H. Rept. 115-500 1 (2018-01-09)

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                   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-
                      79-006

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