To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to conflict minerals, and for other purposes.

H.R. 7085 proposes to repeal current disclosure requirements that apply to publicly traded companies using conflict minerals. Under existing law established by the Dodd-Frank Act, companies registered with the SEC that manufacture products containing conflict minerals—including gold, tin, tungsten, and tantalum sourced from the Democratic Republic of Congo or neighboring countries—must file annual reports describing how they obtained these minerals and identifying products that may contain minerals from sources financing armed groups in the region.

If enacted, this bill would eliminate those annual reporting requirements for companies. The current disclosure rules were designed to promote due diligence in supply chains and discourage companies from purchasing minerals that finance regional conflicts. The bill would also eliminate related reporting requirements for the Department of Commerce, Government Accountability Office, and Department of State regarding conflict minerals. According to budget estimates, implementing the bill would result in minimal cost savings to the SEC.