NGO Global Witness has recently called for the Securities and Exchange Commission in the United States to stand strong in the face of industry pressure regarding the Dodd-Frank Act.
An excerpt from their news release:
"The call comes on the day of a crucial SEC roundtable and in the face of aggressive industry lobbying aimed at making the new rules weak and ineffective."
"Section 1502 has already had positive impacts, including helping to end the Congolese army’s illegal control of the largest tin ore mine in the region earlier this year, and promoting mining sector reforms by the Congolese government. While serious challenges remain, the law presents the best chance in over a decade to establish a clean minerals trade that contributes to development, rather than fuelling instability."
View the complete news release by Global Witness
According to Mike Davis of Global Witness, “Despite these efforts, the US Chamber of Commerce is working at all levels to derail the regulations and continue business as usual.”
Global Witness has conducted research to map out the trade route from mine to manufacturer and in doing so has demonstrated that the supply chain is not nearly as complex as the corporate lobbyists would represent.
Recent developments to follow:
1. Commission meeting to consider two final rules and one proposed amendment under the Dodd-Frank Wall Street Reform and Consumer Protection Act. (hosted by the US Commodity Futures Trading Commission)
2. Canon and Panasonic deleted user posts on their Facebook page recommending the companies take action on their user of conflict minerals
3. Dell made attempts to respond to several comments on their use of conflict minerals but failed to take any real action against conflict minerals
4. AT&T criticized the Dodd-Frank Act as overreaching
5. The State of California passed the first-ever state legislation on conflict minerals
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