Senate Passes Nullification of SEC Resource Extraction Rule
By a vote of 52 to 47 along party lines, the Senate passed a joint resolution (H.J. Res. 41) to nullify an SEC final rule regarding the disclosure of payments by resource extraction issuers. The resolution, which was passed pursuant to the Congressional Review Act, will now go to President Trump to be signed or vetoed.
As described previously in a Cabinet news article on the House passage of the same resolution, Exchange Act Rule 13q-1 (also known as the Resource Extraction Rule) was adopted under SEA Section 13(q) (as added under Dodd-Frank) and has a lengthy history, including multiple SEC rulemakings and two court cases.
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By a vote of 235 to 197, the House of Representatives passed a resolution to nullify the SEC final rule regarding the disclosure of payments by resource extraction issuers.
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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.