Financial Transparency Coalition

Assistant Administrator Eric Postel of the U.S. Agency for International Development (USAID) has sent a letter to the U.S. Securities and Exchange Commission (SEC) supporting Section 1504, or the Cardin-Lugar provision, of the Dodd-Frank financial reform bill. The "Publish What You Pay" provision, which has been significantly delayed, requires energy and mining companies registered with the SEC to report payments to foreign governments for the extraction of oil, gas, and minerals on a country-by-country basis.  Commenting on the positive effects of country-by-country reporting, Postel writes:

“Our overarching belief is that the enforcement of the proposed rules contributes towards U.S. Government...

This week marks the one-year anniversary of the passage of the Dodd-Frank Wall Street Reform Act. Section 1504 of the Act requires oil, gas, and mineral producers who report to the Securities and Exchange Commission (SEC) to disclose any payments made to foreign governments in the process of developing and extracting materials. Section 1504, or the Cardin-Lugar amendment as it is known, promotes much-needed transparency in the extractive industries sector. It represents the first time a country-by-country reporting policy has been introduced into US law, albeit on a limited scale. The cost of corruption in the extractive...

WASHINGTON, DC – One year out from passage of the Dodd-Frank Wall Street Reform Act and three months after it was supposed to come into effect, a key anti-corruption and transparency measure—the Cardin-Lugar provision (Section 1504)—is still sitting on the Securities and Exchange Commission’s (SEC) drafting board. The provision to require oil, gas, and mineral companies to disclose payments made to foreign governments is considered an historic move towards shedding light on the operations of a multi-billion dollar industry.

JUBA, South Sudan – The new state of South Sudan must guarantee transparency and accountability in its oil sector in order to demonstrate its commitments to sustainable development and combating corruption, said Global Witness today. The call comes on the eve of the South’s independence from the north on July 9.