The US House of Representatives has announced that this afternoon (Tuesday the 21st), the Financial Services Committee’s Subcommittee on Monetary Policy and Trade will hold a hearing on “The Unintended Consequences of Dodd-Frank’s Conflict Minerals Provision.” The hearing is scheduled for 2 p.m. Eastern time.
The following witnesses are scheduled to testify:
- David Aronson, Freelance Writer, Editor of http://www.congoresources.org/
- Mvemba Dizolele, Peter Duignan Distinguished Visiting Fellow, Hoover Institution
- Rick Goss, Senior Vice President of Environment and Sustainability, Information Technology Industry Council
- Sophia Pickles, Policy Advisor, Global Witness
The Staff memo reminds us that there was no legislative hearing before Section 1502 was included in Dodd-Frank. The memo goes on to recite some reported consequences of the Rule, including the high cost of compliance and companies deciding to no longer source from the DRC. Certain groups, however, continue to believe in the value of the Conflict Mineral Rule and say that the costs of compliance are justified because the importance of ending conflict in the DRC.
The hearing is certain to be interesting but is not likely to result in a consensus view. We will post a summary of the hearing.