WASHINGTON -- Included in the financial sector reform law President Obama signed on July 21 was legislation designed to prevent trade in so-called conflict minerals from the Democratic Republic of the Congo. A wide range of electronics will now be subject to new sourcing and supply chain requirements for at least five years.
The law essentially bans the import of gold, columbite-tantalite, cassiterite, wolframite, and their derivatives from the DRC by US-based publicly held companies, enacts strict reporting standards, and implements a new labeling procedure.
Under the new law, any publicly traded company that makes products that use conflict minerals and buys those minerals either in the DRC or an adjoining country must exercise due diligence on the source and supply chain.
Affected companies must provide annual reports on their measures taken to the Securities and Exchange Commission and on...