Today, on June 8, 2017, the US House of Representatives passed the Financial CHOICE Act by a vote of 233 to 186. The bill was sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas). The headline of the bill is that it would reverse much of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Section 1502 of Dodd-Frank is the statutory authority for the SEC’s conflict minerals rule. Page 482 of the 589 page bill includes a provision that would simply and completely repeal Section 1502 (among several other disclosure and miscellaneous provisions). However, according to many observers, the bill is not expected to pass the Senate in its current form.
We will continue to watch as the bill progresses to the Senate for action there. Subscribe to our blog to get updates on the bill.