Leaders in the European Union appear to be increasingly likely to mimic upgraded corporate regulations in the style of the U.S. Dodd-Frank financial reform bill, according to Financial Times. A senior European Commission official, Klaus Rudischhauser said, “The process is launched,” with the so-called “Dodd-Frank Plus” replica of the U.S. legislation expected to be discussed in draft form as early as November. The primary goal of the new bill would be great transparency of money flows between countries and governments.
Rudischhauser said that the proposal would include “mandatory country-by-country disclosure” using the U.S. law “as a minimum standard.” There is still debate over what types of companies to include in the new regulation, as well as whether there would also be “disclosure of profits in addition to disclosure of taxes.” U.K. Chancellor George Osborne is backing the proposal, as well as German officials and leading economists. However, some business leaders are strongly opposed to the new legislation.