The U.S. Securities and Exchange Commission on Wednesday relaxed requirements on oil, gas and mining companies to disclose payments made to foreign governments, completing a rule created by Congress after the government bailout of Wall Street in 2008.
The SEC voted 3-2 to adopt industry-friendly changes to its “resources extraction” disclosure rule following a 10-year industry fight to water down the measure, mandated by the 2010 Dodd-Frank law passed to battle corporate corruption.
It was the third version of the rule.
The first version, adopted by the SEC in 2012, was defeated in court by the American Petroleum Institute, a trade association which argued that the measure would put resource companies at a competitive disadvantage.
Republicans in the U.S. Congress scrapped a second version after the party gained control of the Senate in 2017. They deployed the then rarely-used Congressional Review Act, which allows Congress to overturn recently adopted regulations and bars the agency concerned from reissuing a similar rule.
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