‘Unreasonable burden’: House votes to repeal SEC rule on US energy company payments to foreign governments

‘House Republicans have approved a resolution repealing the rules from the Securities and Exchange Commission (SEC) requiring US energy companies to disclose payments made to foreign governments.
The joint resolution passed on Wednesday, overturns rules that would have required oil, gas, and mining companies to disclose payments made to foreign governments including: fees, taxes, royalties, entitlements, bonuses, and other benefits.
The SEC rules were adopted on June 27, 2016, as a part of the Dodd-Frank Wall Street Reform, and were set to go into effect on September 30, 2018.
By increasing transparency, the SEC said they would help “combat global corruption and empower citizens of resource-rich countries to hold their governments accountable for the wealth generated by those resources.”’
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