Trump just repealed Obama rule requiring oil companies to disclose payments to foreign governments|
President Donald Trump just signed legislation that will allow oil companies to get away with corruption unscathed.
The bill Trump just signed would repeal a 2010 Securities and Exchange Commission (SEC) regulation implemented as a result of the passage of the Dodd-Frank financial reform law, that requires fossil fuel companies publicly disclose any and all payments to foreign governments.
“We’re bringing back jobs big league,” Trump said at the signing ceremony. “We’re bringing them back at the plant level, we’re bringing them back at the mine level. The energy jobs are coming back.”
While both Trump along with Rep.Bill Huizenga (R-Michigan), the author of the bill, touted its alleged positive impact on job growth, Senate Democrats blasted the legislation as a means of enabling corruption on a massive scale.
“The rule they’re trying to repeal protects U.S. citizens and investors from having millions of their dollars vanished into the pockets of corrupt foreign oligarchs,” said Senare Banking Committee ranking member Sherrod Brown (D-Ohio). “This kind of transparency is essential to combating waste, fraud, corruption and mismanagement.”
Oil companies will likely be pleased by the repeal of the SEC regulation. On the corporate transparency section of its website, ExxonMobil (the company Secretary of State Rex Tillerson used to lead) celebrated a court’s decision to strike down the foreign payments rule, and advocated for a toothless foreign disclosure rule authored by the American Petroleum Institute — the chief lobbyist for fossil fuel companies.
Both President Trump and Republican leaders in both houses of Congress have promised to wage war on environmental and financial regulations during their tenure, claiming that measures implemented during the Obama administration to safeguard from corporate abuse are harmful to the economy.
Tom Cahill is a writer for US Uncut based in the Pacific Northwest. He specializes in coverage of political, economic, and environmental news. You can contact him via email at [email protected], or follow him on Facebook.