The U.S. Securities and Exchange Commission voted (3-2) on the final reporting requirements for U.S. companies potentially dealing in conflict minerals from the Democratic Republic of Congo. This vote comes after nearly three years of energized attention from activists across the United States calling for conflict-free products from Congo.
The U.S. Congress took on the issue in 2010 by calling for the SEC regulations as part of the Dodd-Frank Financial Reform Act, which was signed by President Obama on July 21, 2010. Now 18 months later, and in the face of intense pressure from industry actors opposed to cleaning up supply chains, the regulations will be released.
The Enough Project’s Raise Hope for Congo Campaign Organizer Jayme Cloninger was live-tweeting from the SEC this morning with the latest on the vote. Follow her @RaiseHope4Congo or right here on Enough Said.
Live Tweets from @RaiseHope4Congo
@EnoughProject: SEC voted 3-2 to adopt #conflictminerals regs. Sadly the regs have a 2yr phase-in catering to corporate interests over the people of#Congo.
11:25 a.m.
RT @Global_Witness: SEC swallows industry lobbyists’ alarmist/exaggerated costs; Congolese bear real costs #ConflictMinerals #DoddFrank bit.ly/OLRfAW
11:07 a.m.
@RaiseHope4Congo: Commissioner Gallagher says #SEC is not the "tool for the job" in addressing#conflictminerals.
11:06 a.m.
RT @grassrootspeace: #doddfrank 3-2 vote on #conflictminerals rule. Par for the course in an election year. Too bad, law was led by Republican Sam Brownback
10:27 a.m.
@RaiseHope4Congo: Commissioner Gallagher hands off responsibility of helping end the conflict in eastern #Congo to someone else besides #SEC.
11:01 a.m.
RT @endgenocide: #SEC Commissioners Walter and Aguilar support the proposed rules, Commissioner Paredes dissents. Two commissioners are left. #suspense
10:59 a.m.
RT @jonhutson: "It is disappointing that #SEC added an unnecessary 2-year phase-in period to implement#conflictminerals regulations"bit.ly/PwUqkm
10:27 a.m.
@RaiseHope4Congo: Over time, the #SEC foresees a cost 206-209 million dollars to implement. #conflictminerals #DoddFrank #1502 #Congo
10:55 a.m.
@RaiseHope4Congo: The #SEC uses a single cost analysis and determines the rule will require initial 3-4 billion dollars to implement.#conflictminerals #Congo
10:41 a.m.
@RaiseHope4Congo: The #SEC Overestimated the cost for #1502.
10:38 a.m.
@RaiseHope4Congo: If you don't know, you don't have to do an audit. #SEC guts rule. #ConflictMinerals. #Congo.
10:34 a.m.
@RaiseHope4Congo: The rule will require private sector audits to ensure they meet due diligence. #SEC #1502#ConflictMinerals
10:29 a.m.
RT @endgenocide: Now going over the three step process for companies to determine how to file their disclosure to the #SEC #DoddFrank#1502
10:27 a.m.
@RaiseHope4Congo: The proposed rule contains a 2 year delay for large companies to implement the provision. #1502#ConflicMinerals #Congo
10:25 a.m.
@RaiseHope4Congo: Companies will have to file their results of their conflict minerals findings. #ConflicMinerals #1502#Congo
10:23 a.m.
@RaiseHope4Congo: A strong presence by the NGO and Congolese community here at the#SEC to hear the vote!#conflictminerals #1502
10:16 a.m.
@RaiseHope4Congo: The #1502 provision on#conflictminerals had "intense" public engagement. – #SEC staff #Congo
10:11 a.m.
@RaiseHope4Congo: Shapiro states the public engagement on #1502, generating over 400 letters from activists. #Congo #conflictminerals
10:05 a.m.
@RaiseHope4Congo: Shapiro is outlining the congressional intent of 1502 to further the humanitarian goal of ending the conflict in eastern #Congo
10:05 a.m.
@RaiseHope4Congo: The commissioners are beginning to make their initial statements. #1502 is up first for release, then 1504!
10:04 a.m.
RT @DelSRobinson: Breaking News: SEC to Vote on Conflict Minerals Rules bit.ly/QZLKiW via @EnoughProject #conflictminerals
9:38 a.m.
@RaiseHope4Congo: Paredes, Walter, Schapiro, Aguiler, Gallagher. #SEC Commissioners who will release statements #1502#conflictminerals pic.twitter.com/rnExR0RT
9:34 a.m.
RT @Global_Witness: Glad to see @SenatorBoxer join @Global_Witness & allies across the world in fight against #ConflictMinerals #DoddFrank bit.ly/OU5xD9
9:29 a.m.
@RaiseHope4Congo: The @EnoughProject's Darren Fenwick was one of the first to arrive this morning at the #SEC! Here is a sneak peak!pic.twitter.com/VimNMEjr
9:29 a.m.
RT @_stefanijones: The SEC is holding a historic hearing today to vote on rules for #DoddFrank and #conflictminerals. Anxious to know the outcome.
9:09 a.m.
@RaiseHope4Congo: Today the #SEC will vote on #DoddFrank #1502 #conflictminerals provision. Follow us for live tweet updates! #Congo
8:29 a.m.
Photo: "iCare about Peace in Congo Now" poster (Enough / Jonathan Hutson)