Trade Expansion Act

Trade Expansion Act - Title I: Export of Alaskan Oil - Exempts the export of Alaskan crude oil from the restrictions of the Export Administration Act of 1979, the Trans-Alaska Pipeline Authorization Act, the Energy Policy and Conservation Act, or any other law if such oil is transported in certain tankers.

Title II: Business Information and Confidentiality Procedures - Business Information Confidentiality Procedures Act - Directs each Federal agency to promulgate regulations to provide procedures to protect the confidentiality of business information consisting of trade secrets and commercial or financial information. Establishes procedures under which a submitter of such information shall be: (1) notified of a decision allowing disclosure; (2) permitted to provide written objections; and (3) permitted to seek de novo judicial review of a decision to allow disclosure over such objections.

Title III: Business Accounting and Foreign Trade Simplification - Business Accounting and Foreign Trade Simplification Act - Changes the name of the Foreign Corrupt Practices Act of 1977 (FCPA) to the Business Practices and Records Act.

Amends the Securities Exchange Act of 1934 to require securities issuers to maintain an internal accounting system that provides reasonable assurance that specified accountability and accuracy goals are met. Prohibits imposing criminal liability for failing to maintain such an accounting system. Prohibits imposing civil injunctive relief with respect to: (1) an issuer who fails to maintain the required accounting system if the issuer tried in good faith to meet the requirements; or (2) any person other than an issuer in connection with an issuer's failure to comply with such requirements, unless such person knowingly caused the issuer to fail to comply. Prohibits anyone from knowingly circumventing such an accounting system for a purpose inconsistent with the accountability and accuracy goals of such system. Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the equity of domestic or foreign firms.

Transfers from the Securities and Exchange Commission to the Department of Justice jurisdiction to enforce the bribery prohibitions of the FCPA with respect to issuers.

Revises the prohibition against domestic concerns using any means of interstate commerce to further payments to obtain business with a foreign official. States that such a payment made "directly or indirectly" to a foreign official is illegal. Prohibits such payments that are made to: (1) influence a foreign official's act or induce such an official to violate a legal duty; or (2) induce a foreign official to affect a foreign government's act. Prohibits domestic concerns from using interstate commerce to direct or authorize an agent to further such a payment to a foreign official.

Exempts from such prohibitions: (1) payments to foreign officials to expedite or to secure the performance of routine governmental action; (2) payments to such officials that are lawful under the foreign country's laws; (3) payments which constitute tokens of regard or esteem; (4) expenditures associated with selling, purchasing, or demonstrating goods; or (5) ordinary expenditures associated with performing a contract with a foreign government.

Revises the fines and criminal penalties for violations of such Act. Empowers the Attorney General to undertake all civil investigations necessary to enforce the Act.

Prohibits prosecution of a domestic concern or specified agents of such concern for violating the Federal mail or wire fraud provisions by making a payment to a foreign official if the prosecution is based on the theory that the official, by receiving the payment, violated a duty to or defrauded the foreign government or the citizens of a foreign country.

Authorizes the Attorney General to issue guidelines specifying: (1) permissible conduct associated with common types of export sales arrangements; and (2) precautionary procedures which would create a rebuttable presumption of compliance.

Provides for the establishment of a Business Practices and Records Act Review Procedure to answer specific inquiries concerning enforcement of such Act. Requires the Attorney General to issue opinions regarding compliance. Makes such opinions final and binding on all parties if the opinion states that the conduct does not involve a violation. Directs the Attorney General to protect the confidentiality of materials submitted in the review procedure.

Requires annual reports to the Congress by: (1) the Attorney General concerning actions taken pursuant to such Act; and (2) the Chairman of the Securities and Exchange Commission concerning the reporting requirements.

Expresses the sense of the Congress that the President should negotiate an international agreement on illicit payments, including a dispute resolution procedure.

Directs the President to report to the Congress on: (1) the progress of such negotiations; (2) the steps the United States could take if the negotiations fail to eliminate the competitive disadvantage of U.S. business; and (3) possible methods of promoting international cooperation to prevent bribery in third world countries. Requires the report to contain recommendations for new legislation and an analysis of the potential effect on U.S. interests of the corruption of foreign officials and political leaders.

Title IV: Average Fuel Economy Standard - Amends the Motor Vehicle Information and Cost Savings Act to lower the average fuel economy standard to 26 miles per gallon after 1985.

Title V: Pharmaceutical Exports - Pharmaceutical Amendments of 1985 - Amends the Federal Food, Drug, and Cosmetic Act to permit the export of certain drugs (including biological products) intended for human or animal use even though such drugs have not been approved or licensed for use in the United States.

Directs the Secretary of Health and Human Services to establish and update a two-tiered list of countries with adequate governmental health authorities which in the first tier includes developed regulatory procedures and tests with experienced scientific personnel and in the second tier includes sufficient ability to assure consistency of labeling information. Permits shipments to nonlist countries where differing health conditions make such shipments desirable.

Permits the export of an unapproved drug to a second tier country if such drug is approved for use in a first-tier country.

Prohibits the export of drugs denied approval on the basis of safety and efficacy or whose manufacture in the United States has been determined to be contrary to U.S. health and safety.

Sets forth other criteria and restrictions on the export of such drugs, including notice requirements.

Title VI: Antitrust Law Reform - Amends the Clayton Act to repeal the provision prohibiting the acquisition by one corporation of the stock of another.