SEC Resource Extraction Rule Challenged as Failing Cost-Benefit Test

In a lawsuit against the SEC, industry groups allege that the SEC failed to properly weigh the costs and benefits of the final "extractive industries rule" requiring energy companies registered on American exchanges to publicly release commercially sensitive and detailed payment information about foreign energy investments. The industry groups filing the complaint include the Chamber of Commerce, American Petroleum Institute, Independent Petroleum Association of America and the National Foreign Trade Council. They argue that the rule is too costly, would give rivals sensitive business information, and violates the companies' First Amendment rights.

View complaint in full here (links externally to PDF).See also: Chamber of Commerce Press Release.