House Vote Scraps SEC Rule on Corruption in Energy Sector

The House of Representatives voted Wednesday to scrap an SEC rule that forced energy companies to disclose financial sums paid to foreign countries.

"This is a rule that came about under Dodd-Frank in 2010 and it took six years to get the rule written," said TheStreet's politics writer Emily Stewart, adding that the rule was finalized in June 2016. The vote's cancellation passed the House and is now on its way to the Senate.

If the law is completely scrapped, we won't know if oil companies like Exxon Mobil (XOM) - Get Report are paying foreign governments to drill for oil, according to Stewart.