Sen. Cardin knocks court ruling against SEC oil rule

Sen. Ben Cardin (D-Md.) is bashing a federal judge’s decision to throw out the Securities and Exchange Commission’s rule that requires oil and mining companies to disclose payments to foreign governments.

The Tuesday decision vacated a rule that’s near and dear to the Maryland Democrat; he co-authored the section of the 2010 Dodd-Frank financial law that required the SEC rule.

“I am disappointed with the District Court ruling. The U.S. has been at the forefront of the transparency fight and this decision will delay implementation of vital transparency rules that would shine much needed sunlight on information designed to protect investors and promote U.S. energy security,” Cardin said in a statement Tuesday.

“Congress was clear in the letter and the spirit of the law that this information should be in the public domain,” he added.