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Congress targets extractive payments, CFPB, and government conflicts

Joe Mont | February 2, 2017

The flurry of Congressional legislation related to regulations and regulators continued unabated this week, targeting disclosure rules for oil companies, the Consumer Financial Protection Bureau, and governmental conflicts of interest.

The House of Representatives, on Feb.1, voted 235-187 to repeal a controversial Dodd-Frank Act regulation “that puts American public companies at a disadvantage against many foreign competitors like state-owned companies in China and Russia.”

 The legislation would repeal the Dodd-Frank Act’s extractive payments rule. It requires oil, gas, and mining companies to report—in disclosures to the Securities and Exchange Commission—payments made to governments (foreign or domestic) for extraction rights.

Critics claim it will cost American public companies nearly $600 million each year to comply with the regulation. The rule, they saw, forces publicly-traded American energy companies to disclose proprietary information, giving their...

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