Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Competitive Enterprise Institute (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Dodd-Frank Undermines the Fight Against Covid

% of readers think this story is Fact. Add your two cents.


By John Berlau and Seth Carter

As U.S. manufacturers race to produce new vaccines, therapeutics and medical equipment to combat the pandemic, their efforts are impeded by a misguided decade-old government mandate enacted, ironically, for humanitarian purposes. This rule—targeting “conflict minerals”—has shrunk the medical supply chain for components of everything from ventilators to vaccine needles and syringes.

The troublesome mandate is in a last-minute provision inserted into the Dodd-Frank financial overhaul in 2010. That law’s Section 1502 forces manufacturers to disclose if any of their products contain “conflict minerals” mined in the Democratic Republic of the Congo and nine adjoining countries in Africa. Under the law, companies listed on U.S. stock exchanges must audit their supply chains and disclose if their products contain even traces of the designated minerals—gold, tantalum, tin and tungsten—that might have been mined in areas controlled by warlords.

The provision was sold as protecting Congolese citizens from warlords who profited from the mining and sale of these minerals. Proponents claimed that restricting their use would save lives, and the only costs to Americans would be possibly slight increases in the prices of laptops, cellphones and other “luxury” items that contain these minerals.

They were wrong on two counts. First, the effects of the conflict-minerals mandate proved to be devastating for those it aimed to help. As the Journal reported, manufacturers spent about $709 million and more than six million man-hours attempting to trace their supply chains for conflict minerals in 2014. And 90% of those companies still couldn’t confirm their products were conflict-free. Many decided to avoid the Congo region altogether and source materials from other countries and continents.

When mining dropped off due to Dodd-Frank’s effects, Congolese villages were hit by reductions in education, health care and food supply. In 2014, 70 activists, academics and government officials signed a letter blasting initiatives like the Dodd-Frank provision for “contributing to, rather than alleviating, the very conflicts they set out to address.”

Second, these minerals are also used in medical devices and equipment to dispense drugs and vaccines. AdvaMed, which represents U.S. medical device makers, stated in a 2011 comment to the Securities and Exchange Commission that “it is unavoidable that conflict minerals will be used” in medical devices, and that “as there are currently no substitutes for these minerals, the continued sourcing of these minerals is necessary to ensure the safety and efficacy of medical devices.” 

An AdvaMed spokesman says the views expressed in that letter have not changed. Overwhelming evidence confirms that the minerals designated by Dodd-Frank still are essential to medical equipment and devices—including those needed to fight Covid-19.

Read the full article at The Wall Street Journal.

Image: 
Experts: 
John Berlau
Date: 
Tuesday, October 27, 2020
Issues: 
Media appearance type: 
Teaser: 
As U.S. manufacturers race to produce new vaccines, therapeutics and medical equipment to combat the pandemic, their efforts are impeded by a misguided decade-old government mandate enacted, ironically, for humanitarian purposes. This rule—targeting “conflict minerals”—has shrunk the medical supply chain for components of everything from ventilators to vaccine needles and syringes.
Subtitle: 
The ‘conflict minerals’ provision blocks resources vital for everything from ventilators to vaccines.



Source: https://cei.org/content/dodd-frank-undermines-fight-against-covid


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.