The recent 2014 agenda released by the U.S. Security and Exchange Commission (SEC) may have outlined what the country can expect in regulation for the upcoming year, however, it failed to address a controversial provision that didn’t go unnoticed by government aides and officials. The biggest concern for aides reluctant of the agenda is more about why there was no mention of the regulation at all; a regulation that government officials are already well aware of.
As stated in a recent National Journal report, the Dodd-Frank provision would force oil, gas, and mining companies to disclose their payments to foreign governments, as a way to weaken corruption and poverty in resource-rich nations. In other words, the rule will essentially pit the world’s most powerful oil companies against human-rights groups and advocates. Additionally, the rule requires businesses listed on U.S. stock exchanges to file SEC disclosures that tally royalties, taxes, and production licenses to governments for oil, gas or mining projects in their countries.