Statement from EITI Chair on repeal of SEC's 'resource extraction' rule

Updated 14 Feb 2017

On 14 February 2017 the President of the United States Donald Trump signed into law Congressional action to disapprove the rule submitted by the SEC relating to "Disclosure of Payments by Resource Extraction Issuers" required by section 1504 of the Dodd Frank Act. The outlook and implications are unclear. There may be further efforts by the SEC to redraft the rule, but also efforts to repeal or amend the Dodd Frank Act.  

Ahead of the vote, the EITI Chair made the following statement:

The EITI has in recent years frequently spoken about the ways in which disclosure requirements like Dodd Frank 1504 and the EITI complement each other. See for example, the EITI Statement on the SEC’s regulation on mandatory company disclosure. I reiterate earlier held EITI positions on this matter. Our aim is to ensure responsible and transparent resource governance and this requires multiple efforts. The SEC took great care in drafting these rules in consultation with industry to ensure that they complement the EITI’s efforts and avoid unnecessary duplication. I would urge Congress to consider this matter thoroughly, and to ensure that any action does not undermine the hard-won gains in this arena.

Fredrik Reinfeldt

Chair of the EITI