The rules committee of the U.S. House of Representatives heard brief testimony on Monday evening about a joint resolution that would eliminate a rule requiring publicly traded oil and mining companies in the U.S. to publish what they pay foreign governments.
The rule is the Securities and Exchange Commission’s implementation of the Cardin-Lugar amendment, or Section 1504, which passed as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Proponents of the provision say it is critical for anti-corruption efforts around the world and enables local communities to hold their governments accountable and ensure payments are used to provide critical services, such as health care or education.
But a joint resolution, which is likely to be considered on the House floor as early as Wednesday, seeks to strike down that rule using an expedited process through the Congressional Review Act, which gives Congress the power to review and overturn recent rules.