Donald Trump Scraps Obama-Era Energy Regulations

President Donald Trump on Tuesday repealed a transparency requirement forcing oil, gas and mining companies to disclose financial transactions with foreign governments. “It’s a big deal,” Trump was quoted by White House pool reporters as saying Tuesday. “The energy jobs are coming back. Lots of people going back to work now.” The requirement was the Cardin-Lugar Anti-Corruption Provision of 2010’s Dodd-Frank Act – signed by former President Barack Obama and named for former Sen. Richard Lugar, R-Ind., and Sen. Ben Cardin, D-Md. The regulation was widely support from Democrats, who argued the transparency requirement could reduce instances of corruption in resource-rich countries overseas. Lugar and Cardin wrote in a recent op-ed published by The Hill that the provision “is our most affordable and effective means to make a difference in many underdeveloped nations.”

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