USA: Congress repeals law on disclosure of payments to govts. by oil & gas companies

Author: Lisa Lambert & Timothy Gardner, Reuters, Published on: 8 February 2017

"U.S. Republicans ax disclosure, emissions rules on energy", 5 Feb 2017

U.S. Republicans on Friday repealed a securities disclosure rule aimed at curbing corruption at energy and mining companies and voted to ax emissions limits on drilling operations, part of a push to remove Obama-era regulations on extractive industries...After a number of legal battles, the U.S. Securities and Exchange Commission in June 2016 completed the regulation, which supporters said could help expose questionable financial ties U.S. companies may have with foreign governments.Senate Democrats raised concerns that Exxon's chief executive during those legal fights was Rex Tillerson, who was recently confirmed as U.S. secretary of state and has worked extensively in Russia...Exxon and other major energy corporations fought for years to block the rule, required by the 2010 Dodd-Frank Wall Street reform law...The change could give American companies an edge over Canadian and European companies that face some of the toughest transparency rules in the world...

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Related companies: ExxonMobil