Conflict Minerals, Black Markets, and Transparency: The Legislative Background of Dodd-Frank Section 1502 and Its Historical Lessons

Abstract

After learning that US-regulated manufacturers were relying on a minerals black market in Central Africa to make products, and assessing the threats posed to national security by this black market, Congress enacted Section 1502 on Conflict Minerals in the Dodd-Frank Wall Street Reform Act of 2010. 1502 requires US-regulated manufacturers using minerals from Central Africa to report on whether their sourcing funds armed groups and, if so, to list the products manufactured in the last year containing those minerals. Congress's intent was to use market pressures from investors, business partners, and consumers to shrink companies' use of the Central African minerals black market and lessen its negative impacts. 1502 is the latest in a series of measures using common legal standards to shrink international black markets. This article will describe the legislative history of 1502 in a practitioner's context and address debates surrounding 1502.

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