|February 22, 2017|
Mr. Kevin Stoda
Dear Mr. Stoda,
Thank you for contacting me regarding the repeal of the Cardin-Lugar provision of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). I sincerely appreciate having the benefit of your views.
As you may know, H. J. Res.41 would nullify the effects of the Securities Exchange Commission’s rule enforcing the Cardin-Lugar provision of the Dodd-Frank Act. The provision, which requires U.S. oil, gas and mining companies listed on the stock-exchange to disclose any payments made to U.S. and foreign governments in their extraction projects, would be rendered as having no force or effect. This rule, which closely mirrors a regulation already struck down by the courts, would put American businesses at a competitive disadvantage to foreign-owned businesses from countries like Russia and China—and could even put American companies in danger.
H. J. Res.41 passed both the House of Representatives and the Senate earlier this year. It has since been signed into law by President Trump.
Again, thank you for contacting me on this important issue. Hearing the views of all Missourians gives me the opportunity to better understand how important issues could impact the people of the Seventh District and the future interests of the nation.
For additional information regarding current legislation, my representation of the Seventh District, and to sign up to receive my monthly newsletter, I invite you to visit my website at http://long.house.gov