Trump law helps oil companies hide bribes to foreign governments

President Donald Trump signed a law repealing a requirement that energy companies on the U.S. stock exchange disclose any payments to foreign governments. The requirement was intended to stem corruption in poor but oil-rich countries. Supporter of the new law said it was necessary to allow American companies to compete equally with foreign companies. (The Hill, February 14, 2017, by Timothy Cama)

The law overturned a 2010 Obama administration regulation that many felt was necessary to curb corruption and tax evasion in developing countries. (Indybay, February 14, 2017, by Greg Williams)

Without the regulation, people in developing countries will not have the information they need to hold their governments accountable for accepting bribes in negotiating oil sales. “Bribes and other illicit transactions,” said Eric LeCompte of Jubilee USA Network, “including outright theft, by leaders of resource-rich countries perpetuate poverty, fuels conflict and threatens our national security.”(Common Dreams, February 14, 2017, by Lauren McCauley)