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Big Money Stalls Key Dodd-Frank Anti-Corruption Rule for 5 Years and Counting


Business  (tags: corporations, multinationals, U.S., anti-corruption law, Congress, Obama, Dodd-Frank, Section 1504 Rule, Congress, natural resources, "the paradox of plenty", "resource curse", foreign countries, governments )

Judy
- 1308 days ago - firstlook.org
In July of 2010, Congress gave the Securities and Exchange Commission 270 days to issue a rule on how exactly to implement it. Today, 1,821 days later, there still is no rule. Why not?



   

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Comments

David C (81)
Friday July 17, 2015, 11:31 am
Big money is killing this world
 

Kathleen Mireault (211)
Friday July 17, 2015, 12:46 pm
Big Money sucks! Thanks, Judy. Will sharpen my pitchforks, STAT.
 

Judy C (91)
Saturday July 18, 2015, 9:19 pm
Thanks guys. Dirty money indeed makes the world go around.
 

Past Member (0)
Sunday July 19, 2015, 4:36 am
Justice
 

jan b (5)
Sunday July 19, 2015, 5:29 am
I FOUND THIS BELOW ON THE WEB-----SO BG-MONEY HASN'T STALLED ANYTHING THAT I CAN FIGURE OUT----

https://www.sec.gov/spotlight/dodd-frank.shtml

New Offices
The SEC established all five new offices required under the Dodd-Frank Act.
Office of the
Whistleblower

Office of
Credit Ratings

Office of the
Investor Advocate

Office of Minority
and Women Inclusion

Office of
Municipal Securities

Reports and Studies
The SEC and its staff have issued more than 30 studies and reports required under the Dodd-Frank Act.
Issued report to Congress on objectives of the Investor Advocate.[§915]
View the Report (PDF) JUNE 30th 2015
 

Anne F (17)
Sunday July 19, 2015, 12:04 pm
restoring glass-steagall is important to me
 

Janet B (0)
Sunday July 19, 2015, 12:22 pm
Thanks
 

Lois Jordan (63)
Sunday July 19, 2015, 12:49 pm
Noted. Thanks, Judy.
If there is a way to stall; Big Money will pay off any and everyone to avoid the rules. Just awful!
 

Kathryn Mitchell (8)
Sunday July 19, 2015, 5:53 pm
I wish that the powers to be would hurry up, get up off of their over-padded derriers, and get these rules passed. Enough of stalling and the big corporations rigging the game for their own benefit!
 

Freya H (345)
Sunday July 19, 2015, 6:05 pm
Money talks a lot louder than ethics.
 

Judy C (91)
Sunday July 19, 2015, 8:01 pm
Thanks everyone. Jan, your link results in "Page not found". This article refers to SECTION 1504 of Dodd-Frank, still not implemented. This inaction has led to very detrimental results. For example, from Oxfam on July 15 on this topic:

With Section 1504 still unfinished, US left behind on oil transparency

In the five years since the Dodd-Frank Act passed, oil produced in developing countries was worth an estimated $1.55 trillion for those governments, according to a new analysis by Oxfam America. But because the landmark US transparency law remains delayed, any payments that flowed to governments took place with limited or no transparency.

July 21 marks five years since Section 1504 was passed, but thanks to foot dragging by the Securities and Exchange Commission (SEC) and aggressive lobbying and legal challenges by oil industry laggards, there is no implementing rule in sight. The law is meant to support US national and energy security by helping to stabilize strategically important energy markets and by stemming the flow of money into the bank accounts of corrupt elites. It will also protect investors by giving them information they can use to assess investment risks, and allows citizens in aid-dependent countries to follow the money generated by their own natural resources sector in the hopes they might graduate from US aid in the future.

“Without payment transparency, following the money and holding governments accountable is next to impossible for citizens of developing countries,” said Raymond C. Offenheiser, president of Oxfam America. “With payments for oil and mining projects out in the open, citizens can demand their governments spend these funds in the communities where drilling is taking place – using it to fight extreme poverty and build roads, schools, and hospitals. With secrecy, funds may be lost to corruption and waste, as we have historically seen in oil-rich countries still suffering from high rates of poverty and low development.”

Managed properly, revenues generated from the oil industry should be dramatically reducing poverty through investments in pro-development spending, such as education, health care and agriculture.

http://www.oxfamamerica.org/press/five-years-without-dodd-frank-oil-transparency-means-limited-transparency-for-oil-worth-155-trillion/

The article continues, and it's worth taking a look.
 

Judy C (91)
Sunday July 19, 2015, 8:14 pm
I just posted a new petition:
http://www.care2.com/news/member/864072146/3896205
 

Roger G (148)
Sunday July 19, 2015, 10:07 pm
noted, thanks
 

Winn Adams (179)
Monday July 20, 2015, 6:35 am
Noted
 

Birgit W (160)
Monday July 20, 2015, 2:21 pm
Thanks for sharing.
 

Past Member (0)
Monday July 20, 2015, 3:23 pm
Thanks Judy. Noted. Only man would invent and insist upon preserving a system that demands that ugly pieces of green paper rule and make the world go 'round.
 
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