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Trump Administration deals another blow to transparency initiative

Joe Mont | March 22, 2017

More bad news for proponents of recently eliminated disclosure requirements for oil, gas, and mining companies. The Department of the Interior has halted U.S. efforts to seek validation by the Extractive Industries Transparency Initiative (EITI), a global anti-corruption effort with a stated mission to bring openness and accountability to the oil, gas, and mining sectors.

Last month, President Donald J. Trump signed legislation to repeal the Securities and Exchange Commission’s controversial extractive payments rule. The Dodd-Frank Act mandate required public companies involved in the extraction of natural resources to annually report payments they, subsidiaries, and entities they control make to governments for the commercial development of oil, natural gas, or minerals.

The rule was repealed using the rarely used Congressional Review Act, passed into law in 1996, which empowers Congress to review and invalidate through an expedited legislative process a broad range...

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