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May 21, 2013

May 21,2013 – House Financial Services Monetary Policy Subcommittee hearing entitled The Unintended Consequences of Dodd/Frank's Conflict Minerals Provisions."

This hearing examined economic conditions in the eastern region of the Democrat Republic of the Congo one year after the implementation of Section 1502 of the Dodd/Frank Act regarding the U.S. domestic use of so-called conflict minerals.

Three witnesses detailed evidence that the U.S. law has had a negative effect on the local economy of the region without any relief from political oppression and violence. The NGO witness strongly disputed these claims and , while conceding some economic consequences caused by the delay in the implementation of the law, cited evidence that companies are learning how to deal with the new disclosure requirements and the hope is that new law will spurn a renewed economy without previous levels of violence and oppression.

Congressional Activities

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