Dec. 15, 2020
Re: SEC’s Gift to Fossil Fuel Signals Dark Day for Global Anti-Corruption Efforts Dear Chairman and Secretary: The U.S. Securities and Exchange Commission is planning to authorize an extremely weak version of the oil anti-corruption rule originally authorized by Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Cardin-Lugar amendment requiring oil and gas companies to disclose payments to foreign governments established an international standard and inspired other countries to follow suit. After a robust version of the rule was eliminated by Republicans in Congress, Jay Clayton’s SEC is seeking to lock in a replacement rule rife with half-measures and loopholes. The final rule bends to the fossil fuel lobby’s demands, especially in allowing companies to keep secret the tax subsidies they receive from the federal government. As U.S. Sen. Richard Lugar (R-Ind.) said at the time, ‘Too often, oil money intended for a nation’s poor ends up lining the pockets of the rich or is squandered on showcase projects instead of productive investments.’ The SEC should agree. Halt this move by the commission that would reduce transparency and invite corrupt industry payments to foreign officials. The Biden administration also must work to restore the rule to the strong Obama-era standards and restore America’s place as a global leader in anti-corruption and transparency. Yours sincerely. Robert E. Rutkowski cc: President-elect Joe Biden Vice President-elect Kamala Harris Biden Transition Team 1401 Constitution Ave., NW Washington, DC 20230 Representative Steny Hoyer House Majority Leader Legislative Correspondence Team 1705 Longworth House Office Building Washington DC 20515 Office: (202) 225-4131 Fax: (202) 225-4300