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House Kills Requirement For Energy Companies To Disclose Payments To Foreign Governments
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Contributor | RP |
Last Edited | RP Feb 01, 2017 06:49pm |
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Category | Proposed Legislation |
Author | Tyler Durden |
News Date | Wednesday, February 1, 2017 11:35:00 PM UTC0:0 |
Description | In a victory for the US oil, gas and mining industry, which for years has appealed to the executive branch and courts to eliminate a rule which Exxon Mobil (whose former CEO was just confirmed as US Secretary of State), Chevron and other producers alleged put them at a disadvantage against foreign competitors, this afternoon the House approved a resolution killing an SEC requirement for US energy companies to disclose their payments to foreign governments, known as the "extraction rule."
The industry had claimed that the rule, part of the 2010 Dodd-Frank act, gives global rivals a competitive edge. Backers, on the other hand, said the rule would keep payments to foreign nations in government coffers, not private pockets, and generally avoid bribes and graft. |
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