The U.S. Chamber of Commerce has joined with associations representing the oil industry over the Security and Exchange Commission’s to legally challenge a regulatory mandate to disclose payments made to governments for extraction rights. As the Chamber did in scoring a legal victory against a “proxy access” rule last July, concerns over an inadequate cost-benefit analysis have been made the cornerstone of their challenge.
In August, the SEC voted to implement a rule that requires registered oil, gas and mining companies to disclose any payment, or series of related payments, totaling $100,000 or more that are made during the course of a fiscal year to the U.S. or foreign governments in exchange for extracting resources. The rulemaking was required by the Dodd-Frank Act.
