THE BIG STORY:
Republicans successfully used the Congressional Review Act to repeal a regulation for the first time in 16 years Tuesday.
As The Hill’s Tim Cama reports, President Trump signed legislation to repeal a controversial rule that would have required energy companies to disclose their payments to foreign governments.
The Securities and Exchange Commission rule, part of the 2010 Dodd-Frank financial reform law, forced energy companies on the United States stock exchanges to disclose the royalties and other payments that oil, natural gas, coal and mineral companies make to governments in an effort to fight corruption in resource-rich countries.
Republicans have been working to roll back a series of Obama-era rules. Earlier this month, a resolution to kill Obama’s coal mining rule passed both the House and Senate. That rule required coal miners to clean up the waste from mountaintop removal mining and prevent it from going into local waterways.
The administration and congressional allies reportedly claim the SEC rule repealed Tuesday imposes massive, unnecessary costs on United States oil, natural gas and mining companies, putting them at a significant competitive disadvantage to foreign companies that do not have to comply.
Supporters, however, say it was needed to protect investors.
“This kind of transparency is essential to combating waste, fraud, corruption and mismanagement.” Sen. Sherrod Brown (D-Ohio), top Democrat on the Senate Banking Committee, said earlier this month.
House Majority Leader Kevin McCarthy (R-Calif.) said Trump’s action helps puts American businesses on equal footing with their foreign competitors.
“I look forward to President Trump signing even more such resolutions in the coming weeks. In the meantime, the House will pass more CRAs this week, and we look forward to continuing to work with the President to clean up the regulatory mess in Washington,” he said in a statement. Click here read more.