Section 1504 Legislative History Timeline

Section 1504 of the Dodd-Frank Financial Reform and Consumer Protection Act, also referred to as the Cardin-Lugar Amendment, emerged following several years of work within the U.S. Congress, wherein industry, investors, and civil society were provided with ample opportunities to influence the final language of the requirements. Review this timeline of Section 1504’s legislative history.

FACT SHEET – SEC Rules for Oil and Mineral Payment Disclosure

On August 22, 2012, the U.S. Securities and Exchange Commission (SEC) voted to approve regulations to implement Section 1504, or the Cardin-Lugar Amendment, of the Dodd-Frank Financial Reform and Consumer Protection Act. Section 1504 requires any oil, gas or mining company reporting to the SEC to disclose their country and project-level payments to host governments each year. The following provides…

The USA’s oil transparency rules: Worth the wait?

Thanks to public pressure and a lawsuit by Oxfam America, the SEC has done it, and last month saw the draft rule published. PWYP-US is currently analysing the details, but overall, it’s good news – it is comparable to the EU Directives (so most companies which are listed in both the US and EU will be able to submit the same report in both places) and the early general verdict is that this is a strong proposed rule, which requires public disclosure of payments by company and by project.

The foundation is shaking beneath Big Oil’s House of Cards

No competitive disadvantage from payment disclosure, says leading natural resource economist Transparency advocates are fighting to prevent Big Oil from weakening Section 1504 of Dodd-Frank, the landmark oil, gas, and mining payment transparency provision. Section 1504, if properly implemented, will enable citizens to monitor the revenue their governments receive from extractives companies, and help citizens ensure that revenue generated from…