September 30, 2016
Partner David Hartquist and consultant John Arnett were featured in the American Metal Market Monthly article “Limits Sought in Backfired Conflict Mineral Rule.” According to the Copper & Brass Fabricators Counsel (CBFC), disclosure requirements under the U.S. Securities and Exchange Commission's (SEC's) conflict minerals rule should be limited to metal smelters. David, president of the CBFC, said that companies that have found it too difficult to comply with the rule and, instead, simply avoid buying materials from areas where conflict minerals might be an issue. This outcome has led to the "unintended consequence" of hurting the people in the Democratic Republic of Congo, whom the rule was intended to help. The CBFC has been advocating to either repeal the law or "have it amended to an extent that it can be complied with." John, government affairs counsel for the CBFC, went on to say that, “The U.S. House of Representatives' Financial Services Committee introduced a broad piece of legislation in June that, among other things, would repeal the conflict minerals rule.”
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