2016-06-29 18:20:00
HARM U.S. JOBS
API Director of Tax and Accounting Policy Stephen Comstock said the U.S. Securities and Exchange Commission's new rule to implement Section 1504 of the Dodd-Frank Act fails to strike the right balance between informing foreign citizens of government revenues and protecting the competitiveness of American companies.
"There appears to be no meaningful difference between this rule and the previous rule struck down by the Courts, so our concerns remain the same. The SEC's rule forces U.S. companies to disclose proprietary information to its competitors while foreign entities do not. This can give some large industry players an advantage on future business projects, and can fundamentally harm American jobs.
"The SEC ignored industry efforts to disclose information, but to do so in a way that doesn't give competitors an unfair advantage. The industry actively supports the Extractive Industries Transparency Initiative which takes a global approach and already includes 51 countries that promote transparency and puts all companies on equal footing.
"We need to take a closer look at the impact of the new rule on our operations and determine our next steps. The prior court case held that the SEC's initial rule was arbitrary and capricious."
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Earlier:
U.S. OIL PRODUCTION DOWN 118 TBD
