House Passes Bill Repealing Dodd-Frank Language, Including Section on Conflict Minerals Reporting
The House on June 8 passed legislation that would repeal language in the Dodd-Frank Act requiring companies to report conflict minerals content in their products to the Securities and Exchange Commission. Specifically, H.R. 10, the Financial CHOICE Act (here), would…
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strike Section 1502 of Dodd-Frank, which contains the conflict minerals provisions. A spokeswoman for the office of Senate Majority Leader Mitch McConnell, R-Ky., said no announcement has been made on when the Senate might consider the legislation. But Senate Banking Committee Chairman Mike Crapo, R-Idaho, in a June 8 statement (here) indicated his panel is undertaking a separate process to review Dodd-Frank provisions, which could last several months. “As this process moves forward, I want to encourage all members of the Committee to engage with us, work together with each other, and bring bipartisan legislation forward," Crapo said. Sen. Jeff Flake, R-Ariz., in April expressed doubt that Dodd-Frank Section 1502 would be ultimately repealed (see 1704060051).