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DCL
Legislation that would combat the presence of conflict minerals from the Democratic Republic of Congo in U.S. electronics is coming closer to a reality.
In the Senate's financial overhaul bill, among the derivatives, hedge funds, and credit rating agency regulations is a provision that would require mining companies to not only report to the SEC if certain minerals originated in DRC or neighboring countries, but also detail what steps the company took to ensure its mineral purchases did not benefit armed groups in Africa.
It's an amendment—not its own legislation—but maybe that will serve as an advantage.
Meanwhile, an industry-politician mix met earlier this month to discuss the same issue. Consumer electronics, automotive, jewelry and manufacturing industry representatives all convened in DC with Assistant Secretary of State for African Affairs Johnnie Carson and several other State Department officials. The point was to discuss steps "that can be taken to ensure that their supply chains do not contain conflict minerals that have fueled the ongoing conflict in the eastern Democratic Republic of the Congo."
I didn't know these groups existed before, but the Electronic Industry Citizenship Coalition and the Global e-Sustainability Initiative had representatives there—and released a joint statement: "Together, the EICC and GeSI will continue to develop a systematic approach to keep our supply chains free of conflict minerals and support legitimate sourcing from the DRC. We were encouraged to learn about diplomatic efforts to address the conflict minerals issue."
We all are.
