The government of the Democratic Republic of Congo puts the US administration on guard against the effects of a suspension of the legislation on blood minerals, a provision of the Dodd-Frank Act. So says a report by Radio Okapi.
According to a draft decree obtained by Reuters news agency, the new US president proposes a two-year suspension of the Dodd-Frank law.
“In the long term, the suspension of Article 1502 of the Dodd-Frank Law will jeopardize the stability and security of the Democratic Republic of the Congo by encouraging an escalation in the activities of armed groups”, wrote the Congolese Minister of Mines, Martin Kabwelulu, in a letter obtained by the agency Bloomberg.
The correspondence, dated March 13, is addressed to the Securities and Exchange Commission, the US federal regulator and financial market regulator.
According to Bloomberg, Martin Kabwelulu said a Congolese delegation will meet with SEC chief and US Treasury Secretary Steven Mnuchin in Washington to discuss his government’s position.
Human rights organizations such as Global Witness have already expressed disagreement over a possible suspension of the Dodd-Frank law.
The Trump administration, on the other hand, judged this regulation too costly for American companies.
This legislation, adopted under the Obama Presidency, aims to control the supply of minerals from conflict zones in the United States.