Remarks by President Trump at Signing of H.J. Resolution 41

[WVU82_rivals]

The White House
Office of the Press Secretary
For Immediate Release
February 14, 2017

Oval Office

2:18 P.M. EST

THE PRESIDENT: Well, thank you very much. This is a big signing, a very important signing. And this is H.J. Resolution 41, disapproving the Securities and Exchange Commission's rule on disclosure of payments by resource extraction issuers. It's a big deal. And I want to thank Speaker Paul Ryan for being here. He's been tremendous. Jeb Hensarling very, very important and really worked hard. Representative Bill Huizenga and all of the friends -- Peter -- all of my friends are up here. And we really appreciate it.

This is one of many that we've signed, and we have many more left. And we're bringing back jobs big league, we're bringing them back at the plant level; we've bringing them back at the mine level. The energy jobs are coming back. And it's -- you see what's going on with the stock market. They know that we know what we're doing, so it's going up.

So I think what I'm going to do, if I might, can I ask you to say a few words?

REPRESENTATIVE HUIZENGA: My pleasure, Mr. President.

THE PRESIDENT: Bill Huizenga.

**: So this is the first CRA that has been signed by the President. I'm very pleased to be the author of House Joint Resolution 41. Over 20 years, there's been 56,000 rules that have been put in place with very little legislative input or oversight, and it's time that changed. And I'm very thankful to the President, the Speaker, our Chairman Hensarling for being able to make this happen. And we think this is a good first step. So I'm very pleased. Thank you.

THE PRESIDENT: I'll sign it -- we may have to give him the pen. Congratulations. Great job. You've done a fantastic job.

(The President signs H.J. Resolution 41.)

THE PRESIDENT: A lot of people going back to work now. (Applause.) He's working on Obamacare -- it's going to be very soon. Right?

SPEAKER RYAN: Yes.

THE PRESIDENT: Thank you all very much.

END
2:20 P.M. EST

 

[countryroads89_rivals]

It's always a great day when we have no clue what countries receive payments from energy companies.

Smh.

 

[PriddyBoy]

Sounds like you're going to have to explain H.J. Resolutions to this stupid forum. Let the destruction begin.

 

[WVU82_rivals]

President Trump signed his first legislation Tuesday, scrapping an anti-corruption measure that requires oil and mining companies to disclose their payments to foreign governments.

“This is a big signing, very important signing," Trump said in the Oval Office as he signed the legislation. "We're bringing back jobs big league. We're bringing them back at the plant level. We're bringing them back at the mine level. The energy jobs are coming back."

Employing a legislative tactic called the Congressional Review Act, lawmakers overturned the rule earlier this month, following aggressive lobbying from energy companies, including Exxon Mobil. Rex Tillerson, Exxon's former CEO, is now the Secretary of State.

The rule, implemented by the Securities and Exchange Commission, was mandated in 2010 by the Wall Street Reform and Consumer Protection Act, better known as Dodd-Frank. After a court battle, the SEC introduced it last year in June.

At the time of the rule's introduction, the SEC said it was devised "to advance U.S. policy interests by promoting greater transparency about payments related to resource extraction."

It requires public companies that extract oil, natural gas or minerals abroad to disclose in an annual report any payments made to a foreign government or theU.S. federal government. Companies were not required to comply with the rule until their first fiscal year ending on or after Sept. 30, 2018.

The Congressional Review Act authorizes Congress to review and cancel regulations that were introduced by federal agencies in the last six months. Congress must complete the review process within 60 legislative days after a federal agency submits a rule for review. Only one "resolution of disapproval" has been signed into law since 1996, when it was created. But the Trump administration and the Republican-controlled Congress have signaled that the tactic will be used more frequently to scrap Obama-era laws in their bid to roll back business regulations.

Senators spar over Dodd-Frank rollback


The resolution on resource extraction disclosures – H.J.Res. 41 – was passed by both chambers of Congress earlier this month. After Trump's signature, the SEC can no longer enforce or reissue it.

The oil industry, in particular, fought vigorously to eliminate the rule, arguing that compliance is costly and erodes U.S. companies' global competitiveness.

The ongoing compliance costs of the resource extraction rule would between $173 million and $385 million annually, according to conservative advocacy group Americans for Tax Reform.

“The oil and natural gas industry strongly supports transparency," said Jack Gerard, CEO of the American Petroleum Institute. "Our industry offered a model for an SEC rule that would achieve disclosure requirements without putting U.S., publicly-listed energy producers at a disadvantage to foreign competitors around the world who are not subject to any disclosure. We look forward to continuing these efforts."

But the compliance costs estimated by the industry is "grossly inflated," says Jay Branegan, senior fellow at The Lugar Center, a think-tank founded by former U.S. Senator Richard Lugar.

The stock markets in the European Union, Canada and Norway already require similar data from extraction companies. The SEC rule would have posed "minimal burden" on oil companies, he said. "They are already required to collect this data."

The rule, proposed by Lugar and other lawmakers in 2008, was aimed at engendering more information about extraction companies' payments to foreign nations that are afflicted by what Lugar called "the resource curse."

"Large reserves of oil or other resources often negatively affect a country's economic growth, corruption level and stability," Lugarwrotein a report in 2008. "Overcoming the impacts of this curse helps promote U.S. policy goals of poverty alleviation, good governance and energy security."

Having more information about how much money their governments receive from oil and gas companies would enable citizens to question how incoming revenues are spent and fight corruption and fraud, Branegan said. "Transparency is not panacea, but sunlight is the best disinfectant," he said.

 

[PriddyBoy]

President Trump signed his first legislation Tuesday, scrapping an anti-corruption measure that requires oil and mining companies to disclose their payments to foreign governments.

“This is a big signing, very important signing," Trump said in the Oval Office as he signed the legislation. "We're bringing back jobs big league. We're bringing them back at the plant level. We're bringing them back at the mine level. The energy jobs are coming back."

Employing a legislative tactic called the Congressional Review Act, lawmakers overturned the rule earlier this month, following aggressive lobbying from energy companies, including Exxon Mobil. Rex Tillerson, Exxon's former CEO, is now the Secretary of State.

The rule, implemented by the Securities and Exchange Commission, was mandated in 2010 by the Wall Street Reform and Consumer Protection Act, better known as Dodd-Frank. After a court battle, the SEC introduced it last year in June.

At the time of the rule's introduction, the SEC said it was devised "to advance U.S. policy interests by promoting greater transparency about payments related to resource extraction."

It requires public companies that extract oil, natural gas or minerals abroad to disclose in an annual report any payments made to a foreign government or theU.S. federal government. Companies were not required to comply with the rule until their first fiscal year ending on or after Sept. 30, 2018.

The Congressional Review Act authorizes Congress to review and cancel regulations that were introduced by federal agencies in the last six months. Congress must complete the review process within 60 legislative days after a federal agency submits a rule for review. Only one "resolution of disapproval" has been signed into law since 1996, when it was created. But the Trump administration and the Republican-controlled Congress have signaled that the tactic will be used more frequently to scrap Obama-era laws in their bid to roll back business regulations.

Senators spar over Dodd-Frank rollback


The resolution on resource extraction disclosures – H.J.Res. 41 – was passed by both chambers of Congress earlier this month. After Trump's signature, the SEC can no longer enforce or reissue it.

The oil industry, in particular, fought vigorously to eliminate the rule, arguing that compliance is costly and erodes U.S. companies' global competitiveness.

The ongoing compliance costs of the resource extraction rule would between $173 million and $385 million annually, according to conservative advocacy group Americans for Tax Reform.

“The oil and natural gas industry strongly supports transparency," said Jack Gerard, CEO of the American Petroleum Institute. "Our industry offered a model for an SEC rule that would achieve disclosure requirements without putting U.S., publicly-listed energy producers at a disadvantage to foreign competitors around the world who are not subject to any disclosure. We look forward to continuing these efforts."

But the compliance costs estimated by the industry is "grossly inflated," says Jay Branegan, senior fellow at The Lugar Center, a think-tank founded by former U.S. Senator Richard Lugar.

The stock markets in the European Union, Canada and Norway already require similar data from extraction companies. The SEC rule would have posed "minimal burden" on oil companies, he said. "They are already required to collect this data."

The rule, proposed by Lugar and other lawmakers in 2008, was aimed at engendering more information about extraction companies' payments to foreign nations that are afflicted by what Lugar called "the resource curse."

"Large reserves of oil or other resources often negatively affect a country's economic growth, corruption level and stability," Lugarwrotein a report in 2008. "Overcoming the impacts of this curse helps promote U.S. policy goals of poverty alleviation, good governance and energy security."

Having more information about how much money their governments receive from oil and gas companies would enable citizens to question how incoming revenues are spent and fight corruption and fraud, Branegan said. "Transparency is not panacea, but sunlight is the best disinfectant," he said.

WVU82m, if it wasn't obvious, my previous reply was meant for someone else. I appreciate the content you provide here and on the Blue Lot.

 

[WVU82_rivals]

spewing headlines with no thought happens too often...

actually understanding what you post should be commonplace...

just trying to help the idiots...

 

[countryroads89_rivals]

Sounds like you're going to have to explain H.J. Resolutions to this stupid forum. Let the destruction begin.

Are you addressing me? And do you seriously not know what a joint resolution is?

 

[PriddyBoy]

Are you addressing me? And do you seriously not know what a joint resolution is?

I do. Your smart *** reply seemed to suggest you thought this was a Presidential administrative decision. I admit I was hoping for a typical 'Destroyer' self hanging, but you've probably figured HRs out by now.