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Exclusive - White House eyeing executive order targeting 'conflict minerals' rule: sources

By Sarah N. Lynch and Emily Stephenson

REUTERS

 

The White House is seen from the South Lawn in Washington October 17, 2008. REUTERS/Larry Downing

 

WASHINGTON (Reuters) - President Donald Trump is planning to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain "conflict minerals" from a war-torn part of Africa, according to sources familiar with the administration's thinking.

 

Reuters could not learn the precise timing of when the order will be issued, or exactly what it will say.

 

However, the 2010 Dodd-Frank law explicitly gives the president authority to order the Securities and Exchange Commission to temporarily suspend or revise the rule for two years if it is in the national security interest of the United States.

 

The sources spoke anonymously because it is not public and they were not authorized to speak on the record.

 

The plan for the executive order come on the heels of another order issued by the White House last week that takes aim more broadly at the Dodd-Frank rules put into place after the 2007-2009 financial crisis.

 

That order did not single out any one particular rule, but it called on the Treasury Secretary to consult with other regulators, including the SEC, and to come back with a report outlining possible regulatory changes and legislation.

 

The conflict minerals rule is one of several disclosure regulations that was tucked into Dodd-Frank that are unrelated to the financial crisis itself.

 

A second Dodd-Frank SEC disclosure rule that required oil, gas and mining companies to disclose payments to foreign governments, meanwhile, was repealed by the Republican-controlled Congress last week.

 

The conflict minerals rule was pushed by human rights groups who want companies to tell investors if their products contain tantalum, tin, gold or tungsten mined from the Democratic Republic of Congo, in the hopes it will help curb the funding of armed groups.

 

But business groups have staunchly opposed the measure, saying it forces companies to furnish politically-charged information that is irrelevant to making investment decisions.

 

They have also complained it costs too much money for companies to trace the source of the minerals through the supply chain.

 

In 2014, a U.S. appeals court struck down a part of the conflict minerals law after the Business Roundtable, the U.S. Chamber of Commerce and the National Association of Manufacturers sued the SEC over the rule.

 

The court found part of it violated the free speech rights of companies by forcing them to publicly state that their products are not conflict free.

 

The rest of the rule, however, remained intact and companies are still required to carry out due diligence and report the details of those inquiries in public reports filed with the SEC.

 

The SEC cannot permanently repeal the rule without a law passed by Congress. However, it can use its broad exemptive powers to scale back some of the requirements or stop enforcing the rule entirely.

 

Last week, Acting SEC Chair Michael Piwowar took steps towards doing just that, by announcing he has asked SEC staff to reconsider how companies should comply with it and whether "additional relief" is warranted.

 

Piwowar did not explicitly ask Trump to utilise his powers under Dodd-Frank to temporality suspend the rule; however, in his statement, he spoke about how he had travelled to Africa to study the rule's impact and raised concerns about its effect on national security.

 

(Reporting by Sarah N. Lynch and Emily Stephenson; Editing by Bernard Orr)

 

-- © Copyright Reuters 2017-02-08

[Langsuan Man]

At what point is this administration going to start going to congress and get LAWS passed, you know, like you do in a democracy

 

All the hue and cry about Obama and Executive Orders and the only thing the White House  can come up with is ruling by decree

 

In case you missed it, you have a majority in Congress (both houses) so why continue to open yourself up to legal challenges.  Much easier to defend a Congressional law than an Executive Order but I guess someone doesn't want anyone else to get any credit for making America great again  

[Kasset Tak]

Welcome to the Incorporated States of America and its CEO Donald Trump...

 

[Baerboxer]

Corporate Social Responsibility, ethical trading, anti Bribery, Sourcing with dignity, Diversity 

 

All parts of the business cycle where the USA was one of the leaders - in thought and deed.

 

Not for much longer by the look of things!

[Srikcir]

Looks like Blood Diamonds are back in favor!

[SiSePuede419]

Diamonds with blood on them really do make the best gifts for Conservative woman ?

[connda]

That's hysterical.  China will simply step in to fill the vacuum.