Cardin-Lugar Amendment Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

The financial reform package passed by the United States Congress and signed into law by President Obama in July 2010 included, at Section 1504, a bipartisan amendment to the Securities Exchange Act of 1934 named for Senators Benjamin L. Cardin of Maryland and Richard D. Lugar of Indiana.

This provision requires ‘disclosure of payments by resource extraction issuers’ registered in the US with the Securities and Exchange Commission (SEC).

Each such company will be required to ‘include in an annual report…information relating to any payment made...to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals’. The amendment specifies the format of such data and mandates that a compilation of it be made available to the public.

The SEC will issue final rules on implementing Cardin-Lugar by early 2011.

Revenue Watch Section 1504 excerpted: http://resources.revenuewatch.org/sites/default/files/Dodd-Frank%20bill_Sec%201504.pdf

GovTrack HTML copy of full act with links to Congressional sources in both PDF and text formats: http://www.govtrack.us/congress/billtext.xpd?bill=h111-4173