SEC Chair White: Conflict Minerals Rule Will Not Be Delayed (with Woody Comment)

On April 29, testifying in front of the U.S. House of Representatives' Committee on Financial Services, SEC Chair Mary Jo White stated that The United States Court of Appeals for the District of Columbia Circuit's decision to strike down a provision of the SEC's conflict minerals rule did not justify a delay in the rule's implementation.

Chair White defended the decision by stating that the D.C. Circuit "went out of its way" to uphold a "vast majority" of the rule. She added that the agency would issue guidance by the end of April regarding what public companies will be required to report by the June 2 deadline.

Woody Comment: Last week, Chair White received pressure from lawmakers, including the ranking member of the House Financial Services Committee, Maxine Waters, to implement the rule by its scheduled date. Chair White made clear to the House panel that the SEC staff is forging ahead with the implementation of the rule, despite a Joint Statement issued less than 24 hours earlier by two Commissioners calling for a stay and ultimate rejection of the rule in its entirety. Based on Chair White's remarks, public companies will be required to file some type of conflict minerals disclosure by June 2, even though litigation over the rule continues in the United States District Court for the District of Columbia.

See: Chair White's Testimony.See also: Statement from SEC Director Keith Higgins on Effect of Conflict Minerals Rule Decision.Related news: Two SEC Commissioners Call for Rejection of Conflict Minerals Rule (with Woody Comment) (April 28, 2014); D.C. Circuit Strikes down Part of SEC's Conflict Minerals Rule (with Woody Comment) (April 14, 2014); SEC Updates FAQs Regarding Conflict Minerals (April 7, 2014).