Write Your Senator

Support the Energy Security Through Transparency Act of 2009

Bill S. 1700, the Energy Security Through Transparency Act of 2009 (“ESTT Act”), was introduced in the Senate Committee on Banking, Housing and Urban Affairs by Senators Lugar and Cardin, with additional co-sponsors.  The stated purpose of the bill is to require certain issuers to disclose payments to foreign governments for the commercial development of oil, natural gas, and minerals, (often referred to as the extractive industries) to express the sense of Congress that the President should disclose any payment relating to the commercial development of oil, natural gas, and minerals on Federal land, and for other purposes.

Why is GFI Supporting This Bill?  GFI supports this bill because we advocate country by country reporting by all companies of payments they make to governments.  Such a policy would help identify companies that shift profits among their subsidiaries in order to avoid paying taxes in countries of operation, which are often developing countries that could desperately use the funds.  The ESTT Act would require country by country reporting for companies operating in the extractive industries that are also required to report to the SEC.  While GFI would like to see an all-company approach, we support the ESTT Act as an opportunity to prove that country by country reporting is not only possible, but will also have a beneficial effect, making the case for wider reform down the road.  By focusing on the extractive industries, the ESTT Act also targets a significant potential source of revenue for developing nations in particular.

Take Action:  Help us raise awareness of the importance of this issue with your Congressional representatives, by sending a letter directly to your Member of Congress expressing your support of S. 1700 and urging him/her to take positive interest in this important issue.

After entering your zip code below (this allows us to identify your Congressional representatives), your Senators' details and a draft letter of support will appear for your consideration.  Please take a moment to personalize your letter by editing the text of the letter and by entering your contact details in the spaces provided.