In February, GOP senators used the “Congressional Review Act” to prove who they work for.
We all know that oil companies are corrupt. We also understand how oil company lobbyists pay for easier trade regulations and restrictions, but Democrats refused to play their game. President Obama provided the Securities and Exchange Commission (SEC) with assistance by several provisions in the foreign payments rule which was mandated by a key provision of the 2010 Dodd-Frank financial reform bill.
The rule, known as the “foreign payment rule”, reduces corruption in countries by detailing income and other payments that are made to governments. In other words, if an oil company provides payment to a foreign entity, it must provide documentation. It gives the U.S. and its investors the ability to monitor every penny that is distributed.
The “foreign payment rule” has been challenged in U.S. Courts but the SEC is not backing down.
The approval for oil corruption was followed by a vote against the Interior Department’s stream-protection rule for coal mining.
Ohio Senator Sherrod Brown said:
The rule they’re trying to repeal protects U.S. citizens and investors from having millions of their dollars vanished into the pockets of corrupt foreign oligarchs…This kind of transparency is essential to combating waste, fraud, corruption and mismanagement.”
This fails to surprise us as we have seen the power of oil companies in our government when Rex Tillerson, prior executive of Exxon, was nominated by Trump as his Secretary of State.
Senate Banking Committee Chairman Mike Crapo (R-Idaho) defended his positions that research failed to show a strong connection between transparency and improving the lives of citizens in countries where mineral extraction revenues fuel government corruption. Of course, they failed to prove it! The failure to prove it means it is doing what is meant to, Sherlock.
The measure passed 52-47.
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