Investing.com - An edgy strategy of tit-for-tat negotiation seems to be on the rise in Washington for now. Retiring President Obama today assented to new administrative rules that will tamp down on the coal industry, and Republicans promised to overturn the edicts as early as next month.
The new rule, which will cost coal companies $81 million a year to comply with, according to the Interior Department, is designed to keep streams safe from pollution discharge from coal production.
The so-called Stream Protection Rule will go into effect 30 days after its official release and publication in the Federal Register, the government guidebook of national regulations.
House Speaker Paul Ryan (R-Wis.), an ally of President-elect Trump, today promised an immediate repeal when the new president is sworn in a month hence.
“The Obama administration is fighting its war on coal to the bitter end," said Ryan, in a statement, a copy of which was obtained by Investing.com. "This one rule could have crushing consequences for coal miners, their families and many communities. If we are going to get America back on track, job-crushing regulations like this must stop."
Even frustrated Democrats joined Ryan in opposing the bill.
“While we all must carefully review this 1,648 page final rule, I want to reiterate that the proposed rule was very alarming in its scope and potential impacts. I believe that the manner in which this rule making was executed was flawed and lacked transparency, and I will pursue legislation to ensure it does not harm our coal mining communities and economies,” said Sen. Joe Manchin (D-W.Va.), in a statement obtained by Investing.com.
Under the Congressional Review Act, enacted when Newt Gingrich was speaker 20 years ago, Congress can reverse regulations proposed within the previous 60 legislative days. That means any regulations put forth since June 13 by President Obama could be reversed with a simple majority vote.
President-elect Trump did not comment on the new Obama rulemaking, but has vowed to support reduced rules for coal producing states, like West Virginia, Ohio and Pennsylvania, which powered him to victory last month.
Shares of American coal producers, including Consol Energy Inc., Natural Resource Partners LP, and Cloud Peak Energy were down on Monday.