[T]he United States government announced that it was discontinuing EITI implementation [Extractive Industries Transparency Initiative]. The EITI Chair, Fredrik Reinfeldt, issued the following statement:

"This is a disappointing, backwards step. The EITI is making important gains in global efforts to address corruption and illicit financial flows...to combat transnational crime and terrorist financing. It’s important that resource-rich countries like the United States lead by example. This decision sends the wrong signal.

The United States has been implementing the EITI since 2014. The USEITI multi-stakeholder group (MSG) has been a valuable platform for dialogue, encouraging state and tribal participation. Under the auspices of the EITI, the Department of Interior has made strides in modernising royalty revenue management. The MSG developed a simple procedure to provide greater transparency on corporate income tax payments. Regrettably, the majority of companies declined to report. The disapproval of the SEC Rules implementing the Dodd Frank provisions on the disclosure of payments by resource extraction issuers was a set-back, undermining the EITI’s efforts..."