Walmart, Target And Other Big Retailers Lobbied Successfully For Exemption From SEC Conflict Mineral Rule
Source: The Huffington Post
Major retailers like Target and Walmart may be able to keep the connection between their products and a war-torn African country under wraps.
Thanks to their lobbying efforts, big retailers will likely be exempt from a rule, finalized by the Securities and Exchange Commission Wednesday, which requires public companies to disclose whether their products contain “conflict minerals” from the Democratic Republic of Congo, theWall Street Journal reports.
An earlier version of the proposal, part of the 2010 Dodd-Frank financial reform law, would have mandated that retailers selling products under their own brand nameabide by the rule, according to the WSJ, but the final version allows a loophole for companies that don’t directly manufacture their products. Goods ranging from smartphones to light bulbs may be made with conflict minerals.
Despite the exemption, retail industry officials said they were still wary of the law, noting that they “are still assessing what will actually be required.”
To read this article in its entirety visit The Huffington Post.
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