Mike Quigley: “This amendment states that no funds may be used to force the SEC's conflict mineral rules which were required by section…”

“This amendment states that no funds may be used to force the SEC's conflict mineral rules which were required by section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 1502 was enacted to help support peace in the Democratic Republic of the Congo and combat a deadly conflict minerals trade that threatens the security of men, women, and children in eastern Congo. This rule requires that SEC-regulated firms that use tin, tantalum, tungsten, or gold in their products to publicly report whether they obtain their supplies of these key minerals from the Central African Republic region. If so, these companies must report the due diligence they exercised to ensure that these purchases did not benefit armed groups in the Congo. The conflict in this region has spawned numerous militias, some politically oriented and some primarily criminal, but all of which have been characterized by extreme human rights abuses. Since the rule was adopted, we have seen a significant reduction in armed group activity in many mining areas in eastern Congo and unprecedented improvements in the transparency of corporate mineral supply chains. This amendment would reverse that progress while allowing some of the world's deadliest armed groups to profit from lucrative conflict minerals. Let us not forget that conflict minerals are commonly used in the manufacturing of cellphones, jewelry, and airplanes.…”