Dear SEC Commissioners,
Please do not give in to industry pressures on Section 1504 of the Dodd-Frank Act (the Cardin-Lugar Amendment) - and make sure that ALL companies are covered, every country and every project gets reported, and loopholes that would allow large sums of money to go unreported are closed.
My Comment:
The U.S. Foreign Corrupt Practices Act of 1977, Title 26, U.S. Code § 964, has long criminalized bribes to foreign governments. In the 1990s, the United States spearheaded efforts to get the Organization for Economic Development and Cooperation to condemn bribery abroad as a business practice. So the OECD is on board. Now, the Securities and Exchange Commission has an essential part to play in ensuring that U.S. businesses avoid secret -- and criminal -- deals with corrupt foreign political leaders. Let's be frank. To a great extent, we're talking about Big Oil and small countries. Section 1504 of the Dodd-Frank Act (the Cardin-Lugar Amendment) - must continue to require reporting by ALL companies, on every country and on every project. Any loopholes that would allow money to go unreported must be closed. Of course Big Oil and others don't want to tell the SEC what they pay in bribes! It's admitting to a federal felony. Any lobbyist pushing this wants a veil over federal crimes. Retain the sunshine provisions. Make businesses report their bribes. There will be far fewer of them.
Sarah Mckee