Statement by the Press Secretary on Transparency in the Energy Sector

The Wall Street Reform and Consumer Protection Act, which President Obama signed earlier this week, includes a landmark provision that requires energy and mining companies registered with the U.S. Securities and Exchange Commission to disclose how much they pay to foreign countries and the U.S. government for oil, gas, and minerals.

This provision is an essential new tool in promoting transparency in the oil and mineral sectors.  This legislation will immediately shed light on billions in payments between multinational corporations and governments, giving citizens the information they need to monitor companies and to hold governments accountable.  It will shine a sustained light on the relationship between corporations and governments in the oil and mineral sectors, and make impossible the kind of back-room dealings that cost taxpayers in lost royalties.

Importantly, this provision sets a new standard for corporate transparency.  The challenge for us now is to make this a global standard.  The United States is committed to working with other countries to ensure the implementation of similar disclosure requirements in other financial markets and will make this a priority in the year ahead.