Political Quotes

“Section 1504 of the Dodd-Frank Act was like many other provisions that were ultimately included in the sprawling law. They had absolutely no relationship to the underlying cause of the financial and housing crisis. However, some have used the financial crisis to hijack Federal securities law in order to push a socially motivated agenda. Specifically, section 1504 of the Dodd-Frank Act requires companies registered with the Securities and Exchange Commission to annually report payments such as taxes, royalties, fees, production entitlements, and those types of things made to a foreign or the U.S. Federal government relating to the commercial development of minerals, oils, and natural gas. Companies subject to section 1504 must report the type and total amounts of these payments made for each project, as well as the type and total amounts of payments made to each government. These payments cover, as I said, taxes and other things that are really business expenses. While this may be a laudable goal, using Federal securities law and the SEC to enforce social issues is inconsistent with the SEC's core mission and completely inappropriate. Just to remind everyone, the SEC's mission by law is to: One, protect investors; two, maintain fair, orderly, and efficient markets; and three, facilitate capital formation. I would liken what they are doing by having the SEC put this rule in place sort of like requiring your police department to be in charge of road repair, too.…”