On July 2nd, the U.S. District Court for the District of Columbia vacated the SEC's resource extractor rules. As required by the Dodd-Frank Act, the SEC promulgated rules requiring resource extractors to disclose payments made to governments for purposes of developing oil, natural gas, or minerals. Plaintiffs challenged the rules arguing that they violate the First Amendment and the Administrative Procedures Act. On the parties' cross-motions for summary judgment, the Court vacated and remanded the rules. It concluded that the Dodd-Frank Act does not mandate public disclosure of the disclosure reports and that the SEC's decision to deny any exemption was, given the limited explanation provided, arbitrary and capricious. American Petroleum Institute v. SEC.