The oil industry filed a lawsuit to overturn a U.S. rule mandating companies to disclose their payments to foreign governments, arguing the information hinders their competitiveness, according to a Wall Street Journal report.

The Securities and Exchange Commission in August narrowly approved the rule, mandated under Section 1504 of the Dodd-Frank Act, intended to curb corruption and promote transparency among companies involved in resource extraction. Supporters say the provision will help people in resource-rich countries hold their governments accountable for the money they receive.

The rules for Section 1504 set a $100,000 threshold, below which companies would not have to report payments. The rules do not contain exemptions for reporting “confidential or competitively sensitive information” or exemptions for instances in which reporting the payments might violate foreign laws.

In papers filed Wednesday in Washington, D.C. federal court, the Journal reported that the American Petroleum Institute, the U.S. Chamber of Commerce and two other business groups argued that the SEC went beyond its authority when it adopted the rule, ignoring companies’ suggestions for limiting its cost.