Thursday, October 25, 2007

Congressional Hearing to Examine Why Many of the World's Poorest Countries Are the Richest in Natural Resources

Congressional Hearing to Examine Why Many of the World's Poorest Countries Are the Richest in Natural Resources

WASHINGTON, Oct. 24 /PRNewswire-USNewswire/ --

The following is being issued by Publish What You Pay United States:


WHAT: Public Hearing -- House of Representatives Committee on Financial Services Hearing entitled "Transparency of Extractive Industries: High Stakes for Resource-Rich Countries, Citizens and International Business"


WHERE: 2128 Rayburn House Office Building

WHEN: Thursday, October 25th, 10 a.m.

BACKGROUND:


Natural resource-dependent countries almost always develop more slowly than non-resource-dependent countries, are more susceptible to the outbreak of civil war (i.e., blood diamonds) and experience a high incidence of corruption. This is often known as the "resource curse." The natural resource sector, including diamonds, oil, gas and other minerals, is one of the most secretive sectors, with citizens of many countries (typically the legal "owners" of a nation's natural resources) routinely left to wonder how much money is being generated and where the money flows while public officials accumulate vast fortunes.


SPEAKERS:


The House Financial Services Committee will examine this issue of how better financial disclosure and transparency in the extractive industry sector may be able to help reverse this "resource curse" and to discuss potential avenues for Congressional involvement. Speakers include Ian Gary, Senior Policy Advisor for Extractive Industries at Oxfam America; Father Patrick Lafon of the Bishops' Conference in Cameroon; Terry Lynn Karl from Stanford University, David A. Baker, Vice President, Environment and Social Responsibility, Newmont Mining Corporation and Paul Mitchell, President, International Council on Mining and Metals (ICMM).


Publish What You Pay U.S. is a coalition of U.S. human rights, development and environmental organizations seeking to ensure that extractive industry companies, international financial institutions and governments publish all natural resource payments, revenues, and contracts.


For more information, visit http://www.pwypusa.org/


Source: Publish What You Pay United States

CONTACT: Sarah Pray of Publish What You Pay United States,
+1-202-721-5623

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