Financial Services Committee to Hold Hearing on Extractive Industries Transparency Disclosure Act
Washington, DC – House Financial Services Committee Chairman Barney Frank (D-MA) today announced that the committee will hold a hearing on H.R. 6066, the Extractive Industries Transparency Disclosure Act. The legislation would require oil, gas, and mining companies listed on U.S. exchanges to publicly disclose the payments they make to the governments of the countries from which those resources are extracted. This disclosure requirement benefits both corporate shareholders as well as the citizens of the host countries where the extraction occurs. The information will allow shareholders to make better informed assessments of opportunity costs, threats to corporate reputation, comparative extraction costs, and long-term prospects of the companies in which they invest.
