Trump Scraps Rule Requiring Oil Company to Disclose Payments


Headlines Feb 15, 2017

President Trump also signed legislation Tuesday to repeal a Dodd-Frank anti-corruption measure requiring oil and mining companies to disclose payments to governments.

President Donald Trump: “And this is H.J. Resolution 41, disapproving the Securities and Exchange Commission’s rule on disclosure of payments by resource extraction issuers. It’s a big deal. We’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.”

The rule had required public oil, gas and mineral extraction companies to disclose annually its payments to both foreign governments and the U.S. government. Lawmakers say these disclosures help fight corruption in resource-rich countries. The oil industry had fiercely lobbied against the measure. Politico reports longtime ExxonMobil CEO Rex Tillerson, who is now secretary of state, personally lobbied against the rule, flying to Washington, D.C., to meet with then-Senator Richard Lugar in 2010 to try to get the measure removed from Dodd-Frank.

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