A letter from Congressional leaders published by SEC today indicates that the final conflict minerals rule may indeed be promulgated soon. The letter dated February 16, 2012 and signed by Senators Leahy and Coons, along with Congressmen Berman, McDermott, Payne, Meeks and Bass, contains two notable comments.
- First, in relation to the status of the regulations, the letter mentions “the outlines of the final rule”. This is the first credible and concrete indication that a version of the final rule has been both drafted and made available to key Washington officials.
- Second, the letter expresses concern “about the economic cost estimate contained in the final rule. The Commission’s estimate should only rely on those submitted estimates that use credible and publicly cited data, methodologies of companies in the field, and comparisons to costs of truly similar regulations.”