The SEC may finally be closing in on final rules regarding the use of “conflict minerals” despite missing a deadline demand by House Democrats.
Separate Dodd-Frank Act mandates require companies to disclose payments made to any foreign government for the extraction of oil and minerals and demand corporate disclosures relating to the use of so-called “conflict minerals” mined in the Democratic Republic of Congo and used to fund militia groups.
On June 22, 58 members of Congress wrote to SEC Chairman Mary Schapiro and demanded that the commission either vote on final rules to implement these requirements by July 1 or set a “definitive date for a vote” by June 29.
The Commission failed to meet either deadline, but has set the stage for a likely vote by scheduling an open meeting on Aug. 22. According to a Commission agenda released on July 2, both the conflict mineral disclosures mandated by Section 1502 of the Dodd-Frank Act and the reporting of payments to governments laid out in Section 1504 will be under consideration.