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

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:

EITI Statement on the SEC’s regulation on mandatory company disclosure

The Securities and Exchange Commission’s (SEC) regulation giving effect to Section 1504 of the Dodd Frank Act has been published. The rules will require extractives companies in the US to disclose payments made to governments for the commercial development of oil, natural gas or minerals, disclosures that have already become routine in many EITI implementing countries.