On September 23rd, 2009, the United States Senate introduced a bill that will have far-reaching benefits for everyone involved in the international oil, gas and mining industries. It is simple and low cost.
The legislation called the Energy Security through Transparency (ESTT) Act would require companies to publish the payments they make to foreign governments for oil, gas and minerals. A companion bill, called the Extractive Industries Transparency Disclosure Act is expected to be introduced in the House of Representatives in 2010.
This information benefits everyone: investors that want to know where their money is going, companies that want to protect their reputations, and people in countries where the money is often being stolen or squandered. The US can take the lead in the global fight against corruption.
You can help - support these bills!
About The Bill
The “Energy Security through Transparency Act of 2009” was introduced on September 23rd, 2009 by 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
The information would be included in financial statements that are already required by the Securities and Exchange Commission (SEC). This would apply to both American and international companies listed with the SEC, covering a majority of the largest oil, gas and mining companies in the world. To read the ESTT Act click here.
The ESTT builds upon legislation introduced in 2008. The Extractive Industries Transparency Disclosure Act was introduced in May 2008 by Chairman Barney Frank of the House Financial Services Committee and in July 2008 by Senator Charles Schumer of the Senate Banking Committee.
The Financial Services Committee held a legislative hearing in June 2008 to discuss the EITD Act. Four distinguished witnesses presented industry, investor, legal and NGO perspectives. They agreed that the EITD Act will have a positive impact for all stakeholders. To watch a video of the hearing, download witness testimony and read HFSC member statements, click here.
Natural resources such as oil, gas and minerals can be a great benefit or a terrible curse. This legislation is an important first step in ensuring that resource wealth leads to development and prosperity rather than instability, poverty and violent conflict. It will help create a more stable investment environment and energy supply by enabling citizens and the international community to hold governments accountable for how they are spending billions of dollars in profits.
The Open the Books website was developed by the Publish What You Pay US coalition to raise awareness about the issues surrounding this critical and timely bill.
© 2008 Publish What You Pay USA