U.S. President Donald Trump signed into law on Tuesday legislation that repeals a securities disclosure rule aimed at curbing corruption at energy and mining companies.
“This is a big signing, very important signing. This is HJ Resolution 41, disapproving the Securities and Exchange Commission rule on disclosure of payments by resource extraction issuers. It’s a big deal,” Trump said in the Oval Office before signing the resolution.
In a 52-47 vote, the Republican-controlled Senate approved earlier this month the resolution, which eradicates a rule requiring companies such as Exxon Mobil and Chevron Corp to publicly state taxes and other fees paid to foreign governments like Russia.
After a number of legal battles, the U.S. Securities and Exchange Commission in June 2016 completed the regulation, which supporters said could help expose questionable financial ties U.S. companies may have with foreign governments.
The rule was required by the 2010 Dodd-Frank Wall Street reform law, which Trump has pledged to roll back.