Dick Lugar: “last week heads of state, key policymakers, and foreign aid implementers met in Washington to examine ``Frontiers in…”

“last week heads of state, key policymakers, and foreign aid implementers met in Washington to examine ``Frontiers in Development.'' It was my pleasure to provide the conference keynote address Monday in which I pressed for greater transparency in global financial transactions and investments. This includes both U.S. foreign assistance funding and payments that companies make to foreign governments for oil, natural gas and mineral developments. Fuller disclosure improves accountability to citizens of both our country and the recipient country and would set an important example for other countries to provide more clarity about their own foreign assistance programs. Transparency in energy and mineral payments is already required for U.S.-listed companies by law in the Cardin-Lugar provision of the Dodd-Frank Act, and thanks to American leadership, the European Union is preparing similar legislation. Now, it is timely to enact legislation requiring the U.S. to disclose where and for what purpose it provides foreign assistance dollars across the globe. Further, taxpayers and foreign aid recipients have a right to know the impacts of these funds. That is why I am introducing The Foreign Aid Transparency and Accountability Act, which will require the President to disclose this information through a publicly accessible website in a timely manner. The U.S.…”