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One year of delay undermines U.S. leadership

Washington, D.C — After one year of unlawful delay, Publish What You Pay U.S.

Schapiro must schedule vote on oil, mining payment disclosure rule

Washington, DC – International humanitarian organization Oxfam America called on the Securities and Exchange Commission’s (SEC) Mary Schapiro to schedule a meeting now of the SEC to vote on and issue final rules for the oil, gas and mining transparency provision of the Dodd-Frank Act.

House lawmakers and Bill Gates each sent letters to the Securities and Exchange Commission calling for the agency to finalize a key rule and raising the stakes in the fight over extractive issuer disclosure under the Dodd-Frank Act.

The letter from 14 members of the House of Representatives, led by Rep.

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WASHINGTON, D.C. — The international civil society coalition Publish What You Pay welcomed today’s U.S. commitment to participate in the Extractive Industries Transparency Initiative (EITI) to increase transparency in oil, mining and gas revenues collected from U.S.

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WASHINGTON, D.C.— At a press briefing held today, Publish What You Pay U.S. joined with developing country activists and investors to call on the Securities and Exchange Commission (SEC) to issue final rules to implement a landmark law that will shed light on billions of dollars in payments from oil and mining companies to governments.

PWYP members in Europe have written to the US Securities and Exchange Commission (SEC), which regulates US stock exchanges, and notified the body that the European Commission is developing counterpart legislation in Europe. The need for extractive industry transparency rules in the EU has been backed by the British and French governments which have both publicly stated their support this year following the passing in the United States of the Dodd-Frank Act.

US chapter lauded for supporting passage of oil and mineral transparency law

WASHINGTON, D.C. —The Center for Global Development (CGD) and Foreign Policy magazine today presented the global Publish What You Pay (PWYP) coalition with the 2010 Commitment to Development Award, in special recognition of the U.S. chapter of PWYP’s role in the passage of a landmark provision in the Wall Street Reform and Consumer Protection Act requiring energy and mining companies to make public their payments to governments.

"This award is a testament to the commitment and hard work of the over 600 organizations that work together around the world as Publish What You Pay," said PWYP-US director Isabel Munilla. "The success of our campaign to pass this important legislation shows that transparency is not a partisan issue."

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.

Last night the U.S. Congress voted in favour of sweeping financial reforms which include a landmark provision requiring oil, gas and mining companies registered with the U.S. Securities and Exchange Commission to publish how much they pay to foreign countries and the U.S. government.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is expected to be signed into law by President Obama next week and will give citizens of resource-rich countries essential information to hold their governments to account and ensure that natural resources generate benefits for everyone, rather than a select few.

Senate Should Pass Cardin Amendment to Financial Reform Bill

In the midst of an unfolding environmental disaster in the Gulf of Mexico, the oil industry is supporting secrecy and business as usual on Capitol Hill by opposing a critical amendment to the financial reform bill. The bipartisan amendment would increase financial transparency in the oil, gas, and mining industries and provide valuable information to investors in the United States and to citizens in poor countries around the world, says international humanitarian organization Oxfam America. The amendment is likely to face a floor vote this week.