The Securities and Exchange Commission (SEC) (click here) announced its adoption of rules which will require resource extraction issuers to disclose payments that are not de minimis made to governments for the commercial development of oil, natural gas, or minerals.
This includes payments made to the United States federal government as well as foreign governments. The disclosures will appear in Form SD, which will be required to be filed annually within 150 days of the issuer’s fiscal year end beginning with fiscal years ending after September 30, 2018.
“We are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers,” the SEC memo states....
The Republicans have decided the free market system (the system that crashes everything) is better than obtaining information and GOVERNING.
The SEC is a long standing agency to protect Americans from the ravages of Wall Street. It was developed by the USA government and became a lawful organization in 1934.
It is the responsibility of the Commission to:
- interpret and enforce federal securities laws;
- issue new rules and amend existing rules;
- oversee the inspection of securities firms, brokers, investment advisers, and ratings agencies;
- oversee private regulatory organizations in the securities, accounting, and auditing fields; and
- coordinate U.S. securities regulation with federal, state, and foreign authorities.
Hubris is not governance and corruption is corruption.
January 24, 2017
By Ben Grossman-Cohen
Breaking news today (click here) from the House of Representatives is that Representative Bill Huizenga (R-MI) is gathering support from his fellow Republicans to gut one of the signature bi-partisan anti-corruption laws passed in the last 8 years.
Huizenga plans to introduce a bill today that will roll-back the anti-corruption rule known as “Section 1504,” which requires oil and mining companies to publish the payments they make to governments around the world. This transparency measure was passed to ensure people in poor countries can follow the money and to break the “resource curse”, which has plagued poor countries like Nigeria, Angola, Equatorial Guinea and more. It’s one of the most important anti-corruption/anti-poverty laws that Congress has passed in recent years and was spearheaded by Republican Senator Richard Lugar and Democratic Senator Ben Cardin.
So why is Rep. Huizenga trying to make it easier to engage in corruption in poor countries? Could the $46,050 he’s received from oil and gas interests be one reason? One week into the new Trump administration, is this really Congress’ top priority?...
There is ALWAYS only one thing on the mind of Republicans, "How can we cheat?" It is their stock and trade. They cannot deny it and here is more of it. Rep. Bill Huizenga has two bills now that promote corruption and one overrides the governance of the SEC.
The 20,000 DOW will not last. Wall Street is not self-governing.
People who sell and trade securities – brokers, dealers, and exchanges – must treat investors fairly and honestly, putting investors' interests first.
The reason the SEC was organized and passed into law by Congress was due to the Great Depression. It was legislated to protect the US economy and stabilize it. To allow this level of corruption to exist is simply wrong. The people of the USA don't understand the intricacies of governing and it shows.
Both these measures passed the same day.
Providing for consideration (click here) of the joint resolution (H.J. Res. 41) providing for congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission relating to “Disclosure of Payments by Resource Extraction Issuers”, and providing for consideration of the joint resolution (H.J. Res. 40) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Social Security Administration relating to Implementation of the NICS Improvement Amendments Act of 2007.
Resolved, That upon adoption of this resolution it shall be in order to consider in the House the joint resolution (H.J. Res. 41) providing for congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission relating to “Disclosure of Payments by Resource Extraction Issuers”. All points of order against consideration of the joint resolution are waived. The joint resolution shall be considered as read. All points of order against provisions in the joint resolution are waived. The previous question shall be considered as ordered on the joint resolution and on any amendment thereto to final passage without intervening motion except: (1) one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services; and (2) one motion to recommit.
Sec. 2. Upon adoption of this resolution it shall be in order to consider in the House the joint resolution (H.J. Res. 40) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Social Security Administration relating to Implementation of the NICS Improvement Amendments Act of 2007. All points of order against consideration of the joint resolution are waived. The joint resolution shall be considered as read. All points of order against provisions in the joint resolution are waived. The previous question shall be considered as ordered on the joint resolution and on any amendment thereto to final passage without intervening motion except: (1) one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary or their respective designees; and (2) one motion to recommit.
People who sell and trade securities – brokers, dealers, and exchanges – must treat investors fairly and honestly, putting investors' interests first.
The reason the SEC was organized and passed into law by Congress was due to the Great Depression. It was legislated to protect the US economy and stabilize it. To allow this level of corruption to exist is simply wrong. The people of the USA don't understand the intricacies of governing and it shows.
Both these measures passed the same day.
Providing for consideration (click here) of the joint resolution (H.J. Res. 41) providing for congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission relating to “Disclosure of Payments by Resource Extraction Issuers”, and providing for consideration of the joint resolution (H.J. Res. 40) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Social Security Administration relating to Implementation of the NICS Improvement Amendments Act of 2007.
Resolved, That upon adoption of this resolution it shall be in order to consider in the House the joint resolution (H.J. Res. 41) providing for congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission relating to “Disclosure of Payments by Resource Extraction Issuers”. All points of order against consideration of the joint resolution are waived. The joint resolution shall be considered as read. All points of order against provisions in the joint resolution are waived. The previous question shall be considered as ordered on the joint resolution and on any amendment thereto to final passage without intervening motion except: (1) one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services; and (2) one motion to recommit.
Sec. 2. Upon adoption of this resolution it shall be in order to consider in the House the joint resolution (H.J. Res. 40) providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Social Security Administration relating to Implementation of the NICS Improvement Amendments Act of 2007. All points of order against consideration of the joint resolution are waived. The joint resolution shall be considered as read. All points of order against provisions in the joint resolution are waived. The previous question shall be considered as ordered on the joint resolution and on any amendment thereto to final passage without intervening motion except: (1) one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on the Judiciary or their respective designees; and (2) one motion to recommit.
