Promoting transparency of natural resource revenues in resource-rich developing countries to help combat corruption, encouraging democracy and accountable government in such countries, and ensuring energy security through a more stable operating environment in such countries.

Bill: 109-hres-995
Sponsor: Rep. Smith, Christopher H. [R-NJ-4]
Introduced: 2006-09-12 in the House
Policy area: International Affairs
Subjects: Africa
Africa (Sub-Saharan)
American investments
Business records
Commerce
Corporate accountability
Corporate corruption
Developing countries
Economic assistance
Export finance
Financial disclosure
Foreign Trade and International Finance
Foreign investments
Foreign loans
Government Operations and Politics
Government ethics
Government paperwork
Investment guaranty insurance
Lumber trade
Middle East and North Africa
Mines and mineral resources
Mining royalties
Oil and gas royalties
Petroleum industry
Public Lands and Natural Resources
Public corruption
Tariff preferences
Technical assistance
Timber sales

Summary:
action_date: 2006-09-12
text: 
Expresses the sense of the House of Representatives that the U.S. government should: (1) support and participate in the Extractive Industries Transparency Initiative (EITI) and assist African countries in implementing EITI or in adopting resource revenue transparency policies; (2) work with the international community to develop a monitoring process for nonmining natural resources, such as timber; (3) require natural resource extraction companies to disclose natural resource revenue payments on a country-by-country basis; (4) consider a government's substantive efforts or failure to ensure revenue transparency for critical natural resource sectors when determining eligibility for U.S. trade preference programs; (5) support disclosure of resource revenues and ex-ante disclosure of foreign investment contracts underpinning extractive sector projects, making such disclosures a condition of support for financing by the United States Overseas Private Investment Corporation and the Export-Import Bank of the United States; and (6) work with international financial institutions to require resource revenue and contract transparency as a condition for lending or assistance to resource-rich developing countries. 


Legislative actions:
action_date: 2006-10-18
text: Referred to the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology.
action_date: 2006-09-12
text: Referred to the Committee on International Relations, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-09-12
text: Referred to the Committee on International Relations, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-09-12
text: Referred to the Committee on International Relations, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-09-12
text: Referred to the Committee on International Relations, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2006-09-12
text: Introduced in House
action_date: 2006-09-12
text: Introduced in House