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February 15, 2017

Trump Scraps Rule Requiring Oil Company to Disclose Payments
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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 Exxon Mobil 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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