U.S. Department of State Tells AIAG Companies Must Still Comply with Section 1502 of the Dodd-Frank Act

U.S. Department of State Tells AIAG Companies Must Still Comply with Section 1502 of the Dodd-Frank Act

Despite political pressure against Section 1502 of the Dodd-Frank Wall Street Reform & Consumer Protection Act, companies must still comply with the law and should not count on it being revoked post-election.

The message was delivered by the Ashley Orbach, Senior Advisor at the U.S. Department of State, to members of the automotive industry during the Automotive Industry Action Group’s (AIAG) Conflict Mineral Briefing V on August 2nd in Southfield, MI.

She said the law is still in effect and companies must comply, despite what they’re reading in the news. Her comments follow the passing of an appropriations bill in the U.S. House of Representatives in July to defund the conflict minerals rule.

However, Orbach said her colleagues in the U.S. Securities & Exchange Commission (SEC) still expect companies to meet their obligations under Section 1502 of the Dodd-Frank Act. If the law itself is not reason enough to comply, she highlighted transparency and consumer pressure as additional motivators.

While agreeing the law could be influenced by the election, Orbach warned companies that Secretary of State John Kerry has the mandate to actually expand the law’s scope at any time to include additional countries.


 

To learn more about your compliance requirements under Section 1502 of the Dodd-Frank Act, click here to download the eBook Conflict Mineral Compliance Toolkit.

Do you need help meeting your conflict mineral compliance requirements? Register for our free webinar on August 25th to learn how Assent can automate your processes, strengthen your program and save your company money. Click here to register today.

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