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Anonymous
U.S. House Moves Forward With Plan to Kill Extractive Anti-Graft Rule 2017-02-05 04:31:31 Post No. 108415
[Report]
U.S. House Moves Forward With Plan to Kill Extractive Anti-Graft Rule 2017-02-05 04:31:31 Post No. 108415
[Report]
File: 1504-law-text.png (1B, 486x500px)
1B, 486x500px
U.S. House Moves Forward With Plan to Kill Extractive Anti-Graft Rule
Anonymous
2017-02-05 04:31:31
Post No. 108415
[Report]
Congressional Republicans began their plan to dismantle a rule from the Securities and Exchange Commission on oil, gas and mining companies that is aimed at preventing corruption.
>Rep. Bill Huizenga (R., Mich.) introduced a resolution that calls for the repeal the rule established by Section 1504 of the Dodd-Frank Act that requires oil, gas and mining companies to disclose the payments they make to foreign governments for things such as licenses and permits needed for development. It is the first step by House Republicans to move forward with their plan to use the Congressional Review Act to repeal the rule. Congressional Republicans and President Donald Trump have separately prioritized taking apart regulatory provisions of the Dodd-Frank law, which was passed in the wake of the financial crisis.
>Activists and some observers have said for years that the foreign payments can be used to hide bribes to secure business, but industry groups have called the planned disclosure regime anti-competitive. The U.S. rule is scheduled to take effect in 2018; many resource-sector companies already began reporting such payments under similar rules imposed in Europe and Canada.
>The House Financial Services Committee said in a calendar update that the full House of Representatives will consider the resolution this week after the Rules Committee signed off on it during a Monday hearing.
>Mr. Huizenga said in a statement that the SEC rule “fails the agency’s core mission,” calling it “overly burdensome” and saying it puts U.S. companies at a disadvantage.
>“Transparency is a critical element in governance, and I believe there is a way for the SEC to achieve transparency regarding section 1504; however, this revised rule falls short and remains deeply flawed,” he said in the statement.
http://blogs.wsj.com/riskandcompliance/2017/01/30/u-s-house-moves-forward-with-plan-to-kill-extractive-anti-graft-rule/?mod=google_news_blog
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>Activists slammed the legislative proposal. Global Witness said in a statement that it’s a national-security threat, and that it would enable corruption that Mr. Trump vowed to end.
>“This law helps prevent corruption by making sure people can see how much money is changing hands for their resources, and who is really benefiting from those deals,” said Corinna Gilfillan, head of the U.S. Office at Global Witness, in the statement.
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good riddance
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