Publish What You Pay United States applauds Senator Charles Schumer for introducing the Extractive Industries Transparency Disclosure Act (S. 3389), companion legislation to the bill of the same name in the House of Representatives. The EITD Act would require companies registered with the Securities and Exchange Commission (SEC) to publish their payments to foreign governments for oil, gas and minerals, which would reduce risks for investors, level the playing field for American companies and contribute to global efforts to fight corruption and reduce poverty and instability in oil-producing countries. This is a necessary first step toward improving America's energy security.
"The advantage of this rule change is that nearly all internationally competitive oil, gas and mining companies are registered with the SEC, and as such, the EITD Act represents an important step forward in creating a truly global standard for transparency. This benefits investors and industry alike," said Sarah Pray, Coordinator of Publish What You Pay United States....