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Trump signs bill squashing Obama-era financial rule for fossil fuels

Wednesday, February 15, 2017 0:55
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Via Billy

Rep. Bill Huizenga, R-Mich., left, and Rep. Sean Duffy, R-Wis., right, watch as House Speaker Paul Ryan of Wis. pats President Donald Trump on the back after the president signed the House Joint Resolution 41, abolishing the Obama-era rule requiring the energy industry to report foreign dealings. (AP Photo/Evan Vucci)

President Trump took his first step Tuesday in fulfilling a campaign promise to the energy industry by signing a bill that repeals an Obama-era rule requiring fossil fuel companies to report their foreign dealings.

The Senate and House both passed the bill, called a resolution of disapproval, soon after Trump was sworn in as president. The Securities and Exchange Commission finalized the rule last year after a court vacated an earlier version of it.

Trump is expected to sign another bill repealing the Stream Protection Rule in the coming days that directly affects coal miners. Congress used its powers under a law called the Congressional Review Act to repeal the rules.


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