Sunshine for the Dodd-Frank Act?
By Hilary Lewis
August 16, 2012
On August 22, 2012, over a year after the deadline given by Congress, the Securities and Exchange Commissions (SEC) will have a meeting to discuss the implementation of Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Sunshine Act Meeting is open to public and will, amongst other things, finalize controversial rules regulating the responsibility companies have to consumers to disclose whether or not their products contain conflict minerals.
Conflict minerals, in terms of the Dodd-Frank Act, are gold, tin, tantalum and tungsten, elements that are commonly used in the production of electronics, jewelry, and automobiles. They are called conflict minerals because revenues and trade in these minerals have also financed wars, armed conflict, and human rights violations in countries such as the Democratic Republic of Congo (DRC).
Strong rules on Section 1502 could have a serious impact on the trade in conflict minerals, but the SEC has come under major pressure from companies and the Chamber of Commerce to delay and soften the rules.
Please join us in demanding that the SEC issue strong rules to end the trade in conflict minerals. Click here to take action today by asking the SEC to issue strong rules that will increase transparency in the trade of conflict minerals and demand full disclosure from companies that use conflict minerals.
The SEC has heard from industry, now they need to hear from you. Soft rules will allow the industry to continue to profit from the suffering of thousands, putting human rights at risk, and fueling conflict in the DRC – tell the SEC to stand up for communities and demand transparency.