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Conflict Minerals, New Diversity Agency Hidden Deep in Wall Street Reform Bill

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Wednesday, 14 July 2010 19:13

Written by Chuck Justice

The Dodd-Frank Financial Regulation bill has been proposed under the notion that it will tackle the root causes of the '08 financial and housing crisis, which was largely caused by subprime mortgages, derivatives, and Democrats.  But after close review of the bill, two provisions are included to ensure a crisis like this doesn't happen again:  auditing of "conflict minerals" from the Congo and a new diversity agency to regulate racial quotas at federal financial agencies.  What does this have to do with financial regulation?  Nothing.  But it does allow for the undocumented President Obama to take another step towards race-based social justice which played a significant role in the economic meltdown of '08.

Hidden under Title XIV, known as "Misc Provisions," is the requirement for manufacturers to hire independent auditors to certify with the SEC that their products use "conflict free" minerals.  Yes, this is part of the Consumer Protection Act in the Dodd-Frank bill.

Similar to conflict diamonds, "conflict minerals" include coltan, tin, tantalum, tungsten, and gold - all are used in cell phones, computers, and consumer electronics in one way or another - and are mined in Congo and nearby countries.  What's not mentioned is that manufacturers don't necessarily know where their minerals come from.  There's not exactly an open market that allows for a company to choose between conflict and conflict-free minerals, despite what activists say.

Those who violate the mandate will face a public relations nightmare, entirely orchestrated by the federal government, and will likely be labeled as "exploiters of African labor and financiers of genocide." The hidden provision also grants the Secretary of State with authority - again, into a bill that's supposed to prevent the next financial crisis.

"Punitive measures that could be taken against individuals or entities whose commercial activities are supporting armed groups and human-rights violations in the Congo."

And who will this hurt?  Consumers through increased costs and regulations for manufacturers to produce products.

Adding to the Wall St. reform bill is the far-left, socialist leader of the Congressional Black Congress, Maxine Waters (D - CA).  The incompetent Waters snuck in a provision that adds a new diversity bureaucracy to monitor all federal financial agencies.  Around 20 agencies will be required to set up offices of "minority and women inclusion" that not only regulate the race and sex of their workforce, but also the workforce of their contractors.

Looking back at what exactly caused the housing and financial crisis was the mentality of the "everybody deserves to own a home" social justice program, thanks to Chairman Obama, Fannie Mae, Freddie Mac, and ACORN.  Race-baiting got America into this mess in the first place by the government forcing banks to lend to minorities and other less privileged people who simply couldn't afford homes.  When the bubble burst, they had no skin in the game and nothing to lose, leaving the banks with toxic loans.

It now looks as if this race-based Financial Regulation Bill, filled with racial quotas and "conflict minerals" from the Congo, doesn't reform or regulate any of the causes that led to the financial meltdown.  It's another piece of the social justice puzzle that will indefinitely lead to another disaster down the road.

This is what happens when you allow two of the key architects of the economic meltdown, Chris "Countrywide" Dodd and Barney Frank, come anywhere near power and control.  And thanks to the pathetic playboy Scott Brown (R - MA), it's likely that this bill will pass in the next few days.

Chuck Justice is the editor-in-chief for Habledash.

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