,,ii  #aah? ,,congress  #b;d ,session   
,s4 #edaf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #c1 #bjbd,mr4 
,c>d9 introduc$ ! foll[+ bill2 :i* 0    
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,ex*ange 
,act ( #aicd to address ! disclosure (  
paym5ts by res\rce extraction issu]s1 & 
= o!r purposes4  #a4 ,%ort title ,?is   
,act may be cit$ z ! #aejd ,mod]nization
 ,act4  #b4 ,s5se ( ,congress2 purpose  
7a7 ,def9itions ,9 ?is section3 7#a7    
,am5d$ provision ,! t]m am5d$ provision 
means section #ac7q7 ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghm7q771 z am5d$ by ?is ,act4  7#b7    
,comm]cial extractive indu/ry activity2 
=eign gov]nm5t2 paym5t2 res\rce         
extraction issu] ,! t]ms comm]cial      
extractive indu/ry activity1 =eign      
gov]nm5t1 paym5t1 & res\rce extraction  
issu] h ! mean+s giv5 ^? t]ms 9 ! am5d$ 
provision4  7#c7 ,commission ,! t]m     
,commission means ! ,securities &       

,ex*ange ,commission4  7#d7 ,exi/+      
provision ,! t]m exi/+ provision means  
section #ac7q7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #ghm7q771 z 
9 effect on ! day be=e ! date ( enactm5t
 ( ?is ,act4  7b7 ,s5se ( ,congress ,x  
is ! s5se ( ,congress t-- 7#a7 ! ,unit$ 
,/ates %\ld be a global lead] ) respect 
to ! pr9ciples ( transp>5cy1 good       
gov]nance1 & fight+ corruption2  7#b7   
increas$ transp>5cy ) respect to paym5ts
 by res\rce extraction issu]s r$uces    
risks = inve/ors 9 ! ,unit$ ,/ates &    
all[s citiz5s 9 res\rce-ri* c\ntries to 
hold _! lead]s acc\ntable2  7#c7 "u !   
exi/+ provision1 ! ,commission-- 7,a7   
has ! au?ority to promulgate highly     
effective rules2 &  7,b7 %\ld require   
res\rce extraction issu]s to disclose   
paym5ts & o!r in=mation t w\ld be mo/   
useful to combat+ corruption abroad2    
7#d7 ! ,commission %\ld en=ce ! int5t   
beh9d ! exi/+ provision to cov] all     
comm]cial extractive indu/ry activities 
& n only activities relat+ to oil &     

natural gas2  7#e7 ?is ,act1 & !        
am5dm5ts made by ?is ,act1 s]ve only to 
cl>ify1 = ! avoidance ( d\bt1 ! int5t ( 
! exi/+ provision & to broad5 compliance
 requirem5ts "u ! am5d$ provision to    
include all comm]cial extractive indu/ry
 activities2  7#f7 ev5 if ?is ,act1 & ! 
am5dm5ts made by ?is ,act1 7 n enact$   
into law1 ! ,commission w\ld h ! ability
 to ex]cise ! rulemak+ au?ority ( !     
,commission to a*ieve ! int5t beh9d !   
exi/+ provision1 includ+1 9 p>ticul>1 to
 promulgate rules requir+               
project-by-project report+ :ile         
prohibit+ report+ bas$ on ! aggregation 
( contracts2 &  7#g7 ! ,commission %\ld 
ensure t inve/ors1 & ! public at-l>ge1 h
 ! mo/ detail$1 complete1 & timely      
in=mation disaggregat$ = ea* comm]cial  
extractive indu/ry activity c>ri$ out by
 a res\rce extraction issu] = :i* a     
paym5t has be5 made to a =eign gov]nm5t 
9 a giv5 fiscal ye>4  7c7 ,purposes ,!  
purposes ( ?is ,act1 & ! am5dm5ts made  
by ?is ,act1 are to-- 7#a7 cl>ify t !   

au?orities provid$ by1 & ! scope (1 !   
exi/+ provision include requir+ !       
disclosure ( disaggregat$ paym5ts1      
in=mation1 or contracts on a            
project-by-project basis2  7#b7 "u !    
am5d$ provision-- 7,a7 broad5 ! scope ( 
res\rce extraction issu]s & =ms ( paym5t
 t are subject to ! requirem5ts ( !     
am5d$ provision2 &  7,b7 require !      
disclosure ( paym5ts made to crim9al    
networks or o!r illicit actors t d n h  
legitimate gov]nance claims ov] !       
res\rces result+ f1 or ) respect to !   
regulation (1 comm]cial extractive      
indu/ry activities t are conduct$       
outside ! ,unit$ ,/ates2 &  7#c7 improve
 ! security ( critical supply *a9s1     
provide inve/or confid5ce 9 ! =eign     
bus9ess op]ations ( all res\rce         
extraction issu]s1 & support ! ability (
 /akehold]s 9 ! ,unit$ ,/ates1 & citiz5s
 ( ! ,unit$ ,/ates1 to und]/& ! rev5ues 
receiv$ by =eign gov]nm5ts s z to       
increase acc\ntability & ensure t !     
public 9 =eign c\ntries receives b5efits

 f ^? paym5ts = ! exploitation ( !      
natural res\rces ( ^? =eign c\ntries4   
#c4 ,disclosure ( paym5ts by res\rce    
extraction issu]s ,section #ac7q7 ( !   
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghm7q77 is am5d$ to read z   
foll[s3  7q7 ,disclosure ( paym5ts by   
res\rce extraction issu]s  7#a7         
,def9itions ,9 ?is subsection3 7,a7     
,comm]cial extractive indu/ry activity  
,! t]m comm]cial extractive indu/ry     
activity includes comm]cial developm5t1 
exploration1 extraction1 process+1      
export+1 & any o!r significant action   
relat+ to oil1 natural gas1 m9]als1     
logg+ & timb] h>ve/+1 or ! conv]sion (  
natural =e/$ l&s = agricultural         
production 7includ+ live/ock =age71 or !
 acquisition ( a lic5se = any su*       
activity1 z det]m9$ by ! ,commission4   
7,b7 ,=eign gov]nm5t ,! t]m =eign       
gov]nm5t means1 z det]m9$ by !          
,commission-- 7i7 a =eign c5tral        
gov]nm5t1 includ+ any dep>tm5t1 ag5cy1  
in/rum5tality1 ,/ate-own$ ent]prise or  

company t is :olly or p>tially          
,/ate-own$1 c5tral bank1 or f9ancial    
in/itution "u ! control ( a =eign c5tral
 gov]nm5t2 or  7ii7 a subnational       
gov]nm5t or regional au?ority1 includ+  
any in/rum5tality1 dep>tm5t1 ag5cy1 or  
au?ority op]at$ & controll$ by a        
subnational gov]nm5t or regional        
au?ority4  7,c7 ,int]active data =mat ,!
 t]m int]active data =mat means an      
electronic data =mat 9 :i* pieces (     
in=mation are id5tifi$ us+ an int]active
 data /&>d4  7,d7 ,int]active data /&>d 
,! t]m int]active data /&>d means a     
/&>diz$ li/ ( electronic tags t m>k     
in=mation includ$ 9 ! annual report ( a 
res\rce extraction issu]4  7,e7 ,paym5t 
,! t]m paym5t-- 7i7 means a paym5t t    
is-- 7,i7 made to fur!r a comm]cial     
extractive indu/ry activity2 &  7,,ii7 n
 de m9imis2 &  7ii7 includes-- 7,i7     
taxes1 royalties1 fees 7includ+ lic5se  
fees71 production entitlem5ts1 bonuses1 
inducem5ts1 s]vices1 securities1 & o!r  
mat]ial b5efits t ! ,commission1        

consi/5t ) ! guidel9es ( ! ,extractive  
,indu/ries ,transp>5cy ,initiative 7to !
 ext5t practicable71 det]m9es are "p ( !
 commonly recogniz$ rev5ue /ream = a    
comm]cial extractive indu/ry activity2  
7,,ii7 a paym5t process$ 9              
cryptocurr5cy2 &  7,,iii7 9-k9d s]vices 
or o!r non-monet>y ex*anges betwe5 a    
res\rce extraction issu] & a =eign      
gov]nm5t4  7,f7 ,res\rce extraction     
issu] ,! t]m res\rce extraction issu]   
means an issu] t-- 7i7 is requir$ to    
file an annual report ) ! ,commission2 &
  7ii7 engages 9 a comm]cial extractive 
indu/ry activity4  7#b7 ,disclosure     
7,a7 ,in=mation requir$  7i7 ,9 g5]al ,n
 lat] ?an #bgj days aft] ! date (       
enactm5t ( ! #aejd ,mod]nization ,act1 &
 subject to ! o!r provisions ( ?is      
p>agraph1 ! ,commission %all issue f9al 
rules t require ea* res\rce extraction  
issu] to include 9 an annual report ( ! 
res\rce extraction issu] in=mation      
relat+ to any paym5t made by ! res\rce  
extraction issu]1 a subsidi>y ( !       

res\rce extraction issu]1 or an entity  
"u ! control ( ! res\rce extraction     
issu] to a =eign gov]nm5t1 ! ,f$]al     
,gov]nm5t1 or any o!r recipi5t1 includ+ 
any bribe1 ransom1 or o!r paym5t paid to
 a =eign crim9al network1 local w>lord1 
or *ief t may n h legitimate gov]nance  
claims1 = ! purpose ( c>ry+ out a       
comm]cial extractive indu/ry activity1  
includ+-- 7,i7 ! type & total am\nt (   
su* paym5ts made = ea* project ( !      
res\rce extraction issu] relat+ to ^?   
comm]cial extractive indu/ry activities2
 &  7,,ii7 ! type & total am\nt ( su*   
paym5ts made to ea* su* entity or p]son4
  7ii7 ,elem5ts  7,i7 ,def9ition ,9 ?is 
clause1 ! t]m project means z a         
contract1 lease1 or lic5se t =ms ! basis
 ( liability = a paym5t1 consi/5t ) !   
def9ition = t t]m us$ 9 o!r m>kets & by 
! ,extractive ,indu/ries ,transp>5cy    
,initiative4  7,,ii7 ,requirem5t ,! f9al
 rules issu$ "u clause 7i7 %all-- 7aa7  
require disclosures to be made on a p]  
comm]cial extractive indu/ry activity   

basis = a giv5 fiscal ye>2  7bb7 require
 ! disaggregation ( paym5ts made by a   
res\rce extraction issu] on a           
p]-comm]cial extractive indu/ry activity
 basis1 = ! p]iod cov]$ by ! report 9   
:i* ! applicable disclosure is made2 &  
7cc7 require t reports be fil$ & t      
furni%$ reports %all n be suffici5t4    
7iii7 ,limit$ exemptions ,! f9al rules  
issu$ "u clause 7i7 %all only p]mit     
limit$ exemptions f ^? rules1 ea* (     
:i*-- 7,i7 %all be ju/ifi$ & notifi$ to 
,congress be=e any exemption is grant$ )
 respect to any su* rule2 &  7,,ii7 may 
n p]mit ! exclusion ( ! disclosure (--  
7aa7 any conflict ( a res\rce extraction
 issu] ) =eign laws or contract t]ms2 or
  7bb7 ! comm]cial extractive indu/ry   
activities ( small] report+ companies or
 em]g+ gr[? companies4  7,b7            
,consultation 9 rulemak+ ,9 issu+ rules 
"u subp>agraph 7,a71 ! ,commission may  
consult ) any ag5cy or entity t !       
,commission det]m9es is relevant4  7,c7 
,int]active data =mat ,! rules issu$ "u 

subp>agraph 7,a7 %all require t !       
in=mation includ$ 9 ! annual report ( a 
res\rce extraction issu] be submitt$ 9  
an int]active data =mat4  7,d7          
,int]active data /&>d  7i7 ,9 g5]al ,!  
rules issu$ "u subp>agraph 7,a7 %all    
e/abli% an int]active data /&>d = !     
in=mation includ$ 9 ! annual report ( a 
res\rce extraction issu]4  7ii7         
,electronic tags ,! int]active data /&>d
 describ$ 9 clause 7i7 %all include     
electronic tags t id5tify1 = any paym5ts
 made by a res\rce extraction issu] to a
 =eign gov]nm5t or ! ,f$]al ,gov]nm5t-- 
7,i7 ! total am\nts ( ! paym5ts1 by     
category2  7,,ii7 ! curr5cy1 :i* may    
include cryptocurr5cies1 us$ to make !  
paym5ts2  7,,iii7 ! f9ancial p]iod 9 :i*
 ! paym5ts 7 made2  7,,iv7 ! bus9ess    
segm5t ( ! res\rce extraction issu] t   
made ! paym5ts2  7,v7 ! recipi5t ( !    
paym5ts1 & ! c\ntry 9 :i* ! recipi5t is 
locat$2  7,,vi7 ! project ( ! res\rce   
extraction issu] to :i* ! paym5ts       
relate2 &  7,,vii7 su* o!r in=mation z !

 ,commission may det]m9e is necess>y or 
appropriate 9 ! public int]e/ or = !    
protection ( inve/ors4  7,e7            
,int]national transp>5cy ef=ts ,to !    
ext5t practicable1 ! rules issu$ "u     
subp>agraph 7,a7 %all support !         
commitm5t ( ! ,f$]al ,gov]nm5t to       
int]national transp>5cy promotion ef=ts 
relat+ to comm]cial extractive indu/ry  
activities4  7,f7 ,effective date ,)    
respect to ea* res\rce extraction issu]1
 ! f9al rules issu$ "u subp>agraph 7,a7 
%all take effect on ! date on :i* !     
res\rce extraction issu] is requir$ to  
submit an annual report relat+ to !     
fiscal ye> ( ! res\rce extraction issu] 
t ends n e>li] ?an #a ye> aft] ! date on
 :i* ! ,commission issues f9al rules "u 
subp>agraph 7,a74  7#c7 ,public         
availability ( in=mation  7,a7 ,9 g5]al 
,to ! ext5t practicable1 ! ,commission  
%all make available onl9e1 to ! public1 
a compilation ( ! in=mation requir$ to  
be submitt$ "u ! rules issu$ "u p>agraph
 7#b77;,a74  7,b7 ,o!r in=mation ,no?+ 9

 ?is p>agraph %all require ! ,commission
 to make available onl9e in=mation o!r  
?an ! in=mation requir$ to be submitt$  
"u ! rules issu$ "u p>agraph 7#b77;,a74 
7#d7 ,au?orization ( appropriations ,!re
 are au?oriz$ to be appropriat$ to !    
,commission su* sums z may be necess>y  
to c>ry out ?is subsection4  4