In July 2010, the U.S. Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, legislation that included a provision requiring oil, gas, and mining companies registered with the U.S. Securities and Exchange Commission (SEC) to publish how much they pay to foreign countries and the U.S. government. President Obama signed the bill into law in July. The SEC is expected to adopt rules to regulate and enforce the disclosure provision by March 2011.
However, the bill leaves the playing field far from level. The Extractive Industry Transparency Initiative (EITI) is the vehicle to establish this internationally consistent standard. International extractive companies and their governments should work to make the Extractive Industry Transparency Initiative (EITI) require all EITI-compliant countries to require individual company-by-company reporting.