California Senator Corbett introduced bill SB 861, which supports the federal legislation on conflict minerals. If this bill passes, publicly traded companies will not be able to sell products to California’s government agencies unless they comply with the upcoming disclosure requirements by the Security and Exchange Commission.
To show support for the California bill, RSN helped coordinate 28 investors with assets under management of more than $123 billion submit a letter to the senator. This letter points out the importance of disclosure and accountability of companies’ entire value chains. Investors applaud Senator Corbett for introducing this bill, which could incentivize compliance with the federal regulations.
California Senate Bill 861 received bipartisan support, passing out of the Senate Governmental Organization Committee on a 9 to 1 vote on Tuesday.
Senate Majority Leader Ellen M. Corbett (D-San Leandro) joined international human rights leaders to denounce the atrocities being committed by illegal militia in the Democratic Republic of Congo and announced Senate Bill 861, which will incentivize compliance with federal regulation on conflict minerals and put California at the forefront of the effort to decrease demand for the minerals.
A press conference was held prior to the hearing (Patricia speaks at minute 13:18).