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U.S. lawmaker moves to scrap SEC's 'resource extraction' rule
Source: Reuters
U.S. | Mon Jan 30, 2017 | 11:57am EST
U.S. lawmaker moves to scrap SEC's 'resource extraction' rule
By Sarah N. Lynch | WASHINGTON
A senior U.S. lawmaker unveiled a legislative plan on Monday to scrap a rule devised under the 2010 Dodd-Frank financial reform law requiring publicly-traded mining, oil and gas companies to disclose payments they make to foreign governments.
Michigan Republican Bill Huizenga, who chairs the House of Representatives Financial Services subcommittee on capital markets, took aim at the U.S. Securities and Exchange Commission's so-called "resource extraction" rule, saying it makes it harder for U.S. energies companies to compete.
The rule is championed by human rights organizations who say the disclosure of payments to foreign governments by companies like Exxon Mobil Corp and Chevron should help reduce corruption.
But the U.S. Chamber of Commerce and other industry groups have long opposed it, saying it puts U.S. companies at a competitive disadvantage and fails to provide investors with meaningful, material information.
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U.S. lawmaker moves to scrap SEC's 'resource extraction' rule
By Sarah N. Lynch | WASHINGTON
A senior U.S. lawmaker unveiled a legislative plan on Monday to scrap a rule devised under the 2010 Dodd-Frank financial reform law requiring publicly-traded mining, oil and gas companies to disclose payments they make to foreign governments.
Michigan Republican Bill Huizenga, who chairs the House of Representatives Financial Services subcommittee on capital markets, took aim at the U.S. Securities and Exchange Commission's so-called "resource extraction" rule, saying it makes it harder for U.S. energies companies to compete.
The rule is championed by human rights organizations who say the disclosure of payments to foreign governments by companies like Exxon Mobil Corp and Chevron should help reduce corruption.
But the U.S. Chamber of Commerce and other industry groups have long opposed it, saying it puts U.S. companies at a competitive disadvantage and fails to provide investors with meaningful, material information.
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Read more: http://www.reuters.com/article/us-usa-congress-regulation-sec-idUSKBN15E213
