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A Big Victory for Congo and Extractive Industries Transparency in the US Financial Reform Bill July 16th, 2010
On July 15, the United States Senate voted 60-39 to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act. President Obama is expected to sign the measure into law next week. While the text of the financial reform act fills more than 2,300 pages, the many rules and regulations needed to implement it have not yet been written. This work by U.S. regulators is expected to take months, possibly years.
The legislation included an important provision requiring energy and mining companies to disclose how much they pay to foreign countries and the U.S. government for oil, gas, and minerals. The provision, based on the Energy Security through Transparency Act (S. 1700), will require companies registered with the U.S. Securities and Exchange Commission (SEC) to disclose payments to foreign governments for the commercial development of oil, natural gas, and minerals. This disclosure will apply to all companies filing with the SEC, regardless of where they are based, meaning that most of the world’s top extractive industries would be covered by this law.
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