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Congressman Gregory W. Meeks Praises United States Securities and Exchange Commission for Issuing Rule Designed to Combat Resource Curse


Location: Washington, DC

Congressman Gregory W. Meeks (NY-6), a senior member of the House Financial Services Committee, released the following statement:

"I am pleased the United States Securities and Exchange Commission (SEC) passed a rule today to require disclosure of payments made by companies in extractive industries to foreign governments. This rule, which was mandated by Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, is a vital step in increasing transparency in the often opaque and murky world of energy and mining transactions, and will help combat corruption in resource-rich countries. As is often noted, "sunlight is the best disinfectant.'

"My one disappointment is that the vote was not unanimous. Despite the industry's best efforts to defeat or weaken this transparency measure, this rule contains few opportunities for evasion by companies. Its implementation will help reverse the "resource curse' that has plagued developing nations."

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