The Hill News

Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act was an anti-corruption game-changer tucked into a historic, comprehensive piece of legislation aimed primarily at overhauling the nation's financial regulatory structure. Since becoming law, anti-corruption and financial transparency proponents are still waiting for the law to be implemented.

Section 1504, also known as the Cardin-Lugar provision, of the Dodd-Frank Wall Street Reform Act would require oil, gas, and mining companies that must report to the SEC -- approximately 90 percent of the major internationally operating oil and gas companies in the world -- to disclose payments made to governments for the oil, gas, and minerals they extract. This would be a boon to anti-corruption workers trying to get the records straight when investigating bribery and corruption in developing countries. It also would serve investors looking to make informed decisions about their portfolios.

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