House Dems to Reid: No Dodd-Frank waiver in drilling bill

Senior House Democrats are urging Senate Majority Leader Harry ReidHarry ReidDemocrats local party problem Trump flirts with Dems for Cabinet Lawmakers eye early exit from Washington MORE (D-Nev.) to ensure that legislation to implement a U.S.-Mexico offshore drilling pact doesn’t waive regulations that force oil companies to disclose payments to foreign governments.

Their letter to Reid arrives amid negotiations to craft a final House-Senate deal to implement the U.S.-Mexico Transboundary Hydrocarbons Agreement (THA), a 2012 pact to enable offshore drilling cooperation along a maritime boundary in the Gulf of Mexico.

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The top Democrats on three House committees, in their letter to Reid, urge the senator to reject “any effort” to include a waiver of Securities and Exchange Commission disclosure rules that are required under the 2010 Dodd-Frank law.

The letter is from House Natural Resources Committee Ranking Member Peter DeFazio (D-Ore.), Financial Services Committee Ranking Member Maxine Waters (D-Calif.) and Foreign Affairs Committee Ranking Member Eliot Engel (D-N.Y.).

The House-approved version of the implementing bill included the GOP-backed waiver that Democrats oppose, while it’s omitted from the version that sailed through the Senate with bipartisan and Obama administration support.

“Resource revenue transparency allows shareholders to make better-informed assessments of risks and opportunity costs, threats to corporate reputation, and the long-term prospects of the companies in which they invest,” the letter from the House Democrats to Reid states.