Dodd-Frank Wall Street Reform and Consumer Protection Act - Section 1502
The Dodd–Frank Wall Street Reform and Consumer Protection Act (commonly referred to as Dodd–Frank) was signed into United States federal law by US President Barack Obama on July 21, 2010. For over a decade, the trade in conflict minerals has fueled human rights abuses and promoted insecurity in eastern Democratic Republic of the Congo (DRC). The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed by the US Congress in July 2010, includes a provision – Section 1502 – aimed at stopping the national army and rebel groups in the DRC from illegally using profits from the minerals trade to fund their fight. Section 1502 is a disclosure requirement that calls on companies to determine whether their products contain conflict minerals – by carrying out supply chain due diligence – and to report this to the Securities and Exchange Commission (SEC).
The Financial CHOICE Act passed by the American Congress in 2017 repeals provisions of the Dodd-Frank Act and specfically Section 1502 which obliged American companies to disclose the use of minerals from the Great Lakes region of East Africa.