A lot has happened since we delivered your petition signatures to the Securities and Exchange Commission (SEC) in 2010. After nearly two years and hearing from a lot of ONE members, the SEC finally released strong rules for the Section 1504 of Cardin Lugar, which requires oil and gas companies to publish what they pay to foreign governments when they make a deal, which the SEC officially approved.
In fact, when they finally did release they rule – they even cited ONE members and all the public support as a factor in their decision. This helped blaze the trail for similar legislation in Canada and 28 European countries.
But over the past two years, some of the world’s biggest oil companies have sued the SEC and stopped the rule in its tracks. So what does that mean for you and me? Well, it’s back in the hands of the SEC, and we need to make sure that we make our voices heard loud and clear.
That’s why today we are calling on ONE members to urge the SEC to reissue their rule and NOT be bullied by Big Oil.
It’s important that Big Oil publishes what they pay so a nation’s money can go toward development goals like health care, schools and clean water – and not to the pockets of kleptocrats.
But Big Oil is being a Big Bully – and we need to set them straight. Activists in Africa are being thrown in jail, having their lives threatened for fighting against this corruption. And we can’t let the oil lobby hurt the progress being made against corruption in other countries.
Moreover, we can’t let Big Oil get away with this blockage simply because they give “alms to the poor,” as Bono said at UN Week, referring to oil companies’ work in supporting funding for AIDS and malaria prevention.
ONE members, your good work is at stake. You pushed this forward once before and we now need your voice more than ever. So please join me in urging the SEC:
Dear SEC Commissioners,
Please don’t delay in issuing a strong final rule – no exemptions, no loopholes – on Section 1504 of the Dodd–Frank Act. It’s what the American people expect, it’s what investors need, and it’s what the world’s poorest demand.