- Campaigners alarmed as president expunges element of Dodd-Frank Act
- Energy companies no longer need disclose payments to foreign governments
Donald Trump moved on Tuesday to expunge rules aimed at forcing oil companies to disclose payments made to foreign governments in order to secure lucrative mining and drilling rights.
The rules, called the Cardin-Lugar regulations, were established under the Dodd-Frank Act, the wide-ranging financial regulations brought in after the last financial crisis. Energy industry executives, including the former Exxon boss and now secretary of state, Rex Tillerson, have lobbied hard against the rule, arguing it gives global rivals a competitive edge.
Related: ExxonMobil under investigation over lucrative Nigerian oil deal