February 10, 2012
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:
America's securities markets have always been the model for other nations to follow. Our capital markets are strong and substantial because they are the most transparent, allowing investors to accurately value the securities they are investing in. Section 1504 is a necessary component to keep our markets strong and transparent. Other nations are adopting similar laws, because the issue of hidden payments, corruption and other related problems can only be addressed if the payments are required to be disclosed. Granting exemptions to Section 1504 undercuts the very mission of the Commission, which is to protect investors by ensuring the integrity of our securities markets. Please consider this matter carefully, and do not give in to industry lobbying pressure. The stakes are real, and not only for investors, but for the millions of people around the world who are impacted by large scale resource extraction projects.
Neil Glazer