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Oil Industry Moves Forward with Extractive Industry Rule Lawsuit - Corruption Currents - WSJ

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The oil industry moved forward with its lawsuit to block a U.S. rule mandating companies to disclose their payments to foreign governments.

In court papers filed Monday, the American Petroleum Institute, joined by the U.S. Chamber of Commerce and two other trade groups, called the rule, promulgated by the Securities and Exchange Provision under Section 1504 of the Dodd-Frank Act and narrowly approved, “one of the most expensive” in the history of the Commission.

Mandating disclosure is a violation of the First Amendment, the filing added. “The rule — and the statutory provision that authorized it — violate the First Amendment by compelling speech on a controversial matter in order to influence political affairs,” it said.