The SEC's final rule on conflict minerals coming from the Democratic Republic of the Congo, is a "feel good" measure that doesn't accomplish what it intended, argues a Wall Street Journal editorial.
The impact of the requirement, mandated by Dodd-Frank, for companies to disclose the use of gold, tantalum, tin and tungsten produced in that country "so far has been to hurt not the rebels but the mine workers who have been laid off because companies are steering clear of anything produced in the region."
The editorial says the compliance costs for companies could be as high as $16 billion, according to a U.S. Chamber of Commerce estimate.
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