Oxfam American Sues Securities and Exchange Commission Over Pokey Rulemaking

Photo by Phillip Perry. Some rights reserved.

As reported by E2 Wire’s The Hill, as well as Oxfam itself, the International relief and development organization has recently filed a lawsuit in U.S. District Court for the District of Massachusetts against the SEC for “unlawfully delaying the issuance of a Final Rule implementing a provision of the Dodd-Frank Act that requires disclosure of payments from oil, gas and mining companies to the United States and foreign governments.”

Section 1504 of the Dodd-Frank Act, which mandates the rulemaking, states that “[n]ot later than 270 days after the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Commission shall issue [the resource extraction disclosure] final rules.” According to Oxfam, that deadline worked out to be April 17, 2011, making the SEC more than a full year late in complying. The Hill reports that the suit is asking the court to compel the SEC to issue final rules within 30 days.

The proposed rule (“Disclosure of Payments By Resource Extraction Issuers,” SEC 34-63549) was issued by the SEC on December 15, 2010, and has been fought tooth and nail by the oil industry ever since. You can see comments on the proposed rule – both for and against – on Knowledge Mosaic’s Laws, Rules, and Agency Materials page.

While no case filings are available yet, you can follow the progress of the lawsuit here: Oxfam America, Inc. v. United States Securities and Exchange Commission.

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