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Socially Responsible Investors Submit Guidance for Conflict Minerals Rule March 29th, 2011
The Oblates joined a large group of socially responsible investors in a letter providing specific comments to the SEC on the Conflict Mineral Provision 1502 of the Dodd-Frank Finance Reform Act.
Congo Catholic Bishops Praise U.S. Law on Conflict Minerals August 17th, 2010
The Congolese bishops have welcomed the passage into law of the Congo Mineral Conflict and Extractive Industries Transparency via amendments to the US Financial Reform Bill. The president of the National Conference of Bishops of Congo, Bishop Nicolas Djomo said during a press conference in Kinshasa that the Catholic Church in the Democratic Republic of Congo is determined to campaign for the newly enacted law on conflict minerals so that it becomes useful in the extractives industries in the Democratic Republic of Congo.
Bishop Djomo said that the legislation will help restore peace in the Democratic Republic Congo and that more actions are needed to strengthen good governance, support the legal economy, encourage peace and reconciliation, create a legal framework to revive the judicial system, and encourage citizens to engage in public life.
Bishop Djomo, who also serves as the Bishop for the diocese of Tshumbe in Kasai Oriental Province, thanked the America people and praised the American government, the U.S. Congress, faith based groups and other concerned groups who helped in passing the provisions on conflict minerals.
Conflict minerals, especially in Eastern Congo, provide the source of funding that allows armed militias to continue acts of terror, particularly widespread sexual violence and rape, while causing countless deaths.
A Big Victory for Congo and Extractive Industries Transparency in the US Financial Reform Bill July 16th, 2010
On July 15, the United States Senate voted 60-39 to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act. President Obama is expected to sign the measure into law next week. While the text of the financial reform act fills more than 2,300 pages, the many rules and regulations needed to implement it have not yet been written. This work by U.S. regulators is expected to take months, possibly years.
The legislation included an important provision requiring energy and mining companies to disclose how much they pay to foreign countries and the U.S. government for oil, gas, and minerals. The provision, based on the Energy Security through Transparency Act (S. 1700), will require companies registered with the U.S. Securities and Exchange Commission (SEC) to disclose payments to foreign governments for the commercial development of oil, natural gas, and minerals. This disclosure will apply to all companies filing with the SEC, regardless of where they are based, meaning that most of the world’s top extractive industries would be covered by this law.
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