The Trump Administration is considering an executive order that would suspend the SEC conflict minerals rule for two years. Under the 2010 Dodd-Frank law, the president has the authority to temporarily suspend or revise the rule for two years if it is in the national security interest of the United States.
An unsourced draft White House memo that cites national security interests, temporarily suspends the federal conflict minerals law for a period of two years. The draft also directs the Secretaries of State and Treasury to:
“Propose to the President a plan for addressing human rights violations and funding of armed groups in the Democratic Republic of the Congo or an adjoining country. The plan could include targeting persons and entities engaged in violations of law and negative human rights impacts, consistent with section 13 of the Exchange Act. The Secretaries shall submit their plan to the President within 180 days of the date of this Order.”
As previously reported on January 31, 2017, Acting Securities and Exchange Commission (SEC) Chairman Michael S. Piwowar directed the SEC staff to consider whether their 2014 guidance is still appropriate and whether any additional relief is appropriate.