1504 Modernization Act

The 1504 Modernization Act amends disclosure rules for resource extraction companies (like oil, gas, and mineral firms) required to file with the SEC. It mandates that these companies report payments made to foreign governments on a project-by-project basis, including details like payment type, amount, recipient, and project location. The bill broadens coverage to all commercial extractive activities (not just oil/gas), requires reporting of payments to criminal networks, and specifies that disclosures must be submitted in an interactive electronic format. This applies to all resource extraction issuers, with limited exemptions only permitted for specific, justified cases.