Senate Overturns Dodd-Frank Transparency Measure
The Senate voided a rule requiring greater financial transparency in the oil, gas and mining industries by a vote of 52-48. The "Cardin-Lugar amendment," Section 1504 of the 2010 Dodd-Frank Wall Street Reform Act, requires companies in these industries to disclose payments to governments in the countries where they operate. The resolution voiding the rule has already passed the House.
"We are worried how this action will impact poor and vulnerable communities," commented Eric LeCompte, Executive Director of the religious development organization Jubilee USA. "Congress acted hastily and didn't take the time to understand how this action affects transparency and accountability."
President Trump is expected to sign the resolution today as well as an executive order calling for a roll back of other regulations mandated by Dodd-Frank. While the Securities and Exchange Commission, which wrote the rule, cannot directly reinstate it, it continues to have a legal mandate to gather this information.
“Now a new rule needs to be developed," LeCompte notes. "We need to be sure it really furthers anti-corruption efforts.”
Read more about the Cardin-Lugar amendment
Read the oped published on 1504 from Eric LeCompte, Jubilee USA executive director
Read the letter Jubilee USA's executive director sent to Congress on the legislation
