In response to President Trump signing into law House Joint Resolution 41, which effectively repeals the implementing rules for the bipartisan Cardin-Lugar anti-corruption law also known as Section 1504, Oxfam America’s Senior Policy Advisor for Extractive Industries, Isabel Munilla made the following statement:
“Today, President Trump is signing his name to a bill with only one clear purpose: to make it easier to get away with corruption. In doing so, President Trump is turning his back on people all around the world who have clamored for American leadership to stand up for democratic values, transparency and good governance. Signing this bill is a stain on America’s reputation around the world.
“This rule was mandated by Congress, a mandate that remains in force in spite of this senseless bill. It is now up to the Securities and Exchange Commission to make good on the directive it was given by Congress to ensure US listed oil and mining companies disclose the information investors and the public needs to safeguard the trillions of dollars in payments that should be going to the US government and governments around the world.
“Oxfam will continue its fight against radical secrecy that hurts investors and the poorest people in the world. We are exploring all options to ensure the rule is implemented whether through legal, legislative or regulatory action."