Senator Dick Lugar (R-IN), Ranking Member of the Senate Foreign Relations Committee, welcomed testimony from U.S. Special Representative to Burma Derek Mitchell that new U.S. investment policies toward Burma will be consistent with transparency standards required by the Cardin-Lugar Amendment.
"With Cardin-Lugar, transparency is now the law of the land. We want U.S. investment in Burma, and strong transparency requirements are vital for making those investments secure for U.S. shareholders and beneficial for the local population. Transparency is a win-win for U.S. companies and citizens of Burma," Lugar said following Mitchell's appearance.
On Wednesday, June 27, 2012, Mitchell testified before the Senate Foreign Relations Committee as part of his confirmation process to be U.S. Ambassador. As quoted from an unofficial transcript, Mitchell stated, "Of course there is corruption and lack of transparency throughout the economy of Burma We should be careful that however we engage that we do so to the highest standards of transparency [Cardin]-Lugar is law and we want to be consistent with that." His testimony on this topic begins at 36:30 in the video here.
The Cardin-Lugar Amendment became law in 2010 and is currently undergoing final rule-making at the Securities and Exchange Commission. The Cardin-Lugar Amendment requires transparent reporting of payments made to governments for the extraction of oil, natural gas, and minerals by companies that otherwise must file disclosures with the SEC. Once fully implemented, the Cardin-Lugar Amendment will help empower investors to have a more complete view of the value of their holdings and encourage capital formation. It will bring more information to global commodities markets, which would benefit price stability. And it will help empower citizens to hold their governments to account for the decisions made by their governments in the management of valuable oil, gas, and minerals resources and revenues.