In July a federal judge in Washington, D.C., vacated the Securities and Exchange Commission's Dodd-Frank section 1504 rule, which would force U.S.–listed petroleum and mining companies to disclose payments to all governments around the world. In accepting the arguments of the American Petroleum Institute (API) and tossing the "Publish What You Pay" rule, the U.S. District Court for the District of Columbia was wrong on the law and wrong on the policy.
The SEC has lost its place at the forefront of the transparency movement, but it still has a chance to be on the right side of history. Supporters of Dodd-Frank section 1504 had hoped that the rule would spur the creation of a global transparency norm—just as the Foreign Corrupt Practices Act led eventually to global antibribery conventions.
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