§ 17374 — Transparency In Extractive Industries Resource Payments

(a) The purpose of this section is to— (1) ensure greater United States energy security by combating corruption in the governments of foreign countries that receive revenues from the sale of their natural resources; and (2) enhance the development of democracy and increase political and economic stability in such resource rich foreign countries. (b) It is the policy of the United States— (1) to increase energy security by promoting anti-corruption initiatives in oil and natural gas rich countries; and (2) to promote global energy security through promotion of programs such as the Extractive Industries Transparency Initiative (EITI) that seek to instill transparency and accountability into extractive industries resource payments. (c) It is the sense of Congress that the United States should further global energy security and promote democratic development in resource-rich foreign countries by— (1) encouraging further participation in the EITI by eligible countries and companies; and (2) promoting the efficacy of the EITI program by ensuring a robust and candid review mechanism. (1) Not later than 180 days after December 19, 2007, and annually thereafter, the Secretary of State, in consultation with the Secretary of Energy, shall submit to the appropriate congressional committees a report on progress made in promoting transparency in extractive industries resource payments. (2) The report required by paragraph (1) shall include a detailed description of United States participation in the EITI, bilateral and multilateral diplomatic efforts to further participation in the EITI, and other United States initiatives to strengthen energy security, deter energy kleptocracy, and promote transparency in the extractive industries. (e) There is authorized to be appropriated $3,000,000 for the purposes of United States contributions to the Multi-Donor Trust Fund of the EITI.