§17374 — Title 42 The Public Health and Welfare | U.S. Code

Summary

Require the U.S. to push for clear reporting of payments from oil and natural gas sales to fight corruption and help democracy and stability in countries rich in natural resources. U.S. policy is to boost energy security by backing anti-corruption efforts in oil and gas countries and by supporting programs like the Extractive Industries Transparency Initiative (EITI). Congress urges the U.S. to get eligible countries and companies to join EITI and to make sure EITI has a strong, honest review process. Within 180 days after December 19, 2007, and every year after, the Secretary of State, with the Secretary of Energy, must send a report to the appropriate congressional committees on progress in making extractive industry payments more transparent. The report must describe U.S. involvement in EITI, diplomatic efforts to expand EITI, and other U.S. steps to strengthen energy security, deter energy kleptocracy (corrupt theft of resource revenues), and promote transparency. Up to $3,000,000 is authorized for U.S. contributions to the EITI Multi-Donor Trust Fund.

Title 42, §17374

The Public Health and Welfare — Source: USLM XML via OLRC

(a)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)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)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)(1)Not later than 180 days after December 19, 2007, and annually thereafter, the Secretary of State, in consultation with the Secretary of Energy, shall submit to the appropriate congressional committees a report on progress made in promoting transparency in extractive industries resource payments.

(2)The report required by paragraph (1) shall include a detailed description of United States participation in the EITI, bilateral and multilateral diplomatic efforts to further participation in the EITI, and other United States initiatives to strengthen energy security, deter energy kleptocracy, and promote transparency in the extractive industries.

(e)There is authorized to be appropriated $3,000,000 for the purposes of United States contributions to the Multi-Donor Trust Fund of the EITI.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the date that is 1 day after Dec. 19, 2007, see section 1601 of Pub. L. 110–140, set out as a note under section 1824 of Title 2, The Congress.

§17374 Transparency in Extractive Industries Resource Payments

Summary

Title 42, §17374

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata