Trump rolls back anti-corruption effort in oil industry

http://www.newyorker.com/news/daily-comment/the-trump-administration-rolls-back-anti-corruption-efforts-in-the-oil-industry/amp

"In  February, in one of its first acts of lawmaking, the Trump Administration, with the Republican-controlled Congress, rescinded a pending Securities and Exchange Commission rule that would have required oil companies to disclose details of their payments to international governments in connection with oil and gas production.

The rule, which was mandated by a law co-sponsored by former Republican Senator Richard Lugar, of Indiana, and Democratic Senator Ben Cardin, of Maryland, was designed to combat bribery and corruption, especially in poor countries governed by kleptocrats. Thirty other countries, including Canada and the members of the European Union, had already adopted similar requirements. Yet the American Petroleum Institute and companies such as ExxonMobil, at the time when Secretary of State Rex Tillerson was still its C.E.O., had lobbied against the rule. They said that it was costly to implement and gave unfair advantage to overseas competitors to which it did not apply. When Trump took power, the lobbyists got their way.

A month later, Trump’s Interior Department signalled that the Administration would also withdraw from a certification process of theExtractive Industries Transparency Initiative. The E.I.T.I. is another corruption-fighting effort in the oil and mining sectors that involves governments, corporations, and civil-society groups. The United States officially endorsed the initiative, in 2004, because the George W. Bush Administration believed that it could promote better governance worldwide. The E.I.T.I. standards for transparency in oil finance were initially imposed mainly on poor countries, but, under the Obama Administration, the U.S. agreed, along with other wealthy countries, to adopt the standards. Trump apparently intends to reverse that decision. This is one more area, among many, where the U.S. no longer leads by example.

President Trump frequently talks about repudiating Obama Administration regulations and “bad deals,” but in some fields of international policy he is moving with equal conviction to tear up programs promoting democracy and human rights that were embraced by the Bush Administration and congressional Republican internationalists such as Lugar. In effect, Trump’s nationalism and the example of his own indifference to ethics and financial disclosure risk incentivizing corruption abroad.".... (more)