Kerry, Schumer to SEC: No exemptions from oil disclosure rule

[ProSense]

Source: The Hill

Senior Capitol Hill Democrats are urging the Securities and Exchange Commission not to allow exemptions from looming rules that will force oil and mining companies to disclose payments to foreign governments related to projects in their countries.

A March 1 letter to the regulators from Sen. John Kerry (D-Mass.), Sen. Chuck Schumer (D-N.Y.) and others shows that key lawmakers are pushing back against a drive by major oil companies for leeway in the rule.

In particular, a number of companies are urging the regulators to allow exemptions from the rule in cases where host countries or contracts don’t allow project-specific payment disclosures.

“With regard to potential host government restrictions on disclosure, the statute makes clear that the intent is to make this information available from all countries, and this is particularly relevant in countries where governments may purposefully seek to keep this information hidden,” states the letter, which is also signed by Rep. Barney Frank (D-Mass.), and Sens. Patrick Leahy (D-Vt.) and Ben Cardin (D-Md.).



Read more: http://thehill.com/blogs/e2-wire/677-e2-wire/147251-kerry-schumer-to-sec-no-exemptions-from-oil-disclosure-rule

[plumbob]

1. How dare they seek to make bribe information public!

The nerve!

[karynnj]

3. That's right - and welcome to DU!

[karynnj]

2. I love this sentence - it is completely on target K&R

"this is particularly relevant in countries where governments may purposefully seek to keep this information hidden,"