US Republicans give oil industry the most desired gift – less transparancy


US Republicans give oil industry the most desired gift – less transparancy

Republicans in the US have axed Obama-era anti-corruption rules for energy and mining companies. The move, which is awaiting sign-off by President Trump, reverses years of progress in a sector often accused of dodgy dealings. It also threatens to kick off a global race to the bottom, as countries compete to offer oil firms the murkiest business environment.

The rule in question is a requirement for American oil, gas and mining companies to publicly disclose all payments of US$100,000 or more to foreign governments in connection with projects abroad. A version of the rule was first adopted in 2012 under the Dodd-Frank Act, passed in response to the financial crisis. After several years of legal battles with industry lobbyists, the latest version was implemented in 2016.

On February 3 the Republican-controlled Senate passed a resolution to scrap the requirement entirely. The resolution has already passed through the House of Representatives, and Trump is expected to give final approval within days. Read More…

Credit By: Business Standard

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