02-04-2017, 12:37 PM
(This post was last modified: 02-04-2017, 12:40 PM by Eric the Green.)
What Republicans do, and Democrats consent to. Why wasn't this filibustered?
Senate Votes To Kill Dodd Frank Anti-Corruption Rule
The rule was aimed at curbing corruption at big oil, gas and mining companies.
By Lisa Lambert and Sarah N. Lynch
http://www.huffingtonpost.com/entry/sena...5bimcgnwmi
WASHINGTON, Feb 3 (Reuters) - The Republican-led Congress killed a controversial U.S. securities disclosure rule early on Friday aimed at curbing corruption at big oil, gas and mining companies.
In a 52 to 47 vote, the Senate approved a resolution already passed by the House of Representatives that wipes from the books a rule requiring companies such as Exxon Mobil and Chevron Corp to publicly state the taxes and other fees they pay to foreign governments.
Republican President Donald Trump is expected to sign it shortly.
Exxon and other major energy corporations have fought for years to prevent the rule, required by the 2010 Dodd-Frank Wall Street reform law, from seeing the light of day.
After a series of legal battles, the Securities and Exchange Commission in June 2016 completed the regulation, which supporters say can help expose questionable financial ties U.S. companies may have with foreign governments.
Democrats in the Senate had raised concerns during debate late on Wednesday that Exxon’s chief executive during those legal fights was Rex Tillerson, recently confirmed as Secretary of State, the country’s top diplomatic post.
Tillerson, who has done extensive business in Russia, had raised Democrats’ hackles at his confirmation hearing by saying he did not know Exxon had lobbied against U.S. sanctions on Russia.
“It should be lost on no one that in less than 48 hours, the Republican-controlled Senate has confirmed the former head of ExxonMobil to serve as our Secretary of State, and repealed a key anti-corruption rule that ExxonMobil and the American Petroleum Institute have erroneously fought for years,” said Senator Ben Cardin of Maryland, the senior Democrat on the foreign relations committee.
Cardin had written the Dodd-Frank section on the payments with former Senator Richard Lugar, a Republican. (Editing by Bernadette Baum)
AND THERE'S MORE:
Breaking News from Newsmax.com
President Donald Trump signed an executive order Friday that will direct the Treasury secretary to review the 2010 Dodd-Frank financial overhaul enacted in response to the 2008 financial crisis, a law Trump has called a “disaster.” In another early step at scaling back regulations on financial services, Trump also signed a presidential memorandum to delay implementing an Obama-era rule that requires commission-based advisers on retirement accounts to put their clients’ best interests first.
Senate Votes To Kill Dodd Frank Anti-Corruption Rule
The rule was aimed at curbing corruption at big oil, gas and mining companies.
By Lisa Lambert and Sarah N. Lynch
http://www.huffingtonpost.com/entry/sena...5bimcgnwmi
WASHINGTON, Feb 3 (Reuters) - The Republican-led Congress killed a controversial U.S. securities disclosure rule early on Friday aimed at curbing corruption at big oil, gas and mining companies.
In a 52 to 47 vote, the Senate approved a resolution already passed by the House of Representatives that wipes from the books a rule requiring companies such as Exxon Mobil and Chevron Corp to publicly state the taxes and other fees they pay to foreign governments.
Republican President Donald Trump is expected to sign it shortly.
Exxon and other major energy corporations have fought for years to prevent the rule, required by the 2010 Dodd-Frank Wall Street reform law, from seeing the light of day.
After a series of legal battles, the Securities and Exchange Commission in June 2016 completed the regulation, which supporters say can help expose questionable financial ties U.S. companies may have with foreign governments.
Democrats in the Senate had raised concerns during debate late on Wednesday that Exxon’s chief executive during those legal fights was Rex Tillerson, recently confirmed as Secretary of State, the country’s top diplomatic post.
Tillerson, who has done extensive business in Russia, had raised Democrats’ hackles at his confirmation hearing by saying he did not know Exxon had lobbied against U.S. sanctions on Russia.
“It should be lost on no one that in less than 48 hours, the Republican-controlled Senate has confirmed the former head of ExxonMobil to serve as our Secretary of State, and repealed a key anti-corruption rule that ExxonMobil and the American Petroleum Institute have erroneously fought for years,” said Senator Ben Cardin of Maryland, the senior Democrat on the foreign relations committee.
Cardin had written the Dodd-Frank section on the payments with former Senator Richard Lugar, a Republican. (Editing by Bernadette Baum)
AND THERE'S MORE:
Breaking News from Newsmax.com
President Donald Trump signed an executive order Friday that will direct the Treasury secretary to review the 2010 Dodd-Frank financial overhaul enacted in response to the 2008 financial crisis, a law Trump has called a “disaster.” In another early step at scaling back regulations on financial services, Trump also signed a presidential memorandum to delay implementing an Obama-era rule that requires commission-based advisers on retirement accounts to put their clients’ best interests first.