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Statement from EITI Chair on repeal of SEC's 'resource extraction' rule
Author: Fredrik Reinfeldt, chair of Extractive Industries Transparency Initiative, Published on: 31 January 2017
The proposed Congressional Review Act resolution now being considered by Congress would overturn the SEC Rules – adopted in June 2016 – that require resource extraction issuers to disclose payments made to governments for the commercial development of oil, natural gas or minerals as mandated by the Dodd-Frank...Act (Dodd Frank 1504). The European Union and Canada have adopted similar requirements.
The EITI has in recent years frequently spoken about the ways in which disclosure requirements like Dodd Frank 1504 and the EITI complement each other... Our aim is to ensure responsible and transparent resource governance and this requires multiple efforts. The SEC took great care in drafting these rules in consultation with industry to ensure that they complement the EITI’s efforts and avoid unnecessary duplication. I would urge Congress to consider this matter thoroughly, and to ensure that any action does not undermine the hard-won gains in this arena.