Over the next 24 hours, a transparency initiative that affects the gas oil and mining sector could be repealed by the US House of Representatives. The”Cardin-Lugar amendment” of the 2010 Dodd-Frank Wall Street Reform Act needs oil and mining companies to disclose financial activity and obligations to authorities in the countries it operates. Transparency advocates expect the Senate will stop any repeal while repeal in the House seems likely Dodd-Frank Transparency Measures . If repeal measures pass Senate and the House, President Donald Trump would have to sign the bill.
“Section 1504 deters bribery, stops corruption and curbs tax evasion. It provides transparency protections for workers and vulnerable people,” explained Eric LeCompte, executive director of the spiritual development coalition Jubilee USA. LeCompte functions on United Nations groups that concentrate on transparency and tax difficulties. “We need more laws that encourage transparency and financial disclosure. This isn’t a moment we could walk away from transparency.”
The House vote on the Cardin-Lugar amendment or Section 1504 of Dodd-Frank is a part of a so-called Congressional Review Act that would repeal a wide assortment of federal rules. The Securities and Exchange Commission finalized Section 1504 in June, 2016, six years later Congress passed the amendment that mandated it. Jubilee USA worked on the amendment’s passing. Supporters of the”Cardin-Lugar amendment” consider the legislation helps tackle some of the more than one trillion dollars lost annually to corruption and tax evasion in the developing world.
Senate James Inhofe (R-Oklahoma) announced he will direct efforts to repeal Section 1504 from the Senate.
“We implore Congress to take a step back and examine the extreme impacts on poor populations that could come from repealing anti-corruption steps,” noted LeCompte, who urged Congress to not harm Department 1504 in a letter sent Tuesday. “This was a bipartisan activity that upholds a bipartisan commitment to ending extreme poverty around the world.”