WASHINGTON — Amid little fanfare, Donald Trump signed legislation Tuesday that repealed a Dodd-Frank Act energy regulation under the Congressional Review Act (CRA).
The energy regulation repealed previously required energy companies to show their payments to foreign governments. It is the first time in 16 years the CRA was ever used to repeal an agency rule, and the law itself is over 20 years old. This is the third piece of legislation signed by President Trump.
“This is the first of many Congressional Review Act bills to be signed into law by President Trump. H.J. Res. 41 repeals regulations that would have put American oil and natural gas companies at a disadvantage on the world stage, and actually could have threatened the safety of American workers abroad,” Speaker Paul Ryan said in a statement.
The Congressional Review Act empowers Congress to review through the legislative process new federal regulations issued by government agencies. Congress must take action within a 60-day legislative window to reject such regulations, otherwise, the rules will go into effect.
“Congressional Review Act legislation provides relief for Americans hurt by regulations rushed through at the last minute by the Obama administration. This means freeing up American entrepreneurs, creating jobs, and jump-starting our economy. The House continues to take up Congressional Review Act initiatives this week,” Ryan said of the 1996 passed law that was part of former House Speaker Newt Gingrich’s Contract with America.