Originally Posted by newarkcatholicfan
The regulation seems unnecessary. It created a regulation for something that is already illegal. The first attempt to regulate this was struck down by the courts in 2012.
Trump signs his first significant bill — killing a transparency rule for oil companies - Vox
From the article.
"The American Petroleum Institute has argued that the disclosure rule is unnecessary — after all, it’s already illegal for oil and gas companies to bribe governments under the Foreign Corrupt Practices Act. These new requirements would simply add extra costs and make it harder for US mining and drilling companies to operate overseas. Publicly traded oil companies like Exxon Mobil were also concerned that the disclosure forms would reveal valuable information about individual projects, giving their state-owned and privately held competitors an unfair advantage."