Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and Exchange Commission (SEC) was directed to complete a rulemaking to require companies engaged in the commercial development of oil, natural gas, or minerals that file annual reports with the agency to include in those reports information related to payments they make to foreign governments for those purposes. The agency adopted a final rule to implement the requirement on June 27, 2016. House Joint Resolution 41 repealed that SEC rule on February 14, 2017. H.R. 4519 would repeal the statutory requirement for the SEC to complete that rulemaking.
CBO estimates that implementing H.R. 4519 would have no effect on the agency’s costs or operations because, under current law, the agency is prohibited from reissuing a substantially similar rule.
Enacting H.R. 4519 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.