Urging the SEC Not to Sacrifice American Competitiveness
February 28, 2012
New Dodd-Frank rule threatens major American job-creating industries
WASHINGTON, DC—The Hispanic Leadership Fund is urging the U.S. Securities and Exchange Commission (SEC) to consider economic growth and international competitiveness when drafting rules and regulations for an important piece of the Dodd-Frank Act. In a letter to the commissioners, HLF President Mario H. López explains:
Section 1504 of the Wall Street Reform legislation is intended to promote transparency and limit corruption among foreign government where U.S. companies operate, but the devil is in the details. If the SEC requires U.S. oil, gas, and mining companies to report line-item spending on a project basis, it will reveal important strategic decisions to foreign firms who are not required to disclose similar information, compromising U.S. competitiveness …
If approved, this rule will have dire consequences for U.S. oil and gas firms, which compete globally with these much larger foreign state-owned enterprises not subject to such guidelines. The rule will effectively place American companies at a significant competitive disadvantage in international markets. Foreign competitors such as Chinese, Venezuelan, and Iranian oil companies would be free to conduct business as usual while being privy to significant amounts of private data from American companies.
The entire letter is here: HispanicLeadershipFund_SEC_Extraction_S7-42-10_27Feb12