Bill Huizenga (Republican – Michigan) proposed House Joint Resolution 41 to nullify a rule submitted by the securities and exchange commission relating to “Disclosure of Payments by Resource Extraction Issuers.” The Joint Resolution nullifies a rule, which was mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule requires resource extraction issuers (oil, coal, gas companies, etc.) to disclose payments made to governments for the commercial development of oil, natural gas, or minerals.
The Joint Resolution to nullify the rule was introduced in the House on January 30, 2017, and passed 235-187 on February 1, 2017. The Joint Resolution was received by the Senate on February 2. The Senate voted to consider the measure; the vote passed 52-48. The Senate passed the Joint Resolution on February 3, 2017 with a vote of 52-47 and sent the Joint Resolution to the President.
SUMMARY OF RULE TO BE NULLIFIED (81 Fed. Reg. 49359)
The Securities and Exchange Commission adopted Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers. Section 1504 of the Dodd-Frank Act added Section 13(q) to the direct the Commission to issue rules requiring resource extraction issuers to include information relating to any payments made to a Foreign Government for commercial development of oil, natural gas, or minerals. Section 13(q) requires information about the type and total of the payments in an interactive data format.
Details pertaining to the Rule are located here: 82 Fed Reg 49359
There were 33 Republican Sponsors, which are listed on the main page of the summary at Congress.gov.