These flows are the prime mover behind exchange rates and global flows of goods and services. This international expansion of business activity and overseas presence, however, often leads to a clash of cultures and values. These and other differences have spurred nations and international organizations to adopt various approaches in order to promote international rules on foreign investment. In addition, citizen and consumer groups opposed the proposed agreement, in part because they viewed it as too favorable to multinational corporations, and because of their concerns regarding what they believed would be the social, economic, and political impact of the agreement. G-20 Investment Measures

During the early stages of the 2008-2009 financial crisis, national leaders, generally political heads of state, met as the Group of Twenty, or G-20, to address the crisis and to develop a reform agenda. At the G-20 meeting in Los Cabos, Mexico, on June 19, 2012, the G-20 leaders indicated that they had grown "concerned about rising instances of protectionism around the world," and that they viewed regional and global "value chains" as relevant to world trade and recognized "their role in fostering economic growth, employment and development" and the need to enhance the participation of developing countries in value chains. Corporate and Industry-Specific Codes of Conduct

A broad range of factors are influencing firms to adopt codes of conduct. Issues for Congress

Governments, corporations, and the public generally support the concept of corporate codes of conduct.
The U.S. economy has grown increasingly interconnected with other economies around the world, a phenomenon often referred to as globalization. As U.S. businesses expand globally, however, various groups across the social and economic spectrum have expressed their concerns over the economic, social, and political impact of this activity. Over the past 20 years, multinational corporations and nations have adopted voluntary, legally enforceable, and industry-specific codes of conduct, often referred to broadly as corporate social responsibility (CSR), to address many of these concerns. Recent events, primarily the 2008-2009 financial crisis and related work by major international organizations, spurred Congress and governments in Europe to increase their regulation of financial firms. Indeed, the growing presence and influence of multinational corporations in the production of goods and services and in international trade through value chains has prodded governments to adopt measures that enhance the benefits of such activities through codes of conduct. Congress will continue playing a pivotal role in addressing the various issues regarding internationally applied corporate codes of conduct.