Rolling Back Extractives Transparency Measure Will Hamper U.S. National Security

WASHINGTON, D.C. – The U.S. House Financial Services Committee voted 33-27 Wednesday to repeal a bipartisan anti-corruption safeguard — Section 1504 of the Wall Street Reform and Consumer Protection Act of 2010 — in a move that was criticized by the Financial Accountability and Corporate Transparency (FACT) Coalition.  Sponsored by former Sen. Richard Lugar (R-IN) and Sen. Ben Cardin (D-MD), Section 1504 deters global corruption and protects U.S. national security by requiring oil, gas, and mining companies that file an annual report with the Securities and Exchange Commission to disclose their country and project-level payments to host governments each year.

Clark Gascoigne, the deputy director of the FACT Coalition, issued the following statement:

“Today’s vote advances a measure that undermines anti-corruption efforts around the world and destabilizes U.S. national security.  Mounting evidence points to the fact that financial secrecy facilitates corruption and corrupt money funds violent extremism.  Rolling back this transparency safeguard would remove a critical tool to protect American companies and democratic interests around the globe.”

Earlier this week, the FACT Coalition sent a letter to members of the House Financial Services Committee in opposition to H.R.4519, the bill to repeal Cardin-Lugar.  The letter can be found here.

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Journalist Contact:

Clark Gascoigne
Deputy Director, The FACT Coalition
+1 202 810-1334
cgascoigne@thefactcoalition.org