1504 Modernization Act: New Transparency Rules for Resource Companies

Where This Stands

Introduced

Committee

Floor Vote

Passed

Signed

Currently IN_COMMITTEE. The next step in the legislative lifecycle is Floor Vote.

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

The Frame

What this does

The bill forces resource extraction companies to provide project-level detail on payments made abroad, which could change how these companies report their foreign business costs and impact the level of public oversight regarding their operations in resource-rich nations.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Resource extraction issuers

These companies must change their annual reporting processes to include detailed, project-level disclosures of payments made to foreign entities.

Securities and Exchange Commission

The agency is tasked with creating new rules, establishing data standards, and maintaining an online public database of disclosures.

Investors

Investors gain access to more detailed, standardized data regarding the foreign business operations and corruption risks of the companies they invest in.

What changed

Current stage: IN_COMMITTEE.

What's next

Floor Vote.

Summary

This bill requires companies involved in oil, gas, mining, and timber to publicly disclose all payments made to foreign governments, criminal networks, or warlords. It mandates that these reports be filed in a standardized electronic format to help investors and the public track potential corruption and revenue flows.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Which companies are affected by this bill?

Companies that file annual reports with the SEC and engage in commercial extractive activities like oil, gas, mining, or timber harvesting.

What kind of payments must be disclosed?

Any non- payment made to a foreign government or illicit actor, including taxes, royalties, fees, bonuses, cryptocurrency, and in-kind services.

Will this information be available to the public?

Yes, the bill requires the SEC to make a compilation of the reported information available online.

Why It Matters

The bill forces resource extraction companies to provide project-level detail on payments made abroad, which could change how these companies report their foreign business costs and impact the level of public oversight regarding their operations in resource-rich nations.

News Coverage

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Connected Entities

organizationResource Extraction Issuers“Companies involved in resource extraction activities.”Map →

organizationHouse of Representatives“The other chamber of Congress that will need to pass the bill.”Map →

organizationSenate“The legislative body introducing the bill.”Map →

personMr. Cardin“The Senator who introduced the bill.”Map →

organizationSecurities and Exchange Commission“The regulatory body responsible for overseeing the securities market.”Map →

Analysis Score

0–100

Significance80
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz25
Current news / social attention level