Republican members on the House Financial Services Committee have proposed a repeal of section 1502 of the Dodd-Frank Act and therefore a repeal of the US\u2019s conflict minerals reporting rules. The proposal is included in a draft of the Financial CHOICE [Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs] Act.<\/p>\n
According to the House Committee’s analysis<\/a><\/a>, the committee asserts that the rules have been “overly burdensome” on industry and have done more harm than good (Note: several other organizations disagree with these conclusions). From the executive summary of the analysis:<\/p>\n Title\u00a0\u00a0 XV\u00a0\u00a0 of\u00a0\u00a0 the\u00a0\u00a0 Dodd-Frank\u00a0\u00a0 Act\u00a0\u00a0 imposes\u00a0\u00a0 a\u00a0\u00a0 number\u00a0\u00a0 of\u00a0\u00a0 overly\u00a0\u00a0 burdensome\u00a0\u00a0 disclosure\u00a0 requirements\u00a0 related\u00a0 to\u00a0 conflict\u00a0 minerals,\u00a0 extractive\u00a0 industries,\u00a0 and\u00a0 mine\u00a0 safety\u00a0 that\u00a0 bear\u00a0 no\u00a0 rational\u00a0 relationship\u00a0 to\u00a0 the\u00a0 SEC\u2019s\u00a0 statutory\u00a0 mission\u00a0 to\u00a0 protect\u00a0 investors,\u00a0 maintain\u00a0 fair,\u00a0 orderly,\u00a0 and\u00a0 efficient\u00a0 markets,\u00a0 and\u00a0 promote capital formation.\u00a0 The Financial CHOICE Act repeals those requirements. \u00a0There\u00a0 is\u00a0 overwhelming\u00a0 evidence\u00a0 that \u00a0Dodd Frank\u2019s \u00a0conflict\u00a0 minerals\u00a0 disclosure requirement has done far more harm than good to \u00a0its intended beneficiaries \u2013 the citizens\u00a0 of\u00a0 the Democratic\u00a0 Republic\u00a0 of\u00a0 Congo\u00a0 and\u00a0 neighboring\u00a0 Central\u00a0 African countries.<\/em><\/p>\n A discussion draft of the Bill is available on the House website<\/a><\/a>.<\/p>\n As if the proposed Bill to repeal the conflict minerals rule isn’t enough, the House of Representatives has approved an appropriations Bill\u00a0 containing an amendment that would defund enforcement of the SEC’s conflict minerals rule.<\/p>\n Amendment 34 to the Financial Services and General Government Appropriations Act, 2017 (HR 5485) was introduced by Representative Bill Huizenga (R-Michigan), chairman of the House Financial Services Monetary Policy and Trade Subcommittee. It states that no funds appropriated by the bill could be used to \u201cimplement, administer, or enforce\u201d provisions in section 1502 of the Dodd-Frank Act.<\/p>\n An overview of the Bill<\/a><\/a> and the amendment<\/a> <\/a> to defund 1502 enforcement are available on the House website.<\/p>\n Not surprisingly, NGOs are protesting the proposal.<\/p>\n","protected":false},"excerpt":{"rendered":" Republican members on the House Financial Services Committee have proposed a repeal of section 1502 of the Dodd-Frank Act and therefore a repeal of the US\u2019s conflict minerals reporting rules. The proposal is included in a draft of the Financial CHOICE [Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs] Act. According to the House […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[104],"tags":[],"class_list":["post-1208","post","type-post","status-publish","format-standard","hentry","category-nl2016q3"],"_links":{"self":[{"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/posts\/1208","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/comments?post=1208"}],"version-history":[{"count":4,"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/posts\/1208\/revisions"}],"predecessor-version":[{"id":1339,"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/posts\/1208\/revisions\/1339"}],"wp:attachment":[{"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/media?parent=1208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/categories?post=1208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rohs.ca\/news\/wp-json\/wp\/v2\/tags?post=1208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}