Violence warned over US dropping conflict minerals rule
Source: Associated Press
Justin Lynch, Associated Press
Updated 10:28 am, Wednesday, June 7, 2017
NAIROBI, Kenya (AP) — Increased violence and corruption in central Africa could be the result of the recent decision by the U.S. Securities and Exchange Commission not to enforce a rule requiring American companies to report their use of conflict minerals, warn Congolese civic groups, rights groups and U.S. senators.
"The conflict minerals rule has played a critical role in reducing violence in mining areas in the Democratic Republic of the Congo," said U.S. Sen. Chris Coons, D-Delaware, who recently signed a letter with five other Democratic senators urging the SEC to uphold the rule.
The conflict minerals reporting rule, part of the Dodd-Frank financial regulations law, has largely been successful in ensuring that minerals worth trillions of dollars don't benefit armed rebel groups blamed for human rights abuses, a coalition of groups from Congo and southern Africa told the SEC in a series of public comments earlier this year. In an opposing view, some business groups in the U.S. dismissed the regulation as ineffective and an unnecessary burden.
In April, acting SEC chairman Michael Piwowar said his organization will no longer enforce the 2012 rule that requires companies to verify their products do not use tantalum, tin, gold or tungsten that have been mined or trafficked by armed groups in Congo and other central African countries. Although the SEC is independent from the Trump administration, Piwowar was designated as acting chairman by Trump, and the SEC's action appears to be in line with the president's view that the government should reduce regulations of company operations.
Read more: http://www.chron.com/business/technology/article/Risks-warned-over-US-dropping-conflict-minerals-11201728.php
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