Financial Transparency Coalition

Compared to some of the countries in the neighborhood, Uganda is doing pretty well. Directly to the West lies the Democratic Republic of the Congo, ranked by Foreign Policy as the world’s fourth most failed state. With a per capita GDP of $189, it is one of the poorest nations in the world. In the last ten years, it has fallen into near chaos, with many areas lacking law, order, electricity, and medicine. Directly to the North of Uganda lies South Sudan, the world’s newest nation, which despite outward promises remains in a fearsome political deadlock with its northern...

This post is the second part of a two-post series. The first post, on the economic costs of Section 1504, is available here. Embedded into the Dodd-Frank Wall Street Reform and Consumer Protection Act–also known as the “financial overhaul bill”—was Section 1504, which will require companies listed on the U.S. stock exchange to disclose payments to governments for oil, gas, and mining. The American Petroleum Industry (API), a U.S. trade association for the oil and gas industry, is pushing back against this provision. In a letter to the SEC, API claims Section 1504 defies Executive Order 13563, which Obama signed...

In July of last year President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act–also known as the “financial overhaul bill”—into law. Embedded into the Dodd-Frank Act was Section 1504, which required companies listed on the U.S. stock exchange to disclose payments to governments for oil, gas, and mining. Under these provisions, companies would provide this information in their SEC filings and it would be publicly available. Unsurprisingly, the American Petroleum Industry (API), a U.S. trade association for the oil and gas industry, is pushing back. In a letter to the SEC, API claims Section 1504 defies Executive...

Last week, The Daily Show with Jon Stewart lampooned the failure to implement many elements of the Dodd-Frank Consumer Protection Act, even one year after the law's passage.  One of the most important elements awaiting approval is Section 1504 (also known as the Cardin-Lugar provision), which would require extractive industries to "Publish What they Pay" to governments in gaining access to the natural resources of a country, in order to prevent illegal activities and exploitation.  However, delays from the SEC prevent the regulations from actually being implemented.  Beyond the obvious humanitarian benefits, and improved economic competition that come with transparent...