[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3955 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 3955

  To require the Securities and Exchange Commission to require public 
  companies to disclose their payments to foreign governments for the 
purposes of natural resources exploration, development, and extractions 
                                rights.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 11, 2004

  Mr. Israel introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require the Securities and Exchange Commission to require public 
  companies to disclose their payments to foreign governments for the 
purposes of natural resources exploration, development, and extractions 
                                rights.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Democracy Development Act of 2004''.

SEC. 2. RULEMAKING REQUIRED.

    (a) Revision of Disclosure Requirements Required.--The Securities 
and Exchange Commission shall revise its rules and regulations under 
sections 13 and 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 
78m, 78o(d)) to require each issuer subject to such sections to 
disclose in the annual and quarterly reports of such issuer the 
aggregate payments by such issuer made in connection with the securing 
of exploration, development, exploitation, extraction, and production 
rights for natural resources to any foreign government or any other 
public entity of foreign countries. Such aggregate payments shall 
include taxes, royalties, fees, and other amounts paid in such 
connection.
    (b) Minimum Payments Excepted.--Such disclosure requirement shall 
not apply to an issuer if the amount of such aggregate payments by such 
issuer for the reporting period are less than $250,000.
    (c) Deadline for Revisions.--The Securities and Exchange Commission 
shall prescribe the revisions required by subsection (a) not later than 
6 months after the date of enactment of this Act.
    (d) Definition of Natural Resources.--For purposes of this section, 
the term ``natural resources'' means oil, gas, and minerals.
                                 <all>