Today, Congressman Bill Huizenga released the following statement after President Trump signed Rep. Huizenga's legislation, House Joint Resolution 41 (H.J. Res. 41). This bill eliminates a burdensome regulation put in place by the Securities and Exchange Commission (SEC) that hurts our economy by putting American companies at a disadvantage globally. This is the first time the Congressional Review Act has been successfully utilized this year and only the second time in history. Prior to the signing of H.J. Res. 41, both President Trump and Congressman Huizenga made remarks from the Oval Office.
"In order to get our economy growing, we need to reset our nation’s arcane regulatory process," said Congressman Huizenga. "I am honored to have authored one of the first bills signed into law to do precisely that. H.J. Res. 41 removes a burdensome regulation that puts U.S. companies at a competitive disadvantage on the global stage. Additionally, this legislation instructs the SEC to go back to the drawing board and create a rule that doesn't negatively impact American job creators and American workers. I look forward to working with President Trump, as well as my colleagues in the House and Senate, to implement policies that build a stronger economy and provide hardworking Americans with a greater opportunity to achieve success."
“This is the first of many Congressional Review Act bills to be signed into law by President Trump. H.J. Res. 41 repeals regulations that would have put American oil and natural gas companies at a disadvantage on the world stage, and actually could have threatened the safety of American workers abroad," said House Speaker Paul Ryan. "Congressional Review Act legislation provides relief for Americans hurt by regulations rushed through at the last minute by the Obama administration. This means freeing up American entrepreneurs, creating jobs, and jump-starting our economy. The House continues to take up Congressional Review Act initiatives this week.”
Background
• On July 27, 2016, the SEC finalized its rule relating to the disclosure of payments by resource extraction issuers (81 Fed Reg. 49360).
• This rule puts publicly traded companies listed in the United States at a competitive disadvantage relative to their private and international counterparts by requiring them to disclose confidential business information relating to the negotiation of business contracts.
• The SEC was instructed to develop this rule by Section 1504 of the Dodd-Frank Act. It finalized the first version of this rule in August 2012, but it was vacated by federal district court in July 2013 because the SEC’s rule made “two substantial errors,” including “[misreading Section 1504] to mandate public disclosures of the reports,” and failing to provide an exemption to companies that are legally prohibited from making them.
• Despite this judicial rebuke, the SEC finalized a second rule under the authorities of Dodd-Frank’s Section 1504 without making substantial modifications.
• Under the Congressional Review Act, Congress is empowered to review new federal regulations issued by government agencies. With the passage of a joint resolution and the signature of the President, Congress can permanently repeal a regulation.
• H.J. Res. 41 passed the House on February 1, 2017
• H.J. Res. 41 passed the Senate on February 3, 2017
