Trump signs first deregulation

President Trump took his first step towards fulfilling his campaign promise to dramatically cut US business regulations on Tuesday, repealing an Obama-era rule that forced energy and mining companies to disclose payments made abroad.

“This is one of many,” Trump told journalists as he signed the bill passed by Congress. “We have many more left. And we’re bringing back jobs big league.”

Congressional Republicans put forth the deregulation under the Congressional Review Act, which allows the removal of federal regulations published after June 13, 2016, with a simple majority vote in both houses and the approval of the president.

There are dozens of regulations vulnerable to repeal under the Congressional Review Act, and among other targets for Republicans is a rule limiting methane emissions from oil and gas drilling operations on public land.

Though many observers have criticised the step, saying it would threaten transparency, industry sources welcomed it.

“The president’s signature on the Congressional Review Act is a welcome step forward for American competitiveness and jobs,” said the president of the American Petroleum Institute, Jack Gerard, in a statement.

“The oil and natural gas industry strongly supports transparency and has pursued this effort for over a decade through the Extractive Industries Transparency Initiative, a globally accepted framework.”