Extractive Industry Transparency Disclosure Act Needs Your Support Now

September 4th, 2008

Call on your Senator to stand against corruption by passing the Extractive Industries Transparency Disclosure Act, S.3389. The legislation calls for oil, gas and mining companies to disclose publicly payments given to foreign governments for extracting natural resources. Such disclosure would be an effort to eliminate corruption and the financing of arms transfers to brutal regimes. It aims to hold resource-rich governments accountable in the fight against poverty and elimination of disease.

Senator Charles Schumer [D-NY] introduced the bill – S. 3389 – on July 31. This legislation would benefit shareholders, provide citizens with information to hold governments accountable and discourage corruption. A similar bill, H.R 6066 was introduced and a legislative hearing held in Congress by Rep. Barney Frank in May 2008.

Lack of revenue transparency in the extractive industry is common and worsens in conflict zone areas when companies do business with brutal regimes. United States and western nations’ sources of energy continue to flow from impoverished regions such as Angola, Congo D.R., and Nigeria, the Amazon basin and Southeast Asia.

The Extractive Industries Transparency Disclosure Act would affect all U.S. and non-U.S. companies that have registered with the United States Securities and Exchange Commission (SEC). Some publicly traded oil and gas companies that would be affected are Marathon Oil, Conoco Phillips, Chevron, ExxonMobil (U.S.), Petrochina, China Petroleum, BP, Royal Dutch Shell, Petrobras, Repso and ENI.

The EITD legislation has been referred to the Senate Committee on Banking, Housing and Urban Affairs. That Committee needs to vote favorably on the legislation to move it to the next stage – a vote on the Senate floor. Please contact your Senator today to urge him/her to support S. 3389.

Open the Books: Support the Extractive Industries Transparency Disclosure Act (A campaign of Publish What You Pay, USA)
Full text of the bill (PDF)

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