WASHINGTON, D.C. (BNO NEWS) — Energy and mining companies registered with the U.S. Securities and Exchange Commission will have to disclose how much they pay to foreign countries and the U.S. government for oil, gas, and minerals, the White House said on Friday following the signing of the Wall Street Reform legislation.

With President Barack Obama’s signing of the Wall Street Reform and Consumer Protection Act, the landmark provision is included, requiring registered energy and mining companies to disclose the information.

“This provision is an essential new tool in promoting transparency in the oil and mineral sectors. This legislation will immediately shed light on billions in payments between multinational corporations and governments, giving citizens the information they need to monitor companies and to hold governments accountable,” the White House explained. ”It will shine a sustained light on the relationship between corporations and governments in the oil and mineral sectors, and make impossible the kind of back-room dealings that cost taxpayers in lost royalties.”

The White House highlighted the new standard for corporate transparency, which is now set with this provision, presenting a challenge for the United States to make it a global standard.

“The United States is committed to working with other countries to ensure the implementation of similar disclosure requirements in other financial markets and will make this a priority in the year ahead.”

(Copyright 2010 by BNO News B.V. All rights reserved. Info: sales@bnonews.com.)