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National Ass'n of Manufacturers v. Securities and Exchange Commission

ELR Citation: 43 ELR 20167
Nos. 13-cv-635, (D.D.C., 07/23/2013) (Haddon, J.)

A district court upheld an SEC rule imposing certain disclosure requirements for companies that use "conflict minerals" originating in and around the Democratic Republic of the Congo. Manufacturing groups argued that the rule's requirement that companies publish their conflict minerals disclosures on their own websites compels speech in violation of the First Amendment. But their claim lacks merit. The government's interest in promoting peace and security in the Congo is substantial, the regulation directly advances the government interest asserted, and the disclosure scheme is a reasonable fit to accomplish Congress' objective in promoting peace and security in the Congo. Nor was the rule arbitrary or capricious under the APA.