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Article

15 Jul 2010

Author:
Karin Lissakers - Director, Revenue Watch Institute

Wall Street Reform Includes Big Steps on Oil and Mining Transparency

Among the historic Wall Street reforms approved today, Congress adopted a bipartisan measure requiring all companies registered with the Securities and Exchange Commission to report the amounts they pay to governments for access to oil, gas and minerals. The new law, which applies to U.S. and foreign companies alike...will help citizens in the U.S. and other countries with significant oil, mineral or natural gas production to follow the money coming from extractive companies to their governments... [The] legislation is part of a global shift toward better reporting by oil, gas and mining companies. The Hong Kong Stock Exchange enacted a similar country-by-country reporting standard earlier this summer, and a movement for similar requirements is gaining ground in the British Parliament... Citizens worldwide are gaining a weapon in their fight for corporate accountability and a fair share of their countries' oil and mineral wealth.