Republicans Just Voted To Kill An Obama-era Anti-Corruption Rule
In what will be one of the first bills the new Congress sends to Donald Trump for his signature, Republicans decided to kill a securities disclosure rule that is aimed at curbing corruption at big oil, gas and mining companies.
The rule requires U.S. oil, gas and mining companies to publically report the payments they make to foreign governments. Seems like a good idea, right? You know because if a large oil company (like say Exxon Mobil) has to report the payments they make to a foreign government (like say Russia), they are much less likely to try to do anything nefarious – you know on account of the fact that it will be public.
On Friday, in a 52 to 47 vote, the Senate approved a resolution that was already passed by the House of Representatives that removes the rule that requires oil companies to publically disclose the payments they make.
Donald Trump is expected to sign it soon.
The rule was originally put in place under the Dodd-Frank financial reform law passed under Obama. Large oil companies, including Exxon Mobil fought the rule aggressively.
Unsurprisingly, Democrats in the Senate have raised concerns that Rex Tillerson – the guy who was just confirmed as Secretary of State – was CEO of Exxon at the time when the company was fighting the disclosure rule.
You might also remember that Rex Tillerson has done a tremendous amount of business in Russia.
