Conflict Minerals Bill In Suspense File (For Now)

In April, I wrote in this post about SB 861 (Corbett), a California bill intended to put some teeth in the Dodd-Frank Act’s mandate (Section 1502) that the Securities and Exchange Commission adopt disclosure and reporting regulations regarding “conflict minerals”. The day before that posting, the SEC revised its estimate of when it would be adopting the required regulations. According to the SEC’s website, the agency now anticipates adopting rules in after August and before the end of the year. Meanwhile SB 861 was amended on April 25. A week later, the bill was placed in the Senate Appropriations “suspense file”. This file is essentially a holding tank for fiscal bills. Under Senate Appropriations Committee Rule #9, a majority of the members present and voting can send a bill having a fiscal impact of $50,000 or more. SB 861's time in the suspense file may be short, the Committee is scheduled to hear the bill on Thursday of this week.

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Published In: Administrative Agency Updates, Constitutional Law Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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