September 19, 2011
September 19, 2011
The Dodd-Frank Act could be killing people in the Congo right now. See my blog post on this today:
HYPERLINK "http://chuckb.me/xmF" http://chuckb.me/xmF
In July I went to in the Democratic Republic of the Congo, the second poorest country on earth, to start a business that would lay the foundation for ending systemic poverty there.
My Congolese partner and I have committed to create sustainable economies in the Congo by exporting minerals and leaving a significant portion of the profits local, something no other company has ever done. We also will build potable water projects, clinics, and schools with the profits, and create training certifications for local business owners to learn how to run businesses. We will also fund these businesses. The net effect - we believe we can solve systemic poverty in the DR Congo in 5-10 years.
But now an obscure provision tucked into the Dodd-Frank Act could be jeopardizing much of this and is already hurting hundreds of thousands of Congolese and putting some in immediate danger of death.
We need to get in front of politicians and get to Washington for a congressional hearing asap - will you help us?
The Problem – The Dodd-Frank Act Provision 1502
The recent Dodd-Frank Act has had a terrible affect in the Congo. A provision (1502) in the bill requires all companies in America to disclose if their products use minerals from the Congo, and to create a trail of paperwork and outside audits to prove they did not create profits for criminal militias. As a result of the unintended stigma this has created, the mineral trade for central Africa has evaporated in the last few weeks, creating an effective mineral embargo of the entire region. Thousands are being devastated by Dodd-Frank.
The Negative Effect
Our private company, co-owned by a DR Congo Chief and me, has been lauded by Chiefs throughout the Congo for our commitment to export minerals above board and for our desire to build local potable water projects, clinics and schools. The express purpose of our company is to take minerals out of the hands of criminals and get them to market without a dime going to conflict, while building schools, clinics and a local economy.
Only the Criminals are Benefiting