House Dems tell SEC to finish up conflict mineral rules ASAP

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Under the provision companies have to begin tracking and reporting on minerals in the first fiscal year after the rules are finalized. If the SEC fails to finish the rules by the end of the year, it could delay implementation for another 12 months, as most companies start their fiscal year in January, the lawmakers warned.

Furthermore, the members urged the SEC to not weaken the rules as they finalize them. They argued there should be no delay or phase-in period for the rules, and that companies should not be allowed to simply state their minerals are of "indeterminate origin" — they either are DRC conflict-free or not.

In addition, the lawmakers want to see all the minerals under the law — tin, tungsten, tantalum and gold — adhere to the same reporting standards, and all manufacturing companies should be required to comply.

The lawmakers signing on to the letter were Reps. Karen Bass (Calif.), Howard Berman (Calif.), Barney Frank (Mass.), Jim McDermott (Wash.) and Donald Payne (N.J.).