Story highlights Michigan Republican Rep. Bill Huizenga is leading the charge for the rule's repeal

Critics say the vote will be on the heels of the Republicans' aborted effort to gut the Office of Congressional Ethics

(CNN) Congress is preparing this week to start the process of rolling back multiple regulations, one of which is a bipartisan rule that requires extractive industry corporations, like oil, gas and mining companies to disclose payments they make to foreign governments for access to natural resources.

The rule, the Cardin-Lugar Amendment, became law in 2010 as Section 1504 of the Dodd-Frank Act. After delays by court challenges by some in the oil and gas industry, the Securities and Exchange Commission implemented the rule, saying that all foreign and domestic companies listed on US stock exchanges and involved in oil, gas and mineral resource extraction must publish payments they make to foreign countries in which they operate.

Michigan Republican Rep. Bill Huizenga is leading the charge for the rule's repeal, which is scheduled for a vote in the House Wednesday. The Senate also will need to vote on this measure, with 51 votes needed to overturn the rule.

"In reality, this very flawed rule is diverting precious resources not only from the SEC, but more importantly resources from American companies that could otherwise be used to create jobs," his office told CNN in a statement.

The congressman suggested the SEC is guilty of overreach.

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