House approves resolution killing SEC requirement for oil, gas, mining companies to disclose payments to foreign governments

[Saintaholic]

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">JUST IN: House approves resolution killing SEC requirement for oil, gas, mining companies to disclose payments to foreign governments</p>&mdash; Reuters Business (@ReutersBiz) <a href="https://twitter.com/ReutersBiz/status/826909247527059457">February 1, 2017</a></blockquote>
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Yeah this doesn't sound like a recipe for corruption...on the very day Rex Tillerson becomes Secretary of State might I add.

 

[coldseat]

 

[superlaser]

Drain the swamp!

 

[whodat79]

Drill baby drill!!

 

[superlaser]

Drill baby drill!!

So, just for the record, you are ok with having no transparency involved with oil company dealings with foreign governments as long as they 'drill baby drill?'

That is your informed and considered position?

 

[not2rich]

Drain the swamp!

Like the rollback on LGBT rights, #DTS is on hold until Trump can figure things out. Temporarily, of course.

 

[LAhotsauce]

Drill baby drill!!

Have yall all been replaced by internet troll bots? Somebody needs too tighten up the code.

 

[whodat79]

So, just for the record, you are ok with having no transparency involved with oil company dealings with foreign governments as long as they 'drill baby drill?'

That is your informed and considered position?

In all seriousness it was a joke. Sometimes a little humor may take some of the edge off. I apologize

 

[WhoDatPhan78]

The house is going to be able to pass all kinds of crazy things.

Three moderate Republicans in the Senate are going to be very important for the next couple of years.

 

[whodat79]

Have yall all been replaced by internet troll bots? Somebody needs too tighten up the code.

 

[superlaser]

In all seriousness it was a joke. Sometimes a little humor may take some of the edge off. I apologize

Which is why I asked before I started blasting. It's so hard to tell these days.

 

[whodat79]

Which is why I asked before I started blasting. It's so hard to tell these days.

I try to stay on topic and give my opinions but this time I went for a cliche. But not to get into any wars with other posters. I enjoy speaking politics even if I am on the minority. Most everyone is respectful

 

[V Chip]

The reason some people wanted this overturned was -- get this -- American companies are at a disadvantage in securing contracts with foreign governments if they have to produce documents and paperwork outlining the payments they may have made to those foreign governments or foreign leaders (known in many circles as "bribes"), since most other countries don't have that regulation.

No, seriously. That's why.

 

[PayOrPlay]

The reason some people wanted this overturned was -- get this -- American companies are at a disadvantage in securing contracts with foreign governments if they have to produce documents and paperwork outlining the payments they may have made to those foreign governments or foreign leaders (known in many circles as "bribes"), since most other countries don't have that regulation.

No, seriously. That's why.

So are we going to go ahead and abolish (or engage in "benign neglect" of) the Foreign Corrupt Practices Act? It's been suggested before.

FCPA Enforcement Under Trump: Don&#8217;t Call Off the Calvary Just Yet | National Law Review, January 6, 2017

In 2012, when questioned about the investigation of a major retailer, Mr. Trump stated that the FCPA is &#8220;a horrible law and it should be changed.&#8221; Mr. Trump also noted that the FCPA put U.S. companies at a &#8220;huge disadvantage. While Mr. Trump&#8217;s past statements might be read to signal an easing of FCPA enforcement during his presidency, one should keep in mind that Mr. Trump made these remarks over four years ago &#8212; when he was focused strictly on advancing his business interests and was not the soon-to-be leader of the free world.

Despite speculation from various legal commentators and practitioners to the contrary, there is reason to believe that the Trump administration and the U.S. enforcement authorities &#8212; the U.S. Department of Justice (&#8220;DOJ&#8221 and the U.S. Securities and Exchange Commission (&#8220;SEC&#8221 &#8212; will continue to enforce vigorously the FCPA. Even if FCPA enforcement efforts in the United States slacken, foreign jurisdictions are adopting and enhancing their own anticorruption laws, as well as stepping up enforcement activities. Additionally, enforcement authorities around the world are collaborating with greater frequency and cooperating on investigations and enforcement actions, increasingly holding corporations and individuals accountable for corruption wherever they may be.

 

[nolaspe]

Trump signs repeal of transparency rule for oil companies | TheHill