President Donald Trump signed a bill on Feb. 14 which will benefit oil, gas, and mining companies, as well as foreign countries like Russia (video below).
House Joint Resolution 17 invalidates a Securities and Exchange Commission's (SEC) rule that would have required energy companies to disclose their payments to foreign governments beginning in 2018, reports POLITICO.
Trump's Secretary of State, Rex Tillerson, was head of ExxonMobil in 2010 and lobbied hard against the transparency law, noted POLITICO Magazine.
Tillerson insisted that requiring U.S. oil companies to reveal their payments to foreign government would place these multi-billion-dollar corporations at a disadvantage. Tillerson also complained that the rule would make it very hard for ExxonMobil to conduct business in Russia. Other countries such as France, Canada and the United Kingdom have used this principle as a model for their own laws.
During the signing to gut the rule, Trump asserted that the bill would bring energy jobs back to the U.S.:
Well, thank you very much. This is a big signing, a very important signing. And this is H.J. Resolution 41, disapproving the Securities and Exchange Commission’s rule on disclosure of payments by resource extraction issuers. It’s a big deal. And I want to thank Speaker Paul Ryan for being here.
He’s been tremendous. Jeb Hensarling very, very important and really worked hard. Representative Bill Huizenga and all of the friends -- Peter -- all of my friends are up here. And we really appreciate it.
This is one of many that we’ve signed, and we have many more left. And we’re bringing back jobs big league, we’re bringing them back at the plant level; we’ve bringing them back at the mine level. The energy jobs are coming back.
According to POLITICO, the Republican-controlled Congress also passed another resolution that will kill a stream protection rule that the coal industry doesn't like. It's not clear when Trump will sign that bill.
One thing that is certain is that the president will be going Melbourne, Florida, on Feb. 18 to hold a rally.
Robert Costa, a reporter for The Washington Post, tweeted on Feb. 15: "Trump friend tells me decision for POTUS to hold big rally Sat in FL is part of his desire to 'go to his people' and 'bring back the crowds.'"