Donald Trump followed through on his campaign promise to roll back government red tape on Tuesday when he signed a legislation that repealed one of the Obama administration’s more controversial regulations.
Western Journalism reported that the bill required energy companies to disclose payments made to foreign governments. It was part of a 2010 Security and Exchange Commission rule written under the Dodd-Frank financial reform law.
Though the legislation aimed to fight corruption in resource-rich countries, energy corporations say it puts them at a competitive disadvantage. Trump used the little-known Congressional Review Act to repeal the legislation, marking only the second time in two decades the act has been used.
Speaker of the House Paul Ryan, R-Wis., explained that this act was passed back in 1996 for this exact reason.
“Congressional Review Act legislation provides relief for Americans hurt by regulations rushed through at the last minute by the Obama administration,” Ryan commented. “This means freeing up American entrepreneurs, creating jobs, and jump-starting our economy. The House continues to take up Congressional Review Act initiatives this week.”
Trump has said that this is just the first of many more repeals to come.
“This is a very big signing, very important signing. This is one of many,” Trump said during the signing ceremony. “We have many more left. And 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. A lot of people going back to work now,” he continued.
The bill was sponsored by Rep. Bill Huizenga, R-Mich.
“Misguided federal regulations such as the SEC rule addressed by H.J.R. 41 inflict real cost on the American people and put our businesses, especially small businesses, at a significant disadvantage,” Huizenga said. “It’s a priority for the Trump administration to fix our broken regulatory system so that it enhances American productivity and well-being without imposing unnecessary costs and burdens,” Huizenga.”
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