President Obama highlights new oil and mining transparency law in UN speech

Date: 22 Sep 2010

In his address to the UN summit on the millennium development goals last night, President Obama highlighted the new US law requiring all oil, gas, and mining companies registered in the US to reveal all payments they make to governments around the world:

We know that countries are more likely to prosper when governments are accountable to their people. So we are leading a global effort to combat corruption—which in many places is the single greatest barrier to prosperity, and which is a profound violation of human rights. That’s why we now require oil, gas and mining companies that raise capital in the United States to disclose all payments they make to foreign governments. And it’s why I urged the G-20 to put corruption on its agenda and make it harder for corrupt officials to steal from their people and stifle their development.

Other countries must now follow suit to unlock billions of dollars in natural resource revenues so they can be used for sustainable growth.

Read the rest of President Obama’s speech here.

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