Extractive Industries Transparency Disclosure Act
The Extractive Industries Transparency Disclosure Act was introduced in 2007 by Rep. Barney Frank (D-Mass.), who would later co-sponsor the financial reform Dodd-Frank Act with former Sen. Christopher Dodd (D-Conn.). The Transparency Act was added as an amendment to Dodd-Frank in conference negotiations without going through committee markups. The SEC issued its proposed rule in December 2010.
In the draft rule, resource extraction companies would be required each year to report all taxes, royalties, fees, production entitlements and bonuses paid to all governments. Companies would report both the type and total amount of payments made for each project and to each country. The SEC rule would cover over 500 companies that represent nearly a third of the extractive-resource sector's global market value, and eight of the world's ten largest mining companies.
Mining companies are calling for the SEC to scrap its proposal altogether and instead align it with the Extractive Industries Transparency Initiative, a global voluntary reporting scheme that President Obama joined in Fall 2011.
Articles and resources
- Amanda Peterka, [www.eenews.net/public/Greenwire/2012/02/02/4 "Energy companies fight rule requiring disclosure of foreign payments"] E&E reporter, Feb. 2, 2012.
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