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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4125 Introduced in House (IH)]

108th CONGRESS
  2d Session
                                H. R. 4125

      To require corporations to publish what they pay to foreign 
                              governments.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 1, 2004

Mr. Weiner (for himself and Mr. Israel) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL

 
      To require corporations to publish what they pay to foreign 
                              governments.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Publish What You Pay Act of 2004''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Each year, corporations pay resource-dependent 
        developing countries billions of dollars in return for the 
        opportunity to extract natural resources.
            (2) Foreign governments often misappropriate or misuse 
        those billions of dollars, thereby causing political 
        instability and increasing the risk of violent internal 
        conflict.
            (3) Investors managing $6.9 trillion in funds have recently 
        made a public statement that lack of transparency may lead to 
        oil and mining corporations being accused of colluding in 
        corruption, and may therefore undermine their social legitimacy 
        and future business prospects in resource-dependent developing 
        countries.
            (4) Regular reporting by corporations of payments to 
        foreign governments would aid efforts to end corruption, and 
        enable citizens of such countries to better hold their 
        governments to account for the use of their natural wealth.
            (5) Transparency will aid shareholders in evaluating the 
        corporations in which they invest.

SEC. 3. RULEMAKING REQUIRED.

    (a) Revision of Disclosure Requirements Required.--The Securities 
and Exchange Commission shall revise its rules and regulations under 
sections 13 and 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 
78m, 78o(d)) to require each issuer subject to such sections to 
disclose in the annual and quarterly reports of such issuer the 
aggregate payments by such issuer made in connection with the securing 
of exploration, development, exploitation, extraction, and production 
rights for natural resources to any foreign government or any other 
public entity of a foreign country. Such aggregate payments shall 
include taxes, royalties, fees, and other amounts paid in such 
connection.
    (b) Minimum Payments Excepted.--The disclosure required by 
subsection (a) shall not apply to an issuer if the amount of such 
aggregate payments by such issuer for the reporting period are less 
than $250,000.
    (c) Definition of Natural Resources.--For purposes of this section, 
the term ``natural resources'' means oil, gas, and minerals.

SEC. 4. INJUNCTIVE RELIEF; INVESTIGATIONS.

    (a) Injunctions Authorized.--When it appears to the Attorney 
General that any domestic concern to which section 3 applies, or any 
officer, director, employee, agent, or stockholder thereof, is engaged, 
or about to engage, in any act or practice constituting a violation of 
the rules and regulations required by that section, the Attorney 
General may, in his or her discretion, bring a civil action in an 
appropriate district court of the United States to enjoin such act or 
practice, and upon a proper showing, a permanent injunction or a 
temporary restraining order shall be granted without bond.
    (b) Investigations.--For purposes of any civil investigation that, 
in the opinion of the Attorney General, is necessary and proper to 
enforce the rules and regulations prescribed under section 3, the 
Attorney General or his designee is empowered to administer oaths and 
affirmation, subpoena witnesses, take evidence, and required the 
production of any documents deemed relevant to such investigation.

SEC. 5. ENFORCEMENT.

    (a) Willful Violations.--Any person who willfully violates any rule 
or regulation prescribed under section 3 shall be fined not more than 
$2,000,000, or imprisoned not more than 5 years, or both.
    (b) Other Violations.--Except as provided in subsection (a), any 
person who violates any rule or regulation prescribed under section 3 
shall be fined not more than $100,000.

SEC. 6. REPORTS.

    (a) Reports.--The Securities and Exchange Commission, in 
conjunction with the Secretary of the Treasury and the Attorney 
General, shall submit an annual report to the President and the 
Congress, reporting compiling the aggregate amount of payments reported 
under the rules and regulations prescribed under section 3.
    (b) Title; Deadline.--The report required by subsection (a), which 
shall be entitled the ``Publish What You Pay Report'', shall be issued 
on 1 July of each year.

SEC. 7. DEADLINE FOR REVISIONS.

    The Securities and Exchange Commission shall prescribe the 
revisions to its rules and regulations required by section 3(a) not 
later than 6 months after the date of enactment of this Act.
                                 <all>
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