One of the very first bills President Trump signed into law this month killed a Securities and Exchange Commission rule meant to promote transparency in countries riddled with corruption. Trump said getting rid of the rule, which required oil, gas and mining companies to disclose overseas royalties and other payments, would bring back jobs and save extraction companies many hours of paperwork and, potentially, hundreds of millions of dollars.
But critics of this rollback say it could make the U.S. less safe. The rule was an important national security tool, they argue, since corruption often leads to violence, instability and terrorism.
Former Sen. Richard Lugar, the Indiana Republican who co-authored the original legislation to require the transparency rule, was disappointed to see his fellow Republicans vote overwhelmingly in both houses of Congress to invalidate the SEC rule, which hadn't even gone into effect yet.
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