H.R. 7085: To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to conflict minerals, and for other purposes.

The bill proposed is aimed at amending the Securities Exchange Act of 1934 specifically to eliminate certain disclosure requirements related to conflict minerals. Below are the key aspects of what this bill would entail:

Repeal of Conflict Mineral Requirements

The primary action of the bill is the repeal of existing regulations that require publicly traded companies to disclose their use of conflict minerals. Conflict minerals typically refer to tin, tungsten, tantalum, and gold, which are mined in conditions that are often linked to human rights abuses and conflict, particularly in regions like the Democratic Republic of the Congo.

Specific Changes

• The section of the Securities Exchange Act that outlines conflict mineral disclosure requirements will be removed, effectively freeing companies from the obligation to report on their sourcing of these materials.
• The Dodd-Frank Wall Street Reform and Consumer Protection Act will also be amended to remove a specific section (Section 1502) that previously addressed the disclosure of conflict minerals.
• Conforming amendments will ensure that related references to these disclosure requirements are also eliminated from the Dodd-Frank Act's content list.

Impact on Companies

The repeal of these disclosure requirements may have varying impacts on companies that currently need to track and report their use of conflict minerals. The existing framework mandates transparency aimed at reducing the trade of minerals that finance armed conflict and human rights violations.

Relevant Companies

• AA (Alcoa Corporation): Alcoa, as a major player in the aluminum industry, utilizes minerals like bauxite and may indirectly source conflict minerals in its supply chain.
• FCX (Freeport-McMoRan Inc.): This mining company deals with various minerals and metals, which could involve conflict minerals in operations depending on their sourcing policies.
• NEM (Newmont Corporation): A leading gold mining company that may be affected by changes in reporting and sourcing requirements related to gold as a conflict mineral.