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Read. Follow. Verify.Senate Hearing: Reviewing the 'Conflict Minerals' Law
Record date · January 1, 2020
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What This Bill Does
The Senate Subcommittee on Africa and Global Health Policy held a hearing to evaluate the effectiveness of of the Dodd-Frank Act. This law requires companies to disclose if their mineral supply chains support armed groups in the Democratic Republic of the Congo (DRC).
The committee is reviewing whether to maintain or change federal reporting requirements for companies regarding mineral sourcing, which impacts compliance costs for businesses and international efforts to reduce violence in the DRC.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
SEC-listed companies
These companies must perform and report on supply chain due diligence regarding minerals.
Armed groups in the DRC
The law aims to reduce the revenue these groups collect from mineral mines.
Investors and shareholders
They receive disclosures regarding the source of minerals used in the products of the companies they invest in.
Key Facts
- Section 1502 of the Dodd-Frank Act was signed into law in 2010 without prior committee hearings in the House or Senate.
- The law requires companies filing with the SEC to perform due diligence on their mineral supply chains to identify if they fund armed groups in the DRC.
- The SEC acting chairman indicated in January 2017 that the agency is reconsidering the appropriateness of the current implementing rules.
- Proponents of the law note that armed groups have become scarcer at mine sites since the law's implementation.
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- The law has increased global awareness among consumers and investors regarding mineral sourcing.
- The law imposes compliance costs on the private sector.
- Violence and human rights abuses continue to occur in the Eastern DRC despite the law.
- The hearing was held on April 5, 2017, in the Dirksen Senate Office Building.
Frequently Asked Questions
What is the 'conflict minerals' rule?
Why is the Senate reviewing this law now?
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News Coverage
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Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
SEC Reconsideration
The hearing highlights a shift in 2017 where the SEC began reconsidering the implementation of the conflict minerals rule.
Connected Entities
Sources
www.govinfo.gov
Analysis Score
0–100- Significance75How much this matters to a regular citizen
- Controversy60Intensity of disagreement among stakeholders
- Entertainment20Compellingness for a non-policy-wonk reader
- Buzz10Current news / social attention level
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