Political Quotes

“As ranking member of the Financial Services Committee and a member of the conference committee that passed the Dodd-Frank reform legislation, I rise in opposition to H.R. 1613. I oppose the bill because of the exemption it includes for companies from the transparency requirements under section 1504 of Dodd-Frank Act. Section 1504 of Dodd-Frank requires companies to disclose payments they make to governments for oil, gas, and mining resources. It covers companies listed on U.S. exchanges, including the U.S., Chinese, Brazilian, Canadian, European, Australian and other companies. Section 1504 has a long legislative history. The Financial Services Committee held its first hearing on extracted industry transparency in 2007. In 2008, our committee held a legislative hearing where we debated the specific provisions that eventually became law. The Senate introduced similar legislation, and they held hearings. The provision was adopted into the Dodd-Frank Act through a bipartisan amendment. Then, before issuing a rule to implement the law, the Securities and Exchange Commission solicited input, held meetings, and considered hundreds of comments from industry, trade groups, Members of Congress, and civil society. Section 1504 was very carefully considered by Congress over the course of several years, with input from all quarters. It is now the law of the land. Let me tell you why it's important.…”