Rolling Meadows, Ill., June 8, 2017—M. Robert Weidner, III, president and CEO of the Metals Service Center Institute (MSCI), issued a statement praising U.S. House passage of the Financial CHOICE Act (H.R. 10). The Financial CHOICE Act repeals the U.S. Securities and Exchange Commission’s burdensome conflict minerals rule:
“The 2010 Dodd Frank bill contained a handful of provisions that had nothing to do with the Great Recession, or the financial meltdown. One of those was the SEC’s conflict minerals rule. As MSCI noted in a letter to the House Financial Services Committee (HFSC) last year, this rule imposed significant costs on the industrial metals supply chain and has done little to achieve its purpose to improve the lives of people living in conflict areas. U.S. House leaders were right to repeal it, and we are grateful to HFSC Chairman Hensarling for his work on this important legislation.
“MSCI now calls on the Senate to work quickly to pass a financial reform bill that repeals the conflict minerals rule. Regulations are necessary to ensure consumer and worker well-being, but rules that raise costs without enhancing prosperity or safety are wrong. It’s time for the Senate to get conflict minerals repeal to the president’s desk.”