17 Feb '12, 9pm

Bill Gates Presses SEC To Keep Oil and Mining Transparency Rule Strong Despite Industry Pressure

The letter from 14 members of the House of Representatives, led by Rep. Barney Frank (D., Mass.), notes their concern with the SEC in being so far behind in meeting the April 2011 statutory deadline for releasing final rules governing a program for oil, gas and mining companies to have to disclose the payments, at project-level, they make to foreign governments... The House letter, dated Wednesday, took to task industry efforts to weaken crucial definitions within the provision, including a bid to call a “project” the equivalent of a company’s entire aggregate work in a foreign country or even as far as a “geographic basin.” It said reporting at such an aggregate level “would violate both the clear and separate company-by-company and the country-by-country requirements” of the provision, which is Section 1504 of the Dodd-Frank Act. Moreover, the lawmakers said in the lette...

Full article: http://www.treehugger.com/corporate-responsibility/bill-g...

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