Earlier this month, when the House and Senate were preparing to pass their versions of the bill, Eric LeCompte, executive director of the faith-based anti-poverty group Jubilee USA Network, argued that lawmakers should instead “support citizens in developing countries as they work to make sure their leaders are not bribed when they are negotiating the sales of their natural resources.”
“Bribes and other illicit transactions,” he explained at the time, “including outright theft, by leaders of resource-rich countries perpetuate poverty, fuels conflict and threatens our national security.”
As The Hill observed, Tuesday’s signing is the first occasion in 16 years “that the Congressional Review Act (CRA) has been used to repeal a regulation, and only the second time in the two decades that act has been law.” Resolutions passed to repeal existing rules under the CRA, which has been slammed as “an undemocratic and rarely used backdoor tactic,” are not subject to lengthy debate and deliberation.
The Securities and Exchange Commission, which initially wrote the Cardin-Luger rule when it was attached to the 2010 Dodd-Frank Wall Street Reform Act, now has a legislative mandate to write a new regulation.”In the short term, we lost a tool that can help track the billions of dollars lost to corruption and tax evasion in the developing world,” LeCompte said Tuesday. “Now we need to be sure that the new rule that the Securities and Exchange Commission writes will be a rule that can still stop corruption. Improving financial transparency and ending global poverty are two sides of the same coin.”
Ahead of the signing ceremony, supporters of the transparency rule urged Trump not to sign using the hashtag #vetocorruption.
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