April 20, 2014

Dodd-Frank Provision Struck

Would have cost companies big time.

A little-known provision of the Dodd-Frank financial regulation overhaul was overturned by the U.S. Court of Appeals for the DC Circuit. As Investor’s Business Daily reports, the court “held that the financial ‘reform’ law’s bizarre rule requiring companies to disclose whether their products contain ‘conflict minerals’ from Africa violates the First Amendment.” The provision was an Easter egg hidden in the “Misc. Provisions” part of the law by Rep. Maxine Waters (D-CA), who sought to protect Congo. But the effect was an incredibly costly mandate that companies trace the source of minerals used in their products back to their point of origin, and report their findings to the SEC. Dodd-Frank was supposed to “protect” the little guy against Wall Street, and this bad little provision may still be among the least of the law’s problems.

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