Senate and Investor Champions of Section 1504 React to Strong SEC Final Rule

Champions of Section 1504 of the Dodd-Frank Act react to the release of the Security and Exchange Commission’s Final Rule.

“Today is a watershed moment as the United States reclaims its position as a leader in the effort to increase global accountability and transparency. This final rule will enable citizens and local civil society organizations to hold government leaders accountable for their management of valuable oil, gas, and mineral resources and revenues while ensuring investor protections. Transparency is the enemy of corruption, and today the United States has sent a clear message to government officials who seek to siphon off public funds for personal gain. I thank the Publish What You Pay coalition, Oxfam America, the One Campaign, and other partners for their tireless work leading up to today’s achievement. And this rule would not have been possible without the strong leadership and support of former Senators Lugar, Dodd and Senators Leahy and Durbin.”

– Senator Ben Cardin (D-MD); Ranking Member of Senate Foreign Relations Committee

“I am pleased that the SEC has released a strong rule for the Cardin-Lugar Amendment that will allow America to reassert its leadership in transparency and government accountability efforts. I have appreciated the opportunity to continue working over the past few years with my former colleague and Ranking Member of the Senate Foreign Relations Committee Senator Ben Cardin. I also commend the leadership of organizations like Oxfam America and Publish What You Pay advocating for a strong Section 1504 rule. The release of the final rule highlights the need for a bipartisan approach in the Congress and the follow-through, sometimes over many years, necessary for implementing thoughtful legislation.”

– Sen. Richard G. Lugar (Ret.); President, The Lugar Center

“I welcome the completion of the SEC’s work on this long-awaited rule. I look forward to reviewing the final rule in detail to ensure that it follows congressional intent by increasing transparency for companies involved in the development of oil, natural gas and minerals. Sunshine is a powerful disinfectant, and the SEC finally is pulling back the curtains to allow U.S. investors and citizens in resource-rich countries to hold their leaders accountable. I commend the SEC for taking action to increase corporate responsibility, promote energy security and provide U.S. investors with the information they need to properly analyze risks. That is what Congress intended in adopting my amendment during the Dodd-Frank conference negotiations seven years ago.”

– Sen. Patrick Leahy (D-VT); Ranking Member of Senate Judiciary Committee

“Calvert applauds the Securities and Exchange Commission for adopting a strong rule to implement section 1504 of the 2010 Dodd-Frank Act. This rule will provide investors with the information they need to understand extractive industry companies’ exposure to social, political and regulatory risks. Public disclosure of royalties, taxes, production entitlements, bonuses, and other fees paid by extractive companies can provide investors the data to accurately model and analyze a company’s exposure to country-specific and project-specific risks. Such transparency will also strengthen citizens’ ability to demand accountability from governments in resource producing countries about the way that natural resource wealth is managed.”

– Stu Dalheim, Vice President, Shareholder Advocacy, Calvert Investments