Oil industry’s SEC lawsuit out of touch with the global drive toward greater transparency

WASHINGTON — In response to the oil industry’s lawsuit challenging the Cardin-Lugar amendment to the Dodd-Frank financial law, which aims to help citizens in oil-rich countries hold their leaders accountable for the money they receive for extractive rights, ONE US Executive Director Tom Hart issued the following statement:

It’s no surprise that some in industry are doing whatever they can to avoid having to comply with the Dodd-Frank Act. But the law is clear, the SEC ruling unambiguously supports it, and the will of the American public and global opinion is driving toward greater transparency.

This summer, 143,000 Americans signed on in support of the principles adopted in the SEC ruling which, when implemented, will protect investors, fight corruption, promote human rights and strengthen U.S. national security.

As Europe prepares to adopt a similar measure, we are well on the way to achieving a common, global standard on natural resource transparency that ensures that the vast potential of the world’s natural endowment is harnessed to improve the lives of some of its poorest people.

When the SEC ruled in August, ONE co-founder Bono called transparency “the best vaccine against corruption” and praised the law for “providing real world solutions in transforming the lives of the poor.”