I 
108TH CONGRESS 
2D SESSION 
H. R. 3955
To require the Securities and Exchange Commission to require public compa-
nies to disclose their payments to foreign governments for the purposes 
of natural resources exploration, development, and extractions rights. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 11, 2004
Mr. ISRAEL introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To require the Securities and Exchange Commission to re-
quire public companies to disclose their payments to for-
eign governments for the purposes of natural resources 
exploration, development, and extractions rights.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Democracy Develop-
ment Act of 2004’’. 
SEC. 2. RULEMAKING REQUIRED. 
(a) REVISION OF DISCLOSURE REQUIREMENTS RE-
QUIRED.—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 sec-
tions 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, develop-
ment, exploitation, extraction, and production rights for 
natural resources to any foreign government or any other 
public entity of foreign countries. Such aggregate pay-
ments shall include taxes, royalties, fees, and other 
amounts paid in such connection. 
(b) MINIMUM PAYMENTS EXCEPTED.—Such disclo-
sure requirement 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) DEADLINE FOR REVISIONS.—The Securities and 
Exchange Commission shall prescribe the revisions re-
quired by subsection (a) not later than 6 months after the 
date of enactment of this Act. 
(d) DEFINITION
OF NATURAL RESOURCES.—For 
purposes of this section, the term ‘‘natural resources’’ 
means oil, gas, and minerals.
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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 sec-
tions 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, develop-
ment, exploitation, extraction, and production rights for 
natural resources to any foreign government or any other 
public entity of a foreign countries. Such aggregate pay-
ments shall include taxes, royalties, fees, and other 
amounts paid in such connection. 
(b) MINIMUM PAYMENTS EXCEPTED.—Such disclo-
sure requirement 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) DEADLINE FOR REVISIONS.—The Securities and 
Exchange Commission shall prescribe the revisions re-
quired by subsection (a) not later than 6 months after the 
date of enactment of this Act. 
(d) DEFINITION
OF NATURAL RESOURCES.—For 
purposes of this section, the term ‘‘natural resources’’ 
means oil, gas, and minerals.
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