Friday, February 3, 2017
Senate votes to repeal transparency rule for oil companies
At The Hill by Timothy Cama --
The Senate voted strictly along party lines Friday morning to repeal a regulation requiring disclosures for the payments that energy companies make to foreign governments.
The measure passed 52-47 in a pre-dawn vote.
The Securities and Exchange Commission’s (SEC) foreign payments rule was mandated by a key provision of the 2010 Dodd-Frank financial reform bill and was meant to reduce corruption in resource-rich countries by detailing the royalties and other payments that oil, natural gas, coal and mineral companies make to governments.
But the rule, made final last year, fell victim to a push by congressional Republicans to erase large portions of former President Obama’s legacy by repealing major regulations through the Congressional Review Act. The move followed a late Thursday vote against the Interior Department’s stream protection rule for coal mining.