SEC Exempts Retailers From African Minerals Rule

The U.S. Securities and Exchange Commission voted 3-2 to approve a rule that would exempt retailers from a policy that requires U.S.-listed companies to disclose whether their products contain minerals perceived as causing violence in central Africa. Retailers, including Target Corp. and Wal-Mart Stores Inc. lobbied against the earlier version of the rule that would have covered retailers selling products under their own brand names but were usually manufactured by third-party contractors. The rule is expected to cost companies $3–4 billion upfront and more than $200 million each year, according to the SEC.