While most people watched in amazement as the nation’s top national security advisor resigned, Trump signed the first legislation passed by the new Republican Congress.

“President Trump signed his first piece of legislation on Tuesday, a measure that could presage the most aggressive assault on government regulations since President Reagan.

“The bill cancels out a Securities and Exchange Commission regulation that would have required oil and gas and mining companies to disclose in detail the payments they make to foreign governments in a bid to boost transparency in resource-rich countries.

“It is the first of a series of bills Congress is considering that would take advantage of the Congressional Review Act of 1996, which had been used only once before today. The act gives a new president and Congress the power to revoke rules and regulations promulgated by the previous administration in its final 60 legislative days.
The previous time the review act was invoked was in 2001 to overturn a Clinton administration regulation about ergonomics.

“It’s a big deal,” Trump said as he signed the measure in the Oval Office. “The energy jobs are coming back. Lots of people going back to work now.” The White House later issued a background paper saying the measure Trump signed “blocks a misguided regulation from burdening American extraction companies.”

“Hill Republicans are also seeking to use the Congressional Review Act to overturn regulations that would: prevent coal-mining operations from dumping waste into nearby waterways; restrict methane emissions by oil and gas operations on federal land; require federal contractors to self-certify that they comply with U.S. labor laws; require each state to issue annual ratings for teacher-prep programs; and introduce a planning rule for federal lands.”

It is not clear why this deregulation would bring back American jobs. It appears that it’s purpose is to disclose bribes paid to foreign officials to win contracts.