Oxfam Sues To Force SEC's Hand On Dodd-Frank Provision

Law360, New York (May 16, 2012, 3:15 PM EDT) -- Nonprofit Oxfam America Inc. asked a Massachusetts federal court Wednesday to compel the U.S. Securities and Exchange Commission to issue a rule implementing a Dodd-Frank Act provision that requires companies to disclose payments to foreign governments where they extract resources.

Section 1504 of the act is meant to discourage corruption and reduce conflict stemming from the the extraction of resources, particularly in countries with unstable political environments, by increasing corporate transparency.

Since the measure cannot be enforced until the SEC approves the regulation, which has been...
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