Business Groups Sue SEC Over Conflict Minerals Rule

BusinessWeek reported business groups have joined together to sue the Securities and Exchange Commission in the U.S. regarding the Dodd-Frank ruling which states companies must make reasonable efforts to ensure tantalum and other conflict minerals are not from war-torn regions.

As quoted in the market news:

The U.S. Chamber of Commerce and National Association of Manufacturers asked a federal court to modify or scrap U.S. Securities and Exchange Commission rules governing so-called conflict minerals.

The SEC adopted a regulation in August that requires companies using gold, tin, tungsten and tantalum in their products to make “reasonable” efforts to determine if those materials came from the Democratic Republic of Congo or an adjoining country. Business groups have complained the measure is burdensome, costly to administer and ineffective.

Click here to read the full BusinessWeek report.