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The House Financial Services Committee approved the Financial Choice Act (H.R. 10) to repeal and replace the Dodd-Frank Act of 2010, including a repeal of the Section 1502 conflict minerals requirements.
IPC appreciates Chairman Hensarling and Subcommittee Chairman Huizenga’s continued focus on the burdens and unintended side-effects of Section 1502.
Although IPC members are deeply concerned by the human rights abuses in the Democratic Republic of the Congo (DRC), the measures under Section 1502 of Dodd-Frank have reportedly had questionable success in addressing the situation. We believe that attention to conflict minerals focuses on a symptom instead of the real problem of failed government and lack of security.
IPC members continue to highlight the burden of conflict minerals compliance, most recently raising their concerns during meetings with members of the House and Senate during IPC IMPACT Washington, D.C. held May 1 through May 3, 2017.
Although the bill could be considered on the House floor in the coming weeks, the Senate is not expected to take up the legislation given the united opposition from Democrats. It is more likely that smaller, more targeted measures could achieve the bipartisan support needed to move forward in the Senate.