President Donald Trump signed into law on Tuesday legislation that repeals a Securities and Exchange Commission rule requiring American energy companies to disclose payments made to foreign governments for the extraction of oil, natural gas or minerals.
The bill passed in the House on Feb. 1 with a vote of 235-187 and in the Senate on Feb. 3 in a 52-47 vote.
The rule was mandated by the Dodd-Frank Act and went into effect in June. The bill to repeal was sponsored by U.S. Rep. Bill Huizenga (R-MI), chairman of the Financial Services Subcommittee on Capital Markets, Securities and Investment, who said it put American energy companies at a disadvantage against foreign competitors.
Huizenga along with several members of the House Financial Services Committee attended the signing ceremony at the White House on Feb. 14.
“In order to get our economy growing, we need to reset our nation’s arcane regulatory process. I am honored to have authored one of the first bills signed into law to do precisely that. H.J. Res. 41 removes a burdensome regulation that puts U.S. companies at a competitive disadvantage on the global stage,” Huizenga said.
House Financial Services Chairman Jeb Hensarling (R-TX) also applauded the repeal.
“Today we sent a message to Washington bureaucrats: go back to the drawing board and come up with a better rule that does not undercut America’s ability to compete and does not harm American jobs. Passing laws that promote a healthy economy with more jobs, higher wages and economic opportunities for all is our top priority. That’s the best thing we can do to help the millions of hardworking Americans who feel they’re working harder than ever but can’t seem to get ahead,” Hensarling said.
Rep. Sean Duffy (R-WI), chairman of the Housing and Insurance Subcommittee, said the rule could have cost companies more than $590 million.
“I will continue to work with my colleagues in Congress and President Trump to help lift the burden of Washington regulations off of America’s workers, families, and businesses,” Duffy said.