H.J. Resolution 41, “disapproving the Securities and Exchange Commission’s rule on disclosure of payments by “resource extraction issuers”, ie. energy companies.
Foreign energy companies, developers and extractors do not have to publicly show their financial transactions with foreign governments. An existing U.S. SEC rule designed to provide disclosure on corporate ‘donations’ to foreign governments put our energy corporations at a disadvantage.
The existing rule meant that U.S. corporations were revealing where and when they were planning to invest in energy development. Competing nations energy companies were using that public disclosure information to out maneuver the U.S. on contracts.
Prior administrations and prior congressional leadership didn’t see a problem with the disadvantage due to the inherent political ideology. Prior U.S. political leadership maintained a globalist perspective, they advocate for globalization, which inherently means they were comfortable with the U.S. disadvantage because it spread the energy development wealth to lesser nations.
Congress voted earlier this month to kill the existing SEC rule and sent it on to Trump, highlighting the rules impact in putting American energy companies at a disadvantage. [Insert probable Trump conversation with T-Rex here].
Today with HJ Resolution 41 President Trump removed the Securities and Exchange Commission (SEC) advanced notification rule, and leveled the playing field for the U.S. energy companies.