Oil, gas companies no longer required to disclose taxes & fees paid to foreign govt’s
President Donald Trump has repealed the mandate for US oil and gas companies to report taxes and fees paid to foreign governments. The administration and Republicans claim the move will create jobs, but Democrats criticize the lack of transparency.
The Dodd-Frank Act signed by President Barack Obama in 2010 required the US Securities and Exchange Commission to write a transparency rule for fossil fuel, mining, and other extraction companies. That rule has now been overturned after Trump signed House Joint Resolution 41, passed by Congress earlier this month.
Up until Tuesday, oil and gas companies had been forced to reveal any production-related fees such as taxes paid to foreign governments. That rule was ditched via party-line votes in both the House and Senate. Senator Sherrod Brown (D-Ohio) had argued that the rule was “essential to combating waste, fraud, corruption, and mismanagement.”