iReuters: SEC Spent $2.75 Million on Conflict Minerals Rule
Sarah Lynch of Reuters reports that the SEC revealed earlier this month that it spent “about $2.75 million to write, implement and defend itself against legal challenges to its ‘conflict mineral rules.'”
SEC Chair White revealed this in response to a request from the U.S. House Financial Services committee.
According to Reuters, the amount represents:
- 17,000 hours since July 2010 writing the rule at a cost of about $2.1 million
- 4,000 hours defending the rule at a cost of $520,000
- $128,000 spent on updating its system to accept conflict minerals disclosure reports
