January 13, 2011
Dear Chairman Schapiro and Commissioners,
I’m writing you with deep disappointment and concern. I understand that the final rule for Section 1502 (conflict minerals) has been delayed once again and is yet to be released. I’m calling on you to release a strong, final rule as soon as possible, and no later than the end of January. I also call on you to ensure that there are no additional delays or phase-in periods built into the rule itself.
The rules for implementation of Section 1502 were to be completed within 270 days of the signing of Dodd-Frank Act, or April 2011. As we enter the New Year over 530 days have passed, nearly double the allotted time.
I work for government at the local level, and can tell you from much experience that timely rule making on ANY subject is the key to surety among those regulated and to successful implementation of law. Delays and inaction have the opposite effect and create anger and cynicism we see toward government today. We need ALL levels of government to get their jobs done and follow the law. You are failing in this area.
This is why I am urging you to release a strong, final rule no later than the end of January 2012 with no additional phase-in periods or delays included in the rule.
It has been nearly a year and a half since President Obama signed the law; it is time to put this law to action.