSSELOT. Mr. Speaker; ';I
Reports also will be made available to subject to the Commission's jurisdiction withdraw my reservation of objection.
appropriate congressional committees. must maintain books,and records that are The SPEAKER." Is, there objection
All reports would be.made available to sufficient to provide data the Commis- the request of the gentleman from Tex a?,~
the public one year from the date of their sion believes should be disclosed. The - There was no objection..-
fL'ng, -except in cases where a specific requirement that persons subject to SEC
written determination Is made by the jurisdiction maintain adequate books CONGRESS SHOULD TAKE A STRONG
Secretary of State or the Attorney Gen- and records is now implicit In existing POSITION IN . D TAKE ST TNG
eral that considerations of foreign poi- law; the legislation recommended by the RESCUE MISSION AT EN-
disclosure. or judicial process dictate against Commission, which the Task Force and ISRA ISRA EELI AIRPORT AND A NEW
disclosure. ? I support, would make that requirement TEBB
EFFECTIVELY
TIYG MORE . TERRORISM Y
This proposed legislation is intended to explicit. It is contemplated that the Com- TREATY
complement and supplement existing mission will take further steps to assure LLNn
laws and regulations. which can affect that companies it regulates maintain - The SPEAKER pro tempore. Under a
questionable corporate payments abroad- adequate systems of Internal accounting previous order of the House, the gentle-
:.In this regard. I wish to recognize and controls. Thus, it may well be unneces- man from New York (Mr. KEMP) Is ree
build upon the fine record of the Securi- sary for the Secretary of Commerce to ognised for 30 minutes,
ties and- Exchange Commission. The impose additional recordkeeping require- Mr. KEMP. Mr. Speaker, my 'good
Commission- already has taken prompt ments on-companies regulated by the friend and colleague from New York, En
and vigorous action to discover question- - Commission to enable compliance with Kocrr of - Manhattan, and I have - taken
able or illegal corporate payments and to the proposed legislation. this special order and have introdiiced an
require public disclosure of material facts -- We remain mindful that the question important resolution today. We have been
relating to them. Moreover, as the Com- able payments problem Is- an interna- joined In this introduction by over 80
mission has noted, public disclosure of tional problem which cannot be corrected. of our House colleagues.
-matters of this kind generally leads to- by the United States acting alone. Con- -- This resolution does five things:
their cessation. In virtually all the cases sequently, we. are continuing our efforts First, it commends the. Government -
-reported to the Commission, companies to secure - an international agreement and commandos of Israel for the success
discovering payments of this kind have which will. establish a mutually accept- of the rescue mission.
,taken effective steps to stop them. and to able framework for International coop- Second, it expresses our disapproval of -
assure. that similar - iaymenta do not eration in eliminating improper busi `efforts to condemn or censure Israel for-
recur in the future. ness practices.. = `the action.
A5 principal emphasis of the Commis : The legislation I am proposing today- Third and fourth, it expresses our ap-'
sion's- activities In this area has been to can- contribute in an important way to proval both of the position taken by the
prompt the private sector to take actions the restoration of confidence in Amer- Government of the United States and of
that would restore the integrity of the icas vital business institutions. I urge- the joint United States-United Kingdor'
existing-system of corporate governance its prompt consideration and enactment resolution before the United Nations Sr
and accountability. I applaud this - ap- by the Congress, curity Council.
proach and expect the Secretary of Com- GERALD R. Fong.'' Fifth, it requests our President to ac-
merce to follow the samespirit In admin- La -WHITE HousE, August 3, 1976. 'c.ilerate efforts leading to a new interna-
istering this new legislation. tt onal agreement-with strong and en-.
However, not all firms engaged in in- PERMISSION FOR SUBCOMMITTEE fc rceable sanctions-to curb terrorist.
ternational commerce are regulated un-
ON LEGISLATION AND NATIONAL at Gs.
SECURITY OF THE COMMITTEE. can assure my colleagues that this
der the securities laws and are subject
ON GOVERNMENT OPERATIONS iss -te is far from being over-despite the
to the disclosure requirements of the
TO SIT DURING 3-MINU'T'E RULE-'en I of debate before the Security Coun-
Commission. The Commission -requires
cil debate which saw the United States-
disclosure of payments only. when nec-
FROM 1N A.M. UNTIL MOON Un led Kingdom resolution condemning,
essary or appropriate for the protection
of investors. Further, it has not gener- ter'orism fail for lack of enough support
_ qq
ally required reApb"V41 4. se r
C if be- unanimous c~nsen a 1 - :~ be Mu- fm ( - t -I ii
o t-
a recipient, a requirement which I - t for a moment or two