U.S. oil lobby takes swipe at Dodd-Frank

June 10, 2013 at 7:19 AM

WASHINGTON, June 10 (UPI) -- Rules requiring more transparency from the extractive industries put U.S. companies at a disadvantage globally, the American Petroleum Institute said.

API presented oral arguments before the U.S. District Court for the District of Columbia challenging parts of the 2010 Dodd-Frank Wall Street reform act.

API takes issue with U.S. legislation that requires those in the extractive industry to disclose payments they've made to the governments that host their exploratory campaigns.

API President and Chief Executive Officer Jack Gerard said the oil and natural gas industry was working to implement voluntary reform measures on their own.

Gerard said the private sector was leading the way in transparency, but parts of the Dodd-Frank act put U.S. companies at a disadvantage when compared with their overseas rivals.

"By undercutting America's competitive edge, this rule will cost jobs, damage our economy, and make it more difficult for U.S. companies to gain access to resources abroad," Gerard said in a Friday statement.

API filed suit against the Securities and Exchange Commission in October regarding the rule. The D.C. Circuit Court of Appeals ruled in April the API can't pursue its case in appellate courts, forcing API back to the district level.

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