The review act also bars agencies from revisiting an overturned rule. That could pose a legal conundrum for the SEC, which is required by law to enact a payments regulation.
The rule's critics said it was duplicative with existing regulations and also too costly and burdensome for oil companies to implement. They also said it put U.S. corporations at a competitive disadvantage with state-owned companies in other countries that do not have to share detailed information.
But the reversal could also give American companies an edge over Canadian and European rivals who face some of the toughest transparency rules in the world, according to company executives, legal experts and trade groups.
This article was provided by Reuters.