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H.J.Res. 41 (115th): Providing for congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission relating to “Disclosure of Payments by Resource Extraction Issuers”.

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The text of the resolution below is as of Feb 1, 2017 (Passed the House).

Summary of this resolution

The third bill signed into law by President Trump repeals a regulatory rule created by Democrats in the wake of the 2008 financial crash. Republicans hail it as a breath of fresh air for American businesses, but Democrats say it will harm both our financial system and our environment.

What the law does

The law repeals an Obama-era rule requiring publicly traded companies to disclose payments by “resource extraction issuers” — such as those for oil, minerals, and natural gas — during the negotiation of the business contracts if those payments exceed $100,000 in a year.

The rule was issued by the Securities and Exchange Commission (SEC), which originally proposed …

IA

115th CONGRESS

1st Session

H. J. RES. 41

IN THE HOUSE OF REPRESENTATIVES

JOINT RESOLUTION

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission relating to Disclosure of Payments by Resource Extraction Issuers.

That Congress disapproves the rule submitted by the Securities and Exchange Commission relating to Disclosure of Payments by Resource Extraction Issuers (published at 81 Fed. Reg. 49359 (July 27, 2016)), and such rule shall have no force or effect.

Passed the House of Representatives February 1, 2017.

Karen L. Haas,

Clerk.