by Michael Vargas, Associate at Rimon
In his Citizens United v. FEC dissent, Justice Clarence Thomas sent up a signal flare that could have far greater repercussions than the landmark decision itself. In his dissent, Justice Thomas argued that disclosure requirements on corporations were unconstitutional compelled speech because they opened up corporations to public reprisal for the information found in those disclosures, and he steadfastly rejected the argument that these disclosure requirements could be justified on the grounds that they simply “provided voters with additional information.” This startling pronouncement, if applied to all corporate “speech,” would effectively nullify all corporate disclosure laws currently on the books, including most if not all Wall Street regulations. This fear was largely an academic one, until the D.C. Circuit ruled, in National Association of Manufacturers v. SEC, that the Securities and Exchange Commission (SEC) rules on Conflict Minerals were unconstitutional in an opinion that sounds remarkably similar to Justice Thomas’ Citizens United dissent. There can be no doubt that all federal regulation that uses disclosure as a means of oversight is now in very real peril from conservative judges who adhere to Thomas’ beliefs.
The Battle to Prohibit Conflict Minerals
For the people of Zaire, 1996 brought with it the end of the repressive and corrupt dictatorship of Joseph Mabutu, and the beginning of a series of civil wars that continue to rage today. The country, renamed the Democratic Republic of the Congo (DRC) in 1997, is a humanitarian nightmare, as warlords and mercenaries use rape and murder to enslave the population and put them to work in mines extracting minerals such as gold, tin, tungsten and tantalite (3TG). These 3TG minerals, used to manufacture many high-tech devices such as cellphones and computers, are then sold in western markets with the proceeds used to finance the civil war in the DRC. International human rights organizations and even the United Nations have long identified these “conflict minerals” as one of the most important humanitarian crises in the world today.