Republicans have voted to repeal an anti-corruption law that new Secretary of State Rex Tillerson opposed while he was running Exxon.
“House Republicans on Wednesday voted to repeal an anti-corruption rule the Securities and Exchange Commission instituted last summer requiring energy companies to disclose the taxes and other fees they pay to foreign governments.
The vote came on the same day that former Exxon Mobil Corp. chief executive Rex Tillerson was confirmed as secretary of state. As Exxon CEO, Tillerson had lobbied against the so-called ‘extraction rule.’
Under the little-known but powerful Congressional Review Act, Congress can repeal any Obama administration regulations passed after June 16, 2016, and it also prevents similar laws from being enacted in the future. The extraction rule was born from the 2010 Dodd-Frank banking reform package, but faced a long legal battle and was not put into place until June 27, 2016.” [READ MORE]