WASHINGTON, DC, Sept. 24 -- Five US senators have introduced a bill which would require companies with stock traded on US exchanges to report payments to foreign governments for oil, gas, and mineral extraction in their regular Securities and Exchange Commission filings.
The measure is designed to prevent governments in countries rich with natural resources from hiding payments they receive from energy and mineral producers to finance corrupt activities, the lawmakers said.
“History shows that oil and gas reserves and minerals can be a bane, not a blessing, for poor countries, leading to corruption, wasteful spending, military adventurism, and instability,” said Richard P. Lugar (R-Ind.), ranking minority member of the Senate Foreign Relations Committee and the bill’s primary sponsor.
“Too often, oil money intended for a nation’s poor lines the pockets of the rich or is squandered on showcase projects instead of productive investments,” he continued.
Sens. Benjamin L. Cardin (D-Md.), Russell J. Feingold (D-Wis.), Charles E. Schumer (D-NY), and Roger F. Wicker (R-Miss.) cosponsored the measure.
234 Ford House Office Building | 3rd and D Streets SW | Washington, DC 20515
Tel: 202-225-1901 | Fax: 202-226-4199 | Email: email@example.com | Privacy Statement
Representative Alcee L. Hastings (D-FL), Commissioner on the U.S. Helsinki Commission, calls for more revenue transparency in the extractive industries May 28, 2009, at the Organization for Security and Cooperation in Europe Parliamentary Assembly Economic Conference in Dublin