In February, President Trump signed a repeal of section 1504 of the Dodd-Frank passed in 2010. The section that was repealed required oil, gas, and mining companies to publicly disclose to the SEC any payments they make to governments that are not the US federal government. The initial logic behind the law was that it would promote transparency among the companies and reduce bribery and corruption in foreign nations bearing large resource reserves. The reason the Trump Administration gave for repealing it was that the disclosure process was unnecessary and did not help American companies compete on the foreign landscape.
The possible monetary implications of the regulation were costly. According to the conservative Americans for Tax Reform, companies would have spent from $173 million to $385 million to comply with the regulation. The US was not alone in its requirement for transparency. Many countries in the EU, other European countries, and Canada have similar legislation. Opponents of the repeal point to this fact and also that the loss in transparency could make it harder for citizens to spot corruption and fraud, as Jay Branegan of the Lugar Center think tank argues. At the same time, this could make it easier for companies to hide their shady activities.
The oil, gas, and mine industries all have lots of money and international influence embedded in them. The economic effects of this repeal will not just have ramifications domestically, but all over the world. The House Republican who was the main person behind the bill, Bill Huizenga from Michigan, argued that with the repeal, there would be less costs inflicted on businesses, particularly small businesses, and make them more competitive on the world stage. President Trump also commented on how the repeal could lead to more jobs in the sector, a sector he campaigned hard on and received many votes from - particularly mining.
This legislation was only signed 8 months ago, so the effects of it have yet to be fully felt. It will be interesting to see if American companies really do get more business and compete better against other international companies.