Controversial rules that force oil companies to detail their payments to foreign governments and others that impose higher barriers to coal mining near bodies of water have been targeted by Congress, and with approval by the Trump administration will be rolled back. Neanda Salvaterra writes at The Wall Street Journal:
Congress last week voted to repeal two of the Obama administration’s signature energy regulations.
President Donald Trump must now decide whether to sign off on reversals of a rule which requires energy companies to report payments to foreign governments for resource rights and a second rule that imposes tougher standards on coal mining near bodies of water, report Amy Harder and Dave Michaels.
President Trump has promised to rollback federal regulations that he argues place undue burdens on business.
The Securities and Exchange Commission rule, which requires companies to report their payments to foreign governments, met with opposition from the oil industry since it was issued in 2010.
The American Petroleum Institute, whose members include Exxon Mobil Corp. and Chevron Corp., argued that the rule was unfair in part because it only affected U.S.-listed companies.
Supporters of the rule say it combats corruption and the “resource curse,” in which oil and mineral wealth in resource-rich countries does not benefit low-income people.
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