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26 Jan 2017

Financial Accountability & Corporate Transparency Coalition

FACT Coalition urges US Congress to keep anti-corruption provisions of Dodd-Frank Act

“Letter to House Urging Lawmakers to Oppose Efforts to Overturn the Bipartisan Cardin-Lugar Anti-Corruption Measure”, 26 January 2017

We are writing…to urge you to oppose any effort to overturn the implementing rules of the bipartisan Cardin-Lugar anti-corruption provisions (Section 1504) of the Wall Street Reform and Consumer Protection Act of 2010…It’s inaccurate to suggest that the implementing rules promulgated by the SEC…put U.S. companies at a competitive disadvantage. 30 other countries…have instituted the same disclosure requirements on extractive companies. This means that over 90 percent of internationally operating companies in the extractives sector are covered by these transparency measures. And, there are already reports coming out…from BP, Shell, and BHP Billiton—among other major multinational oil and gas companies. Despite this, no European company has suffered any disadvantage as a result of disclosures it has made. Moreover, it’s estimated that Cardin-Lugar would result in negligible compliance costs for American Businesses…We would strongly urge you to consider ways to strengthen anti-corruption measures rather than weaken this important safeguard…

[Also refers to Tullow Oil]

Part of the following timelines

USA: Civil society orgs. oppose deregulation efforts, in particular dismantling of Dodd-Frank Wall Street Reform & Consumer Protection Act

US Congress undoes Dodd-Frank regulations on extractive industry revenue transparency