S.Amdt. 3791

SA 3791. Mr. BROWNBACK (for himself, Mr. Feingold, Mr. Durbin, Mr.
Specter, and Mr. Brown of Ohio) submitted an amendment intended to be
proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for
himself and Mrs. Lincoln)) to the bill S. 3217, to promote the
financial stability of the United States by improving accountability
and transparency in the financial system, to end ``too big to fail,''
to protect the American taxpayer by ending bailouts, to protect
consumers from abusive financial services practices, and for other
purposes; which was ordered to lie on the table; as follows:

On page 1565, after line 23, add the following:

TITLE XIII--CONGO CONFLICT MINERALS

SEC. 1301. DISCLOSURE TO SECURITIES AND EXCHANGE COMMISSION
RELATING TO COLUMBITE-TANTALITE, CASSITERITE,
GOLD, AND WOLFRAMITE ORIGINATING IN DEMOCRATIC
REPUBLIC OF CONGO.

Section 13 of the Securities Exchange Act of 1934 (15
U.S.C. 78m), as amended by section 763 of this Act, is
further amended by adding at the end the following new
subsection:
``(o) Disclosures to Commission Relating to Columbite-
Tantalite, Cassiterite, Gold, and Wolframite Originating in
Democratic Republic of Congo.--
``(1) In general.--Not later than 180 days after the date
of the enactment of this subsection, the Commission shall
promulgate rules requiring any person described in paragraph
(2)--
``(A) to disclose annually to the Commission in a report--
``(i) whether the columbite-tantalite, cassiterite, gold,
or wolframite that was necessary as described in paragraph
(2)(A)(ii) in the year for which such report is submitted
originated or may have originated in the Democratic Republic
of Congo or an adjoining country; and
``(ii) a description of the measures taken by the person,
which may include an independent audit, to exercise due
diligence on the source and chain of custody of such
columbite-tantalite, cassiterite, gold, or wolframite, or
derivatives of such minerals, in order to ensure that the
activities of such person that involve such minerals or
derivatives did not directly or indirectly finance or benefit
armed groups in the Democratic Republic of Congo or an
adjoining country; and
``(B) make the information disclosed under subparagraph (A)
available to the public on the Internet website of the
person.
``(2) Person described.--
``(A) In general.--A person is described in this paragraph
if--
``(i) the person is required to file reports to the
Commission under subsection (a)(2); and
``(ii) columbite-tantalite, cassiterite, gold, or
wolframite is necessary to the functionality or production of
a product of such person.
``(B) Derivatives.--For purposes of this paragraph, if a
derivative of a mineral is necessary to the functionality or
production of a product of a person, such mineral shall also
be considered material to the functionality or production of
a product of the person.
``(3) Revisions and waivers.--The Commission shall revise
or temporarily waive the requirements described in paragraph
(1) if the President determines that such revision or waiver
is in the public interest.
``(4) Termination of disclosure requirements.--
``(A) In general.--Except as provided in subparagraph (B),
the requirements of paragraph (1) shall terminate on the date
that is 5 years after the date of the enactment of this
subsection.
``(B) Extension by secretary of state.--The date described
in subparagraph (A) shall be extended by 1 year for each year
in which the Secretary of State certifies that armed parties
to the ongoing armed conflict in the Democratic Republic of
Congo or adjoining countries continue to be directly involved
and benefitting from commercial activity involving columbite-
tantalite, cassiterite, gold, or wolframite.

[[Page S3104]]

``(5) Adjoining country defined.--In this subsection, the
term `adjoining country', with respect to the Democratic
Republic of Congo, means a country that shares an
internationally recognized border with the Democratic
Republic of Congo.''.

SEC. 1302. REPORT.

Not later than 2 years after the date of the enactment of
this Act, the Comptroller General of the United States shall
submit to Congress a report that includes the following:
(1) An assessment of the effectiveness of section 13(o) of
the Securities Exchange Act of 1934, as added by section
1301, in promoting peace and security in the eastern
Democratic Republic of Congo.
(2) A description of the problems, if any, encountered by
the Securities and Exchange Commission in carrying out the
provisions of such section 13(o).
(3) A description of the adverse impacts of carrying out
the provisions of such section 13(o), if any, on communities
in the eastern Democratic Republic of Congo.
(4) Recommendations for legislative or regulatory actions
that can be taken--
(A) to improve the effectiveness of the provisions of such
section 13(o) to promote peace and security in the eastern
Democratic Republic of Congo;
(B) to resolve the problems described pursuant to paragraph
(2), if any; and
(C) to mitigate the adverse impacts described pursuant
paragraph (3), if any.
______