1.This Act may be cited as the &short-title1;
.
2.The Congress finds the following:
(1)Each year, corporations pay resource-dependent developing countries billions of dollars in return for the opportunity to extract natural resources.
(2)Foreign governments often misappropriate or misuse those billions of dollars, thereby causing political instability and increasing the risk of violent internal conflict.
(3)Investors managing $6.9 trillion in funds have recently made a public statement that lack of transparency may lead to oil and mining corporations being accused of colluding in corruption, and may therefore undermine their social legitimacy and future business prospects in resource-dependent developing countries.
(4)Regular reporting by corporations of payments to foreign governments would aid efforts to end corruption, and enable citizens of such countries to better hold their governments to account for the use of their natural wealth.
(5)Transparency will aid shareholders in evaluating the corporations in which they invest.
3.
(a)Revision of disclosure requirements requiredThe 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 a foreign country. Such aggregate payments shall include taxes, royalties, fees, and other amounts paid in such connection.
(b)Minimum payments exceptedThe disclosure required by subsection (a) 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)Definition of natural resourcesFor purposes of this section, the term natural resources means oil, gas, and minerals.
4.Injunctive relief; investigations
(a)When it appears to the Attorney General that any domestic concern to which section 3 applies, or any officer, director, employee, agent, or stockholder thereof, is engaged, or about to engage, in any act or practice constituting a violation of the rules and regulations required by that section, the Attorney General may, in his or her discretion, bring a civil action in an appropriate district court of the United States to enjoin such act or practice, and upon a proper showing, a permanent injunction or a temporary restraining order shall be granted without bond.
(b)For purposes of any civil investigation that, in the opinion of the Attorney General, is necessary and proper to enforce the rules and regulations prescribed under section 3, the Attorney General or his designee is empowered to administer oaths and affirmation, subpoena witnesses, take evidence, and required the production of any documents deemed relevant to such investigation.
5.
(a)Any person who willfully violates any rule or regulation prescribed under section 3 shall be fined not more than $2,000,000, or imprisoned not more than 5 years, or both.
(b)Except as provided in subsection (a), any person who violates any rule or regulation prescribed under section 3 shall be fined not more than $100,000.
6.
(a)The Securities and Exchange Commission, in conjunction with the Secretary of the Treasury and the Attorney General, shall submit an annual report to the President and the Congress, reporting compiling the aggregate amount of payments reported under the rules and regulations prescribed under section 3.
(b)The report required by subsection (a), which shall be entitled the Publish What You Pay Report
, shall be issued on 1 July of each year.
7.The Securities and Exchange Commission shall prescribe the revisions to its rules and regulations required by section 3(a) not later than 6 months after the date of enactment of this Act.