THIS MOVE BY THE US CONGRESS IS GOOD FOR EXXON, BAD FOR EVERYONE ELSE.
One of President Trump’s best tools to “drain the swamp” is under threat from his own side. A mere four days after he took office, Republican Congress members began attacking a key piece of anti-corruption legislation. This rule, the Cardin-Lugar provision (also known as Section 1504 of the Dodd-Frank Act), was a bipartisan effort to shield US citizens and shareholders from millions of their dollars vanishing to foreign oligarchs in the oil, gas and mining sector, which is particularly vulnerable to corruption. The “swamp” — a handful of lobbyists, executives and contractors who feed off such business ties — has attacked it for years. When the provision was born in 2010 it set an international movement in motion. United States leadership inspired similar legislation in the EU, oil-rich Norway, Canada and beyond. In total, governments enacted similar provisions in over 30 countries.
Elisa Peter, Executive Director, Publish What You Pay, [PWYP]
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