According to informed individuals, the heads of the U.S. Securities and Exchange Commission’s unit responsible for foreign corrupt practices are set to leave the agency. This development comes as the Trump administration has been scaling back efforts in anti-corruption enforcement.
Charles Cain, who has been the chief of the SEC’s Foreign Corrupt Practices Act division since 2017, and Tracy Price, the deputy chief of the unit since 2018, are part of a significant number of SEC officials departing from their roles. While these changes have not been officially announced, a third source familiar with the matter confirmed Price’s departure.
The Trump administration, under the guidance of prominent figure Elon Musk, is taking steps to restructure the federal workforce through layoffs and reorganization efforts. The administration recently ordered a temporary halt in the FCPA enforcement, a law that prohibits U.S. companies from engaging in bribery abroad. This move was part of an executive order instructing the Attorney General to review enforcement practices and ongoing cases over a period of 180 days.
Although not directly referring to the SEC, the administration’s stance has been echoed by Antonia Apps, the regulator’s acting deputy enforcement director, who indicated that the agency would align with the Department of Justice’s directives.
Critics argue that the FCPA is a vital tool for holding foreign entities with U.S. connections accountable, often resulting in substantial fines. However, the Trump administration perceives the law as a hindrance to American companies operating internationally, citing disparities in acceptable business practices.
It has been reported that the FCPA team has been instructed to halt their work on related cases, signaling a shift in priorities within the SEC.
(Reporting by Chris Prentice; Editing by Paul Simao)
