The US Chamber of Commerce, a business lobby, says the FCPA also deters foreign mergers and acquisitions.
Umbrella groups such as the Business Roundtable, the National Association of Manufacturers and the US Chamber of Commerce are incensed.
The US Chamber of Commerce thinks it will affect hundreds of thousands.
The lobby includes associations such as the American Farm Bureau Federation, the Business Roundtable, the National Retail Federation and the US Chamber of Commerce.
In response, the US Chamber of Commerce welcomed the emphasis on information sharing, but warned it would oppose any follow-up effort to impose new regulations on industry.
Mr McCain is a proud free-trader and longtime opponent of red tape, whose voting record earned a 100% rating from the US Chamber of Commerce last year to Mr Obama's 33%.
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Frank of course helped pass the Dodd-Frank act which enabled more shareholder powers but they were after a series of compromises with Republicans, the Business Roundtable, the US Chamber of Commerce and other lobby groups who fight to keep corporate managers protected from being thrown out.
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At the time of his appointment, it was noted in the press that he got on well with Secretary of State Hillary Clinton, and had even hired some of her former staff to work with him on the energy task force he ran in the US Chamber of Commerce.
And this has incensed not only Pfizer, but the pharmaceutical industry trade group and the US Chamber of Commerce, because the Alabama court decision suggests consumers will be encouraged to file still more such lawsuits in the state, especially in the wake of a 2011 ruling by the US Supreme Court that has limited claims against generic drugmakers.
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This morning, I had the pleasure of addressing business leaders from across the country at the US Hispanic Chamber of Commerce Annual Convention in Los Angeles, California, and to meet with USHCC officials and other business leaders.
After touring the tunnel project at the port, Mr Obama said that such projects should draw support from both Republicans and his fellow Democrats, noting that both union groups and the pro-business US Chamber of Commerce agreed on the need for increased infrastructure spending.
Recent reports from three lobbies for foreign businesses, the American Chamber of Commerce in Shanghai, the European Chamber of Commerce in China and the US-China Business Council, bear out this gloomy view.
Established Latino organizations such as the Hispanic Association for Corporate Responsibility, the San Antonio Hispanic Chamber of Commerce and the National Council of La Raza also let us make presentations in connection with their own annual meetings.
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"It's an opportunity for us, " said Martin Traynor, chief executive of the Leicestershire Chamber of Commerce.
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