The Senate early Friday voted to disapprove of an Obama administration regulation requiring oil producers to report their dealings with foreign governments to the Securities and Exchange Commission.
Republicans have been moving to kill several Obama-era rules under the Congressional Review Act, which gives Congress a voice over recently imposed rules.
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The regulation in question here is one that was made final by the SEC last summer, under authority provided by the Dodd-Frank financial reform law.
The rule was aimed at exposing payments oil companies might be making to foreign governments. But oil companies opposed it and Republicans called it an “unreasonable compliance burden.” Passage of the resolution by both the House and Senate will overturn the rule.
The Senate voted 52-47 to approve the resolution disapproving of the regulation. That followed a Wednesday vote in the House, which passed the same measure 235-187.
