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© 2018 NY02 Dems

Action Alert - Transparency Rule- 2/16/17

Call Rep. King - Tell him you are disgusted with Trump's repeal of the transparency rule for oil companies, and even more disgusted that he stood next to him while he signed it.

 

ASK:

 

1. Does Rep. King think it's a conflict of interest for Trump to repeal the transparency rule for oil companies that Sec. of State Rex Tillerson lobbied so hard to kill when he was Exxon Mobil's CEO?

 

2. Is Rep. King not concerned with corruption in resource-rich developing countries?

 

3. Foreign companies like BP and Royal Dutch Shell regularly report taxes, bonuses, and other payments to foreign governments. Why does Rep. King think American oil companies like Chevron and Exxon Mobil shouldn't as well?

 

Background:

 

> On the same day Congress confirmed Rex Tillerson as Secretary of State, the House voted to overturn a disclosure rule that was called for in the 2010 Dodd-Frank Act that required oil, gas and mining companies to disclose their payments to foreign governments.

 

> Rex Tillerson actively lobbied against this law as head of Exxon Mobil, claiming it would make it harder for his company to do business in places like Russia.

 

> On Tuesday, Trump, with Pete King by his side, signed a congressional resolution to repeal this anti-corruption rule.

 

> Trump is the first president in 16 years to take advantage of the Congressional Review Act, a law that allows him to rescind a predecessor’s regulations. 

 

> The disclosure rule, implemented by the SEC, was originally introduced with bipartisan support from former Sen. Richard Lugar, a Republican, and Democratic Sen. Ben Cardin to prevent foreign leaders from skimming off the payments that drillers and miners make to their countries.

 

> Former Republican Sen. Lugar: "I believe that the effect would have been to rein in a good bit of the corruption, simply because there would have been public information and therefore debate within the various countries."

 

> The rule would have improved transparency in oil-rich countries affected by the 'resource curse,' encouraged economic self-sufficiency, decreased corruption, stabilized countries, promoted poverty alleviation, and improved our national security.

 

> This repeal benefits U.S. oil giants Exxon Mobil Corp. and Chevron Corp.

 

> Trump claims that the rule put oil companies at a competitive disadvantage to foreign companies that do not have to comply.

 

> However, stock markets in EU, Canada and Norway already require similar data from extraction companies.

 

> Sen. Sherrod Brown (D-Ohio): the repealed rule would have protected "U.S. citizens and investors from having millions of their dollars vanished into the pockets of corrupt foreign oligarchs. This kind of transparency is essential to combating waste, fraud, corruption and mismanagement."

 

> Isabel Munilla, senior policy adviser for extractive industries at Oxfam America: "Voting to roll-back basic transparency rules provides zero benefit for the public, but will instead allow corrupt elites to continue to stuff their pockets with oil money and steal from their citizens."

 

Let Rep. King know you disapprove of his support and you're watching him.

 

Rep. King - LI Office: (516) 541-4225

Rep. King - DC Office: (202) 225-7896

 

** Please tag your friends in the comments to se

Call Rep. King - Tell him you are disgusted with Trump's repeal of the transparency rule for oil companies, and even more disgusted that he stood next to him while he signed it.

 

ASK:

 

1. Does Rep. King think it's a conflict of interest for Trump to repeal the transparency rule for oil companies that Sec. of State Rex Tillerson lobbied so hard to kill when he was Exxon Mobil's CEO?

 

2. Is Rep. King not concerned with corruption in resource-rich developing countries?

 

3. Foreign companies like BP and Royal Dutch Shell regularly report taxes, bonuses, and other payments to foreign governments. Why does Rep. King think American oil companies like Chevron and Exxon Mobil shouldn't as well?

 

Background:

 

> On the same day Congress confirmed Rex Tillerson as Secretary of State, the House voted to overturn a disclosure rule that was called for in the 2010 Dodd-Frank Act that required oil, gas and mining companies to disclose their payments to foreign governments.

 

> Rex Tillerson actively lobbied against this law as head of Exxon Mobil, claiming it would make it harder for his company to do business in places like Russia.

 

> On Tuesday, Trump, with Pete King by his side, signed a congressional resolution to repeal this anti-corruption rule.

 

> Trump is the first president in 16 years to take advantage of the Congressional Review Act, a law that allows him to rescind a predecessor’s regulations. 

 

> The disclosure rule, implemented by the SEC, was originally introduced with bipartisan support from former Sen. Richard Lugar, a Republican, and Democratic Sen. Ben Cardin to prevent foreign leaders from skimming off the payments that drillers and miners make to their countries.

 

> Former Republican Sen. Lugar: "I believe that the effect would have been to rein in a good bit of the corruption, simply because there would have been public information and therefore debate within the various countries."

 

> The rule would have improved transparency in oil-rich countries affected by the 'resource curse,' encouraged economic self-sufficiency, decreased corruption, stabilized countries, promoted poverty alleviation, and improved our national security.

 

> This repeal benefits U.S. oil giants Exxon Mobil Corp. and Chevron Corp.

 

> Trump claims that the rule put oil companies at a competitive disadvantage to foreign companies that do not have to comply.

 

> However, stock markets in EU, Canada and Norway already require similar data from extraction companies.

 

> Sen. Sherrod Brown (D-Ohio): the repealed rule would have protected "U.S. citizens and investors from having millions of their dollars vanished into the pockets of corrupt foreign oligarchs. This kind of transparency is essential to combating waste, fraud, corruption and mismanagement."

 

> Isabel Munilla, senior policy adviser for extractive industries at Oxfam America: "Voting to roll-back basic transparency rules provides zero benefit for the public, but will instead allow corrupt elites to continue to stuff their pockets with oil money and steal from their citizens."

 

Let Rep. King know you disapprove of his support and you're watching him.

 

Rep. King - LI Office: (516) 541-4225

Rep. King - DC Office: (202) 225-7896

 

** Please tag your friends in the comments to se