"The Commission has a mandate to implement final rules reflecting the clear intent and reporting requirements established by Congress," Gates wrote in a letter. "Such rules would be consistent with emerging international norms and practice, and help reinforce a competitive and level playing field for U.S. corporations and foreign companies. It would produce real benefits for the citizens of the countries where the investments take place."
Human rights and anti-poverty groups say disclosing the payments would encourage corrupt governments that rely heavily on oil and gas revenues to spend the money more wisely. The rules, which are required under the Dodd-Frank financial reform law, were supposed to be finalized in April 2011.
Activists with Oxfam America and other human rights and anti-poverty groups have launched a campaign to push back on the industry's lobbying efforts against the long-delayed rules. Additionally, 14 Democratic members of Congress sent a letter to the SEC yesterday pressing their case for rules with no exemptions.
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