Publish What You Pay United States coalition
Saturday, September 04, 2010
- An appeal for transparency
Update: July 15, 2010 - The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed by congress. This legislation includes an extractive industries transparency provision using the language of the ESTT.
 
  • View the Publish What You Pay press release here.
  • Detailed questions and answers on this provision are available here.
  • Read the text of the Cardin-Lugar Transparency Provision in the Dodd-Frank Act.
  • Information on companies covered by the provision is available here.
  • Information on Chinese company coverage is available here.
 

 The U.S. Congress introduced:

      Energy Security through Transparency Act (ESTT) - 2009 Senate
 
     Extractive Industries Transparency Disclosure Act (EITD) - 2008

 

Check out www.openthebooks.org for PWYP US news on these acts!

ESTT Overview

On September 23rd, 2009, the “Energy Security through Transparency Act of 2009” was introduced by a bipartisan coalition of Senators Richard Lugar (R-IN), Ben Cardin (D-MD), Charles Schumer (D-NY), Roger Wicker (R-MS) and Russ Feingold (D-WI).  The bill would require energy and mining companies to reveal how much they pay to foreign countries and the U.S. government for oil, gas, and other minerals. 

ESTT Documents & News:

 

EITD Overview

On May 15, 2008, Chairman Barney Frank of the House Financial Services Committee introduced the Extractive Industries Transparency Disclosure (EITD) Act, which requires companies to report their country-by-country payments for oil, gas and minerals to the Securities and Exchange Commission (SEC).  This bill would strengthen America’s energy security and stabilize the overseas business environment while maintaining a level playing field for U.S. and foreign corporations.  On July 31st, Senator Charles Schumer introduced companion legislation in the Senate.

The bill is a simple, no-cost step for freedom of information that has the power to strengthen America’s energy security and foster good will toward America with a simple, low-cost change in the rules at the SEC. Read the bill.

On June 26, 2008, the House Financial Services Committee held a hearing on the Act.  A webcast of the hearing is available here. 

 

 Why support the ESTT/EITD Acts?

- Foreign governments’ diversion of oil, gas and mineral payments in secrecy contributes to poverty and continuing human rights abuses in some 50 countries where many people live on $1 a day. These countries tend to request more foreign aid and humanitarian assistance.
 
- The resulting instability has led to incidents such as the recent kidnapping of oil workers and bombing of oil pipelines in Nigeria, which kept an estimated 1 million barrels of oil a day off the market. It threatens U.S. companies, their investors, and portfolio managers, and it contributes to record-high prices at the gas pump for Americans.
 
- By knowing how much money their governments receive for oil, gas and minerals, citizens can hold their own governments accountable. In Nigeria, for example, $1 billion was freed for programs to help people. The House bill would open up a peaceful path to address human needs and lower tensions in the countries where American companies need to do business.
 
- Publish What You Pay has bipartisan support, since it addresses issues of concern for legislators on both sides of the aisle: Energy security, reducing funding of dictatorships and potential terrorists, and alleviating poverty that destabilizes the countries that supply America with vital natural resources