US Senate kills SEC "resource extraction" rule

The Republican-led Congress early Friday morning killed a controversial U.S. securities rule disclosure rule aimed at curbing corruption at big oil, gas and mining companies.

In a 52 to 47 vote, the Senate approved a resolution already passed by the House of Representatives that wipes from the books a rule requiring companies such as Exxon Mobil (XOM) and Chevron Corp to publicly state the taxes and other fees they pay to governments.

Republican President Donald Trump is expected to sign it shortly.

Reporting by Lisa Lambert and Sarah N. Lynch