Political Quotes

“Mr. Speaker, I rise in support of H.J. Res. 41. As you have heard today, it has an immense cost to our economy. The SEC estimates, as you have heard from other Members, up to $590 million per year, Mr. Speaker. Now, think about that. That is $5 billion over 10 years. And if we put a 10 multiplier on it, that is $50 billion of investable capital that could be put out for productive use helping the world have more mineral resources. Instead, it goes to this ill-advised rule. {time} 1600 In the past two decades, the United States has lost more than 50 percent, Mr. Speaker, of its public companies, in large part due to the costs and regulatory burdens of being associated with being a public company. Dodd-Frank's resource extraction rule piles on even more harmful red tape for those publicly traded companies in the United States that are global energy providers. As this rule only applies to publicly traded companies, this increased burden puts U.S. companies at a disadvantage. Over 75 percent of the extracted minerals are owned by state-owned enterprises, Mr. Speaker, that are not covered by this rule. That puts our companies at a competitive disadvantage. It requires our companies to reveal confidential information, putting our companies at a competitive disadvantage. And if, Mr. Speaker, the people want transparency, the best way to handle that is through self-disclosure through global transparency and accountability.…”