Federal Rule Rejected by Senate

by Connor Robinson

The Senate voted against a new rule Friday, February 3 that would force American energy companies to report all money given to foreign nations to the SEC. Formally called the “Disclosure of Payments by Resource Extraction Issuers,” the rule was designed to minimize corruption of governments due to bribes paid by energy companies with interests in the country’s resources.

It failed to pass with a vote of 52-47 following Republican ideas on foreign relations with energy companies. Democratic proponents of the rule saw it as a good measure that needed to be put in place to keep American companies accountable by keeping track of any bribes or corruption taking place between them and foreign powers. Republicans against the new rule believe that it slows down American companies compared to their rivals outside of the United States, and impeding their business with governmental regulation would put them at a disadvantage with foreign competitors.

The Republican controlled Senate ensured that the rule wouldn’t pass, yet some Democrats are hopeful Trumps plans to “drain the swamp” will in the future include putting regulations on American companies to ensure that corruption and bribes do not take place.

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