Conflict Minerals Rule Could Cost $16B, Industry Groups Say

Law360, New York (May 10, 2012, 4:31 PM EDT) -- Industry groups told Congress on Thursday that a final U.S. Securities and Exchange Commission rule requiring heightened reporting for companies using conflict minerals mined in the Democratic Republic of Congo could impose costs of up to $16 billion on manufacturers.

In testimony before the House Financial Services Committee, representatives from the National Association of Manufacturers and the Association Connecting Electronic Industries said that the SEC's estimated cost to businesses of $71 million vastly underestimated the true costs, which are likely to be between $9 billion and...
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