Posted by jinn on 25th August 2011
Interior Department says Dodd-Frank Provision – “Could be Very Useful”
By Ian Gary, August 18th, 2011
Reposted from Oxfam America
Last year, when Oxfam and allies were celebrating the passage of the Dodd-Frank Wall Street Reform Act and the provision on oil and mining payment transparency, we were largely focused on the impact that these new disclosures would have on resource-rich developing countries. It turns out, though, that there could be a big financial benefit for the US Treasury and a country struggling with record deficits.
Few realize that the oil and mining payment disclosure provision – section 1504 or the “Cardin-Lugar” provision – requires reporting by companies in every country of operation, including reporting of payments in the US from production on Federal lands and offshore oil and gas production on the Outer Continental Shelf. The US Interior Department has just told the Securities and Exchange Commission (SEC) that implementation of this provision could be “very useful” in its work to collect oil and gas revenues inside the US. The Office of Natural Resource Revenue (ONRR) – charged with collecting and disbursing more than $10 billion in oil and gas revenues each year – has written to the SEC to say that how the agency implements the provision could help them “ensure that energy companies are reporting correctly and paying every dollar due to the American taxpayer.”
Photo caption: President Obama Signs the Dodd-Frank Wall Street Reform and Consumer Protection Act. Photo by Leader Nancy Pelosi, available under a Creative Commons Attribution-Noncommercial license.