Source: Fuel Fix | James Osborne | December 19, 2017
After a years long legal battle over an anti-corruption regulation aimed at oil companies, Republicans are moving to do away with the law once and for all.
Legislation awaiting a vote in the House would strip the legal requirement that oil and mining companies report to the Securities and Exchange Commission how much they pay world governments in taxes, royalties and other fees, a provision within the 2010 Dodd-Frank Wall Street Reform Act aimed at reducing instances of bribery in oil rich-states.
"The Trump Administration is restoring regulatory balance by reining in Washington bureaucrats," said Rep. Bill Huizenga, R-Mich, who authored the legislation. "The SEC is rightfully refocusing its efforts on helping investors make informed investment decisions – as Congress intended it to – instead of imposing non-material disclosure requirements that only seem to push a social agenda."
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