42 USC 17374 - Transparency in extractive industries resource payments

U.S Code last checked for updates: Nov 22, 2024

§ 17374.

Transparency in extractive industries resource payments

(a)

Purpose

The purpose of this section is to—

(1)

ensure greater United States energy security by combating corruption in the governments of foreign countries that receive revenues from the sale of their natural resources; and

(2)

enhance the development of democracy and increase political and economic stability in such resource rich foreign countries.

(b)

Statement of policy

It is the policy of the United States—

(1)

to increase energy security by promoting anti-corruption initiatives in oil and natural gas rich countries; and

(2)

to promote global energy security through promotion of programs such as the Extractive Industries Transparency Initiative (EITI) that seek to instill transparency and accountability into extractive industries resource payments.

(c)

Sense of Congress

It is the sense of Congress that the United States should further global energy security and promote democratic development in resource-rich foreign countries by—

(1)

encouraging further participation in the EITI by eligible countries and companies; and

(2)

promoting the efficacy of the EITI program by ensuring a robust and candid review mechanism.

(d)

Report

(1)

Report required

(2)

Matters to be included

(e)

Authorization of appropriations

(Pub. L. 110–140, title IX, § 935, Dec. 19, 2007, 121 Stat. 1748.)

cite as: 42 USC 17374