State department backs SEC’s “resource extraction” rule

Dodd-Frank regulation requires energy companies to disclose payments to foreign governments

The State Department has voiced support for a regulation that is unpopular among energy companies.

In August 2012, the Securities and Exchange Commission (SEC) adopted the “resource extraction” rule, which stems from a requirement in the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule requires companies in the extractive industries to disclose payments they made to foreign governments in order to further their exploration, extraction, processing and export of oil, natural gas or minerals.

Ashley Post

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