The Senate voted today 52-47 along party lines to kill a SEC rule that required energy companies (that’s oil, gas and mining) to disclose their payments to U.S. and foreign governments. The rule was meant to fight corruption and had bipartisan support. However, Trump’s acting SEC chair Michael Piwowar called the rule “misguided” on Tuesday.
Elizabeth Warren yesterday criticized Exxon CEO Rex Tillerson’s lobbying against the rule, saying,
“[A] handful of powerful oil and gas companies have been after this requirement from the start — and Exxon is at the top of that list.”
Now, however, Tillerson has had his way. The Republicans reign supreme in Washington and to no one’s surprise, corruption reigns supreme.
Senator Charles E. Schumer released the following statement in response:
“One of the top priorities of President Trump and the Republican Congress was to allow oil and gas companies to cover up payments and bribes to foreign dictators – something Secretary Tillerson has lobbied for years. It’s beyond outrageous and exactly the type of special interest giveaway the American people resent. If the President is actually serious about fighting corruption in Washington and draining the swamp he will show some courage and veto this bill immediately.”
Of course, Donald Trump never intended to drain the swamp and his every action has had the opposite effect, with corruption piling on corruption. The basic complaint of oil companies has been that they’re put at a competitive disadvantage if they can’t freely bribe governments like their overseas competitors.
Donald Trump is certain to sign the resolution as President Obama’s regulatory legacy of defending the American people from corrupt corporations takes another hit.