President Trump took his first step Tuesday in fulfilling a campaign promise to the energy industry by signing a bill that repeals an Obama-era rule requiring fossil fuel companies to report their foreign dealings.
The Senate and House both passed the bill, called a resolution of disapproval, soon after Trump was sworn in as president. The Securities and Exchange Commission finalized the rule last year after a court vacated an earlier version of it.
Trump is expected to sign another bill repealing the Stream Protection Rule in the coming days that directly affects coal miners. Congress used its powers under a law called the Congressional Review Act to repeal the rules.
The Stream Protection regulation was rushed out during the last days of the Obama administration, leveling new regulations meant to prevent coal-mining runoff from polluting waterways.
Critics of the rule say it overstepped states’ authority and imposed unnecessary regulations on coal operations that would increase cost and lead to job losses.
