Representatives Object To Exemption From Resource Extraction Rule Disclosures

Congress is working to reconcile differing versions of legislation to implement an Obama Administration deal with Mexico to develop oil and gas resources in the Gulf of Mexico.  Three Democratic lawmakers recently wrote Senate Majority Leader Harry Reid and urged him to reject any efforts to include language that would exempt companies from the disclosure requirements under Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  According to the lawmakers, the House version of the implementing legislation, H.R. 1613, contains a provision that would exempt companies operating under the U.S.-Mexico pact from complying with Section 1504 of Dodd-Frank.

The United States District Court for the District of Columbia previously vacated the SEC resource extraction disclosure rules.  It is believed the SEC is working on new rules to propose.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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