House Democrats on the Financial Services Committee are not only sending letters to regulators on financial services-related rules in the Dodd-Frank reform law, but they are also focusing on foreign energy extraction.
"Twelve lawmakers, including committee ranking member Maxine Waters, have filed an amicus brief backing a Securities and Exchange Commission rule that faces strong industry opposition. The rule, mandated by an obscure provision in Dodd-Frank, requires energy companies to report payments to foreign governments for exploration and extraction of oil and natural gas," writes American Banker's Victoria Finkle.
"Investors and the public need to be able to fully evaluate whether a company has properly addressed the commercial, political, and legal risks it faces when operating around the globe in environments where corruption is rife and rule of law weak," the lawmakers said.
The case, American Petroleum Institute v. Securities and Exchange Commission, is pending in the U.S. Court of Appeals for the District of Columbia Circuit.
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