U.S. House Committee Passes Bill To Repeal Conflict Minerals Regulation
Last Wednesday, the U.S. House Committee on Financial Services passed H.R. 4248, a bill to repeal the U.S. Securities and Exchange Commission’s (SEC) conflict minerals rule. The Metals Service Center Institute (MSCI) opposes this regulation, which was part of the 2010 Dodd-Frank bill, because the high cost of complying with the rule diverts resources from the core business priorities of MSCI member companies and undermines the competitiveness of U.S. metals manufacturers.
Last December, MSCI wrote a letter to Rep. Jeb Hensarling (R-TX), chairman of the Financial Services Committee, to ask him to repeal the regulation. Rep. Hensarling’s committee passed H.R. 4248 on a 32 to 27 vote. It is not yet clear when the full U.S. House will vote on this measure and similar legislation has not yet been introduced in the U.S. Senate.
As a reminder, the Securities and Exchange Commission announced this past spring that U.S. companies do not have to comply with some parts of this rule. Click here to learn more.