By Ben Geman - 11/19/13 12:22 PM EST
Senior House Democrats are urging Senate Majority Leader Harry Reid (D-Nev.) to ensure that legislation to implement a U.S.-Mexico offshore drilling pact doesn’t waive regulations that force oil companies to disclose payments to foreign governments.
Their letter to Reid arrives amid negotiations to craft a final House-Senate deal to implement the U.S.-Mexico Transboundary Hydrocarbons Agreement (THA), a 2012 pact to enable offshore drilling cooperation along a maritime boundary in the Gulf of Mexico.
The letter is from House Natural Resources Committee Ranking Member Peter DeFazio (D-Ore.), Financial Services Committee Ranking Member Maxine Waters (D-Calif.) and Foreign Affairs Committee Ranking Member Eliot Engel (D-N.Y.).
The House-approved version of the implementing bill included the GOP-backed waiver that Democrats oppose, while it’s omitted from the version that sailed through the Senate with bipartisan and Obama administration support.
“Resource revenue transparency allows shareholders to make better-informed assessments of risks and opportunity costs, threats to corporate reputation, and the long-term prospects of the companies in which they invest,” the letter from the House Democrats to Reid states.