Conflict Minerals: U.S. SEC Spent $2.75 Mln on Conflict Mineral Rules, White Says

Mar 24, 2015 | Sarah N. Lynch, Reuters
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The U.S. Securities and Exchange Commission has spent about $2.75 million to write, implement and defend itself against legal challenges to its "conflict mineral rules," SEC Chair Mary Jo White revealed this month.

The cost estimates, laid out in a March 16 letter to top lawmakers on the House of Representatives financial services panel, are likely to irk Republicans who have lambasted the rule as being a waste of time and a special interest rule for liberal-leaning human rights groups.

In the letter, seen by Reuters on Tuesday, White said staff have spent about 17,000 hours since July 2010 writing the rule at a cost of about $2.1 million.