ONE applauds Rep. Ed Royce for upholding important anti-corruption rule
Today, The ONE Campaign applauded Representative Ed Royce (R-CA) for voting to uphold an important anti-corruption rule (Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010) that requires all U.S.-listed oil, gas, and mining companies to report the payments they make to governments for the extraction of natural resources. Rep. Royce voted today in the House Financial Services Committee to oppose the bill, H.R. 4519, which would have repealed the existing rule.
Tom Hart, North America executive director at The ONE Campaign:
“Today, Representative Ed Royce showed great courage and leadership by voting to protect Section 1504, a common-sense rule that is aimed at reducing corruption, ending extreme poverty and strengthening our national security.
“Corruption keeps people in the poorest countries and most fragile states trapped in a vicious cycle of poverty. Shining a light on oil, gas and mining payments empowers citizens to hold their elected officials accountable and helps curb corruption and the mismanagement of revenues.
“As this legislation moves to the full House, we hope leaders from both parties will follow Representative Royce’s powerful example and oppose this bill that would help enable corruption, hurt the world’s most vulnerable citizens and take global transparency standards backwards.”
Notes to editors
- Equivalent mandatory disclosure legislation has been enacted in 30 other countries around the world, including in Canada, the European Union, and Norway.
- Major oil, gas and mining firms such as Total, BHP Billiton, Newmont Mining, and Eni have publicly supported Section 1504, recognizing the benefits of transparency and a U.S. law that aligns with the global transparency standard.