Business Groups Sue SEC over ‘Conflict Minerals’ Rule

Rule is burdensome, costly to administer, groups argue.

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.

‘Complex Issue’

In a joint statement, the groups that though the measure was well-intentioned, it “is not an effective approach to this complex issue.”

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