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The Treasury Department has called for scrapping corporate reporting requirements on conflict minerals and other topics. The department, in an October 6 report on growing the economy stated, “federal securities laws are ill-equipped to achieve such policy goals, and the effort to use securities disclosure to advance policy goals distracts from their purpose of providing effective disclosure to investors.”
Getting rid of the disclosure rules would require congressional action. Legislation that includes their repeal passed the House earlier this year, but is unlikely to be acted on by the Senate.
In the absence of action in Congress, the report suggested that the Securities and Exchange Commission tweak its rules to exempt smaller and certain newly public companies from reporting.
IPC continues to highlight the burden of conflict minerals compliance, most recently in meetings with members of the House and Senate during the IPC IMPACT advocacy event in Washington, D.C. in May.