On the recordMay 20, 2010
I take this time to call to my colleague's attention my pending amendment, amendment No. 4050. This is the amendment that would require the oil companies to disclose the payments that they make to countries for mineral rights. It is in order to give investors transparency and knowledge about the risks that may be involved in regards to oil companies. This is real if you look at what is happening in Nigeria and other countries. Investors have a right to know where oil companies are making payments. This amendment would also further good governance. I think most of us are familiar with the mineral curse; that is, countries that have mineral wealth are some of the poorest in the world. It also helps finance corruption because the government leaders are taking these payments for themselves rather than for the people of the country. My amendment would require the SEC to allow for the disclosure of the payments made by oil companies that are regulated by the SEC. This is mostly foreign companies. These are not U.S. companies by and large. It puts U.S. companies on a level playing field because U.S. companies are prohibited by law from being involved in any part of corruption. This is a bipartisan amendment.
