U.S. Congress: H.R. 7085 on Conflict Minerals Disclosure

H.R. 7085, introduced in the 119th Congress, proposes to amend the Securities Exchange Act of 1934 by repealing the conflict minerals disclosure requirements originally established under Section 1502 of the Dodd-Frank Act. If enacted, publicly listed companies would no longer be required to disclose whether their products contain tin, tantalum, tungsten, or gold (3TG) sourced from the Democratic Republic of the Congo or adjoining countries, nor conduct due diligence on those supply chains. The Congressional Budget Office estimates the bill would have a negligible budgetary impact. The bill passed the House and has been referred to the Senate. Its progress remains uncertain, but it signals a significant potential shift in US supply chain transparency obligations that have shaped global due diligence practices for over a decade.
Source: H.R. 7085 – 119th Congress, Congress.gov