I 108th CONGRESS 2d Session H. R. 3955 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.

1.

Short title

This Act may be cited as the &short-title1;.

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.