Business Groups Fully Brief “Conflict Minerals” Legal Challenge

Author: Christopher M. Matthews, Wall Street Journal, Published on: 17 January 2013

Several business groups challenging new rules that require companies to disclose whether their products contain minerals blamed for fueling violence in Africa said...regulators hadn’t adequately analyzed the rules’ impact. The groups said in court papers that the Securities and Exchange Commission had itself admitted it didn’t know if the rules would benefit the people of the Democratic Republic of the Congo and its surrounding region...“Thus, the Commission violated its statutory obligations to apprise itself of the costs and benefits of the rule and the available regulatory alternatives before saddling U.S. public companies with billions of dollars in regulatory burdens,” the groups said...[A] spokesman for the SEC, defended the Commission’s analysis in an email. “We believe our legal interpretation and economic analysis are sound, and we look forward to defending the rule that Congress directed us to write,”...

Read the full post here