President Trump signed legislation Tuesday repealing Securities and Exchange Commission (SEC) rules that would have required U.S. energy and mining companies to disclose payments they make to foreign governments.
HJ Res 41 "blocks a misguided regulation from burdening American extraction companies," according to the White House. The SEC rules created an unfair advantage for foreign-owned extraction companies and its elimination could save U.S. businesses $600 million annually, the administration said.
"It's a big deal," Trump said at a signing ceremony in the Oval Office.
"...[W]e're bringing back jobs big league. We're bringing them back at the plant level, we're bringing them back at the mine level. The energy jobs are coming back."
Trump signed the bill into law just weeks after it was approved by the House and Senate. Legislators relied on the Congressional Review Act (CRA) to repeal the SEC rules.
Adopted by the SEC in June 2016, the rules would have required operators to disclose payments made to foreign governments to commercially develop oil, natural gas or minerals. The rules were mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the final rules, information was to be disclosed regarding fees totaling more than $100,000 during a single fiscal year for taxes, royalties and other types of payments to further oil, gas or minerals exploration, extraction, processing and export, or when a license is acquired for any such activity.
Earlier this month, Trump signed a pair of directives meant to begin rolling back provisions of Dodd-Frank, which was adopted by the Obama administration in the wake of the 2008 financial crisis.
A group of Republican House lawmakers from Western states have said they plan to use the CRA this week to roll back one -- and possibly more -- rules enacted during the Obama administration, and that a total of 13 regulations should be targeted. Meanwhile, the Senate appears poised to begin taking up three resolutions that the House passed earlier this month, including one to scrap the venting and flaring rule proposed by the Department of Interior's Bureau of Land Management.