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Dodd-Frank Disclosure Requirements Will Hurt Energy Sector
Bernard L. Weinstein, The Hill
It’s been two years since President Barack Obama signed into law the comprehensive financial regulation reform bill known as “Dodd-Frank.” Though Dodd-Frank is aimed principally at the financial services industry, the act also includes new disclosure provisions for oil and gas companies. Specifically, Section 1504 of Dodd-Frank requires any company engaged in the commercial development of oil or natural gas, as well as hard-rock minerals, to disclose in its annual report certain payments made to the United States or a foreign government. Such payments include taxes, royalties, license fees, production entitlements and bonuses. Specific rules for enforcing this section of the law are currently being developed by the Securities and Exchange Commission (SEC), and the Commissioners are expected to approve them on August 22. The alleged purpose of Section 1504 is to increase transparency in the oil and gas industry, particularly as regards foreign operations. In practice, it will impose expensive compliance obligations and red tape on affected companies who are already subject to the Foreign Corrupt Practices Act (FCPA) that prohibits payments to foreign officials for the purpose of obtaining or retaining business. Read More
Bernard L. Weinstein is Associate Director of the Maguire Energy Institute and an Adjunct Professor of Business Economics in the Cox School of Business at Southern Methodist University. He has taught at Rensselaer Polytechnic Institute, the State University of New York, the University of Texas at Dallas, and the University of North Texas. He has authored or co-authored numerous books, monographs, and articles on the subjects of economic development, energy security, public policy, and taxation. His work has appeared in professional journals as well as the popular press. He earned an A.B. degree from Dartmouth College and an M.A. and a Ph.D. in economics from Columbia University.Full Bio
TARIFFIED: Trade Talk with Matthew Rooney
This week, trade relations between the U.S. and India are continuing to escalate. Earlier this month, the U.S. stopped granting India special trade privileges by taking away the Generalized System of Preferences (GSP) program, and India has responded by enforcing more tariffs of its own. The George W. Bush-SMU Economic Growth Initiative Director Matthew Rooney breaks down the trade conflict: For more information on trade groups and the global economy, visit www.bushcenter.org/scorecard.
How Trade Spreads Holiday Cheer
It is projected that the average American household will spend more than $1,000 during the holidays this year.
Deporting Salvadorans May Lead to Economic Decline
We should think carefully about a policy whose major impacts are likely to be reductions in employment and economic activity here at home, and increased instability and lawlessness along our borders.
Bush Institute's Laura Collins Talks Immigration on Good Morning Texas
Last week, Deputy Director of Economic Growth at the George. W. Bush Institute Laura Collins spoke with Good Morning Texas about immigration myths. During the interview, Collins had the opportunity to set the record straight and address common misconceptions about legal immigrants living in America today. The segment was inspired from facts released earlier this fall by the Bush Institute in the third edition of America's Advantage: A Handbook on Immigration and Economic Growth. Watch the full Good Morning Texas interview here.