API: SEC can achieve transparency without harming American companies, workers
WASHINGTON – API President and CEO Jack Gerard welcomed President Trump’s decision to rescind the Securities and Exchange Commission’s (SEC) rule implementing Section 1504 of the Dodd-Frank Act.
The Dodd-Frank Act requires resource extraction issuers to disclose payments made to the US federal government or foreign governments for the commercial development of oil, natural gas or minerals, the SEC stated on their website.
“The president’s signature on the Congressional Review Act is a welcome step forward for American competitiveness and jobs,” said Gerard. “The oil and natural gas industry strongly supports transparency and has pursued this effort for over a decade through the Extractive Industries Transparency Initiative, a globally accepted framework.
“Our industry offered a model for an SEC rule that would achieve disclosure requirements without putting US, publicly-listed energy producers at a disadvantage to foreign competitors around the world who are not subject to any disclosure. We look forward to continuing these efforts and working with the SEC, Congress, and the new administration to achieve reforms that do not harm our nation’s businesses and workers.”
API’s proposed model of payment transparency would have required the SEC to publish an annual compilation of company payment data in a clear and user-friendly format while disclosing payments received by a citizen’s federal and local government by resource type, the location of the extractive activity, and the method of extraction.
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