Investments in people and effective programs to shore up incomes and confidence can make economies stronger and more resilient. We have worked hard to strengthen such programs here at home. We also are using our influence to encourage other countries to invest in health and education, and to foster job creation through small and medium enterprises. Even while we develop better financial and economic tools, we must simultaneously address head-on these difficult political issues. The U.S. Government has provided leadership in this area through the global campaign to raise standards on anticorruption.
Corruption weakens financial systems and the rule of law on which economic growth depends.
On February 15 we celebrated the entry into force of the OECD Anti-Bribery Convention. This treaty, which internationalizes the core principles of the U.S. Foreign Corrupt Practices Act, makes it a prosecutable offense for businesses to bribe foreign public officials in order to win contracts. It will help clean up international commerce and foster a level playing field for U.S. companies. We need to encourage the forms of capital flows that are stable and effective in promoting economic development. In addition to bringing along increased technology and skills transfer, FDI implies a long-term commitment on part of both the investor and the receiving country.