What implications will the passage of the resolution on resource extraction disclosures (H.J.Res. 41) have on consumer goods in the US? The resolution was signed into law on February 14, 2017 by President Trump. The resolution overturned a rule that mandated disclosure of payments from oil and mining companies to the US or foreign governments. This action pertains to the oil and mining industries, not that of consumer products.
Presently, the section of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that does pertain to consumer products remains untouched. However, if the controversial rule regarding conflict minerals is overturned, it would mean less responsibility for the industry. Manufacturers and importers of consumer products with parts mined abroad will no longer need to show documentation that said products do not contain “conflict minerals”.
In addition, a number of Trump’s picks seem likely to cut their agencies’ abilities to govern. The Acting Chairman of the Securities and Exchange Commission (SEC), Michael S. Piwowar, is a good example, as he has issued a public statement directing the SEC to reconsider the agency’s conflict minerals rule: https://www.sec.gov/news/statement/reconsideration-of-conflict-minerals-rule-implementation.html
Compliance & Risks will host a webinar on ‘Brexit & Trump: What They Mean for Environmental Regulatory Compliance’ with experts from both sides of the Atlantic providing an overview of key issues and a giving their opinions on that state of play, what the key compliance issues are and what’s next?