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![handle is hein.congrecreports/crptxaayf0001 and id is 1 raw text is: AUT-ENTICATED
US. GOVERNMENT
INFORMATION
GP
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-500
AMENDING THE SECURITIES EXCHANGE ACT OF 1934 TO REPEAL CER-
TAIN DISCLOSURE REQUIREMENTS RELATED TO RESOURCE EXTRAC-
TION, AND FOR OTHER PURPOSES
JANuARY 9, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 4519]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 4519) to amend the Securities Exchange Act of 1934 to
repeal certain disclosure requirements related to resource extrac-
tion, and for other purposes, having considered the same, report fa-
vorably thereon without amendment and recommend that the bill
do pass.
PURPOSE AND SUMMARY
On December 1, 2017, Representative Bill Huizenga introduced
H.R. 4519 to repeal Section 1504 of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Dodd-Frank Act) (P.L. 111-
203), which requires resource extraction issuers to disclose pay-
ments made to governments for the commercial development of oil,
natural gas, or minerals.
BACKGROUND AND NEED FOR LEGISLATION
The purpose of the federal securities laws and its 80-plus year
disclosure regime is to provide material information to share-
holders or potential investors so that they can make appropriately
informed investment decisions. When Congress thwarts this pur-
pose and mandates immaterial disclosures, these mandates force
investors to read increasingly lengthy and complex periodic and an-
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