This paper provides an overview of Sections 1502, 1503 and 1504 and the possible impact to investment banks.
Section 1502 deals with “conflict
minerals” exported from the war-torn Democratic Republic of the Congo (DRC) and neighboring countries. Section 1503 and Section 1504 focus on mining activities. Specifically, Section 1503 promotes the disclosure of mine safety violations at U.S. mines. Section 1504 concerns financial payments to governments and government agencies for the purpose of developing oil, gas, and mineral reserves.