Trump repeal of SEC rule signals more to come

washington — President Donald Trump has overturned an Obama-era anti-corruption rule that would have forced oil, gas and mining companies to disclose payments to foreign governments, becoming the first president in 16 years to take advantage of a law that allows him to rescind a predecessor’s regulations.

Trump last week signed a congressional resolution to repeal a Securities and Exchange Commission (SEC) disclosure rule that was called for in the 2010 Dodd-Frank Act. It’s likely just the start: Congress is considering a number of other measures, including ones to overturn Obama administration rules protecting streams from mountaintop mining and prevent people with serious mental health problems from buying guns.

“This is one of many,” Trump told reporters at a signing ceremony. “We have many more left. And we’re bringing back jobs big league.”

These fast-track repeals are made possible by a little-used tool called the Congressional Review Act, which allows Congress to undo recent federal rules with a simple majority vote. Congress has used it successfully only once before: In 2001, then-President George W. Bush joined Congress in killing a Labour Department ergonomics rule adopted under the administration of President Bill Clinton.

This is one of many. We have many more left. And we’re bringing back jobs big league Donald Trump, US President

Overturning the SEC rule could benefit US oil giants Exxon Mobil Corp and Chevron Corp.

“The president’s signature on the Congressional Review Act is a welcome step forward for American competitiveness and jobs,” American Petroleum Institute president Jack Gerard said.

Backers of the SEC regulation say forcing companies to disclose foreign payments would curb corruption in resource-rich countries, such as Nigeria. The oil industry says the rule would put US companies at a competitive disadvantage compared to state-run enterprises, such as Saudi Aramco, which are not subject to the disclosure rules.

“The SEC’s rule forces US companies to disclose proprietary information to its competitors while foreign entities do not. This can give some large industry players an advantage on future business projects,” the American Petroleum Institute, an industry group, said.