Congress could repeal a bipartisan anti-corruption measure aimed at promoting transparency in the oil, gas and mining sector. The bipartisan "Cardin-Lugar amendment" to the 2010 Dodd-Frank Wall Street Reform Act requires oil and mining companies to publish payments they make to foreign governments. Reuters reports that members of the House of Representatives plan to introduce a Congressional Review Act resolution that would repeal the amendment.
"The bipartisan Cardin-Lugar amendment is not just an important anti-corruption measure, it's an important anti-poverty measure," said Eric LeCompte, executive director of the religious development coalition Jubilee USA. "Congress should not repeal this critical law."
Developing countries lose more than one trillion dollars each year to corruption and tax evasion. Countries with substantial natural resources will lose some transparency protections if the "Cardin-Lugar" or Section 1504 of Dodd-Frank is repealed.
"Corruption is devastating for the world's poorest people. Corruption fuels conflict and instability around the world," noted LeCompte. "Congress should promote financial transparency here and abroad."