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.
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