Anti-Poverty and Transparency Law Repealed by House Committee
Washington DC - On Wednesday the US House of Representatives Financial Services Committee voted 33-27 to repeal section 1504 of the "Dodd-Frank" Wall Street Reform and Consumer Protection Act of 2010. Section 1504 requires oil and mining companies to disclose what payments companies make to governments where they operate to the Securities and Exchange Commission.
Eric LeCompte, Executive Director of the religious development organization, Jubilee USA, releases the following statement:
"I supported Section 1504 because it was a common sense, bipartisan model to combat revenue thefts from the poor and a new beginning to address tax evasion and corruption.
"Section 1504 requires annual reporting by oil, gas and mining companies of financial activity and payments to governments where these companies operate. Requiring disclosure of these payments helps fight corruption by extending the transparency we have in our own federal budget to other countries that need to be more forthcoming about public finances.
"Because Congress acted on this transparency initiative, the world followed. Europe and Canada passed and expanded Congress’ action and the idea of increasing this type of financial reporting has now become a critical part of global development agreements.
"It's a sad day when basic anti-poverty and transparency initiatives are repealed."
Read Eric LeCompte's February oped in the Hill opposing the repeal of Section 1504.
Eric LeCompte, Executive Director of the religious development organization, Jubilee USA, releases the following statement:
"I supported Section 1504 because it was a common sense, bipartisan model to combat revenue thefts from the poor and a new beginning to address tax evasion and corruption.
"Section 1504 requires annual reporting by oil, gas and mining companies of financial activity and payments to governments where these companies operate. Requiring disclosure of these payments helps fight corruption by extending the transparency we have in our own federal budget to other countries that need to be more forthcoming about public finances.
"Because Congress acted on this transparency initiative, the world followed. Europe and Canada passed and expanded Congress’ action and the idea of increasing this type of financial reporting has now become a critical part of global development agreements.
"It's a sad day when basic anti-poverty and transparency initiatives are repealed."
Read Eric LeCompte's February oped in the Hill opposing the repeal of Section 1504.
Available for interview: Eric LeCompte, Executive Director
Contact: Lydia C. Andrews, Deputy Director
(o) 202-783-3566 x109 (m) 847-772-2305 / lydia@jubileeusa.org