{"database": "press", "table": "releases", "rows": [["http://www.warren.senate.gov/newsroom/press-releases/warren-to-outgoing-sec-chair-delay-rushed-lame-duck-resource-extraction-rule-until-corruption-and-transparency-concerns-can-be-addressed", "Warren to Outgoing SEC Chair: Delay Rushed, Lame Duck Resource Extraction Rule Until Corruption and Transparency Concerns Can Be Addressed", "2020-12-15", "2020", "2020-12", "Democrat", "Senate", "MA", "Elizabeth Warren", "W000817", "www.warren.senate.gov", null, null, "legacy", "December 15, 2020\n\t\t\t Warren to Outgoing SEC Chair: Delay Rushed, Lame Duck Resource Extraction Rule Until Corruption and Transparency Concerns Can Be Addressed \n\t\t\t\n\t\t\tText\r\nof letter (PDF) Washington, DC - United States Senator Elizabeth Warren\r\n(D-Mass.) today sent a letter to outgoing Securities and Exchange Commission (SEC)\r\nChair Jay Clayton urging the SEC to delay the rushed, lame duck vote on its\r\nfinal Resource Extraction Rule, expected Wednesday, December 16th, until the\r\nrule can be strengthened. \"The current SEC proposal would severely undermine the anti-corruption\r\nmeasures included in Dodd-Frank, and the Commission should conduct a full and\r\ncomplete analysis of the potential harm caused by implementing this rule before\r\nrushing to finalize it before you resign from the Commission at the end of the\r\nyear,\" Senator Warren wrote to Chair Clayton. Congress enacted Section 1504 of the Dodd-Frank Wall Street Reform and\r\nConsumer Protection Act (Dodd-Frank), also known as the bipartisan Cardin-Lugar\r\namendment, to address the \"resource curse\" of leaders of countries\r\nrich in fossil fuels siphoning off the wealth from resource sales to enrich\r\nthemselves and their allies, rather than investing in the countries' economies.\r\nStrong\r\nrules under Section 1504 were meant to require governments to increase\r\ntransparency and help root out the corruption that keeps entire nations in\r\npoverty and enables corrupt regimes to funnel money to terrorist groups. The nation's largest public pension funds and other major institutional\r\ninvestors have supported strong disclosure and oversight into payments for\r\nresource extraction to foreign governments, calling them \"essential\r\nto safeguarding the effective functioning of the financial markets.\" But the rule up for a vote on Wednesday is severely flawed, limiting the\r\namount of information companies would need to share about their payments to\r\nforeign countries and strengthening companies' ability to shield payments from\r\npublic scrutiny. It also places the United States requirements below\r\ninternational disclosure standards, setting precedent for those standards to be\r\nweakened around the globe. \"The obvious desire of the fossil fuel industry and its allies in\r\nCongress and the Trump administration for a weaker anti-corruption rule is not\r\nenough justification to push through these rules in the waning weeks before you\r\nand President Trump leave office and before you potentially rejoin an industry\r\nthat you worked steadfastly to deregulate,\" Senator Warren wrote. Earlier this year, Senator Warren joined Senator Cardin and eight of their\r\ncolleagues in a letter\r\ncalling on SEC Chair Clayton to express their concerns with the proposed\r\nresource extraction rule as it is \"inconsistent with the transparency,\r\naccountability and investor protection goals Congress intended\" and\r\n\"does not appropriately consider or reflect the significant shift in\r\nindustry practice and market realities.\" In 2017, Senator Warren delivered a Senate floor speech warning against\r\nrepeal of the SEC's second extraction rule, describing it as a massive\r\ngiveaway to ExxonMobil and corrupt foreign regimes, making it easier to\r\nfunnel funds to terrorists around the world. In today's letter she notes that\r\nExxonMobil's CEO and future secretary of state Rex Tillerson once lobbied\r\nagainst Section 1504. ###\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\n\t  \n\n\t\n\t\n\t\n\t\n\t \n\t\t\n\t\t\tPrint\n\t\t\n\t\t\n\t\t\t\n\t\t\tEmail\n\t\t\n\t\t\n\t\t\t\n\t\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\tTweet\n\t\t\t\n\t\t\n\t \n\t\n\t\n\n\t\n\t\n\t\n\t\n\t\n    \n\t\n\t\n    \n    \n    \n    \t\n    \t\n\t    \t  \n\t\t    \n\t\t    \n\t\t    \tPrevious Article", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["http://www.warren.senate.gov/newsroom/press-releases/warren-to-outgoing-sec-chair-delay-rushed-lame-duck-resource-extraction-rule-until-corruption-and-transparency-concerns-can-be-addressed"], "units": {}, "query_ms": 1.146772876381874, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}