Summary of Bill S 3664
The Royalty Transparency Act, also known as Bill 118 s 3664, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to increase transparency in the payment of royalties to individuals and entities involved in the extraction of natural resources on federal lands.
Under the Royalty Transparency Act, companies that extract oil, gas, coal, and other resources on federal lands would be required to disclose detailed information about the payments they make to the government in the form of royalties. This information would include the amount of royalties paid, the specific resources extracted, and the location of the extraction activities.
The bill also aims to prevent companies from underreporting the amount of resources they extract in order to pay lower royalties. It includes provisions for increased monitoring and enforcement to ensure that companies are accurately reporting their activities and paying the appropriate royalties.
Overall, the Royalty Transparency Act seeks to promote accountability and fairness in the payment of royalties for natural resource extraction on federal lands. It is intended to provide the public with greater insight into the financial transactions between companies and the government, ultimately leading to more transparency and oversight in this important industry.