Publish What You Pay’s latest victory

July 15th saw the U.S. Senate give final approval to the Dodd-Frank Wall Street Reform and Consumer Protection Act which means 90% of international energy and mining companies will now have to disclose how much they pay to foreign countries and the U.S. government for oil, gas, and minerals; a major victory for the global Publish What You Pay coalition.

This will dramatically decrease the potential for corruption in extractive industries and allows citizens to demand accountability and responsible resource use. Senator Dick Lugar said in a Senate Floor Statement, “Transparency empowers citizens, investors, regulators, and other watchdogs and is a necessary ingredient of good governance for countries and companies alike.”
Just as this will bring accountability and ownership of resources in the oil and mining industries, aid transparency is another essential ingredient of good governance and effective resource use.

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