U.S. PWYP Law 2010 - Sec. 1504, Dodd-Frank Wall Street Reform Act

With final approval of Dodd-Frank Wall Street Reform and Consumer Protection Act in July of 2010, the United States Congress took historic steps to ensure energy industry transparency and give investors and citizens new tools to hold companies and governments accountable for their actions.

Section 1504 of the new law requires all U.S. and foreign companies registered with the United States Securities and Exchange Commission (SEC) to publicly report how much they pay governments for access to their oil, gas and minerals.

The new requirement is the result of a bipartisan effort in the U.S. Senate and the House of Representatives, including almost two years of public hearings by multiple committees and support and sponsorship from leaders  including Senators Richard Lugar (R-Ind.) and Ben Cardin (D-Md.), Chairman of the Senate Banking Committee Chris Dodd (D-Conn.), Senator Patrick Leahy (D-Vt.) and Congressman Barney Frank, Chairman of the House Financial Services Committee.

The Revenue Watch Institute worked continuously to promote these transparency reforms as part of the Publish What You Pay US coalition, which contains a range of development, anti-poverty, faith-based and human rights organizations.

This document is the full text of Section 1504 of the Wall Street reform bill, entitled "Disclosure of Payments by Resource Extraction Issuers". Please note that translations are available for download in Spanish, French, Chinese, Russian and Arabic.