By a vote of 235 to 197, the House of Representatives passed a joint resolution (H.J. Res. 41) to nullify an SEC final rule regarding the disclosure of payments by resource extraction issuers, Exchange Act Rule 13q-1 (the "Resource Extraction Rule"). The Resource Extraction Rule was mandated under Section 13(q) of the Securities Exchange Act, which was added by Section 1504 of the Dodd-Frank Act. The rule requires issuers to disclose certain payments made to government entities for the commercial development of oil, natural gas or minerals.
The Cabinet Center for Administrative Transition is a curated repository of executive and legislative pronouncements, policies and proposals that reflect the financial service agendas of Congress and the Trump Administration.
House Republican leaders "cautioned" all federal executive and independent agencies against "finalizing pending rules or regulations in the Administration's last days."
The House Financial Services Committee approved the Financial CHOICE Act, a Republican plan that would replace the Dodd-Frank Act.
The SEC adopted final Exchange Act Rule 13q-1 and amended Form SD in order to require resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas and minerals. The final rule and form amendment were published in the Federal Register.
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