MI HR0282

Urges Congress to repeal section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires publicly traded companies to report on and disclose the use of conflict minerals (gold, tin, tantalum, and tungsten) from the Democratic Republic of Congo and surrounding African nations.

Argues that SEC compliance rules, effective May 31, 2014, impose excessive costs on American manufacturers, with SEC estimates of $3-4 billion in initial compliance costs and $207-609 million annually, while the National Association of Manufacturers estimates total costs at $16 billion.

States the reporting requirements are overly burdensome, requiring publicly traded manufacturers to trace conflict minerals through entire supply chains back to the smelter level.

Claims the regulation jeopardizes Michigan's economic recovery and manufacturing sector growth, citing the state's 9 percent unemployment rate as of October (1.7 percent above the national average) and noting manufacturing is still recovering from the recent recession.

Directs copies of the resolution be sent to the President, Congress, SEC Chairman, and Michigan's congressional delegation.