Congressman Alex Mooney Applauds Passage of Bill to Roll Back Obama Coal Regulations
Washington, DC – Today, the House Financial Services Committee passed Congressman Mooney’s bill, H.R. 4289 to repeal a duplicative Obama-era regulation on coal mining.
“President Donald Trump has renewed his commitment to reversing the damage done by former President Barack Obama’s War on Coal. The passage of this bill represents one part of our ongoing efforts to revitalize the coal industry and brings jobs back to West Virginia.
Wall street regulators should not be responsible for monitoring or reporting mine safety conditions. The Department of Labor’s Mine Safety and Health Administration (MSHA) already regulates coal mining. Due to Obama era Dodd- Frank regulations, the Securities and Exchange Commission (SEC), which is tasked with regulating Wall Street and Financial Institutions is duplicating the work of the Department of Labor.
Adding this duplicative disclosure requirement is unneeded and represents another hurdle Washington puts in the way of opening new mines and rebuilding the coal industry,” said Rep. Mooney.
H.R. 4289 repeals Section 1503 of the Dodd-Frank Act. Section 1503 directs the Securities and Exchange Commission (SEC) to promulgate rules requiring mining companies to disclose certain safety information in their quarterly and annual reports. This duplicative disclosure requirement is estimated to have increases compliance costs on the industry by well over $1 million annually.
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