The global development group Oxfam International rekindled a legal battle with the U.S. Securities and Exchange Commission on Thursday, alleging that the agency has dragged its feet too long in implementing an oil and gas industry regulation mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
In a complaint filed in U.S. district court in Boston, Oxfam America Inc. alleges that the SEC violated the Administrative Procedures Act by delaying a final version of Section 1504 of Dodd-Frank, a rule requiring publicly traded oil and gas companies to disclose payments to foreign governments. Section 1504, also known as the Cardin-Lugar Amendment, is intended to increase transparency in the developing word and address the “resource curse”—the failure of many resource-rich countries to shake off corrupt governments and increase living standards.
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