July 11, 2016

U.S. House Passes Bill Barring Funding For SEC Conflict Minerals Rule

Last week, the U.S. House passed its version of the fiscal year 2017 spending bill for financial services-related agencies, including the U.S. Securities and Exchange Commission (SEC). The bill is notable because it includes an amendment offered by Rep. Bill Huizenga (R-MI) that prohibits the SEC from using the funding appropriated to it in the bill “to enforce a SEC rule pursuant to Section 1502 of Dodd-Frank relating to conflict minerals.” 

The Metals Service Center Institute strongly supported this amendment, which passed on a 236-188 vote. The majority of Republicans in the House (235) and one Democrat voted for the Huizenga amendment. 

The Senate has not yet taken up its version of the bill.