Acting SEC chair seeks to scale back 'conflict minerals' ruleWASHINGTON (Reuters) - The top Republican at the U.S. Securities and Exchange Commission on Tuesday took the first step toward scaling back the controversial “conflict minerals” rule, which requires companies to trace whether their products contain minerals from a war-torn part of Africa. In his first major action since becoming acting SEC chair earlier this month, Michael Piwowar announced he has directed agency staff to reconsider how companies should comply with the rule and whether “additional relief” from its requirements is necessary.  Piwowar’s action comes just one day after President Donald Trump signed an executive order that aims to slash government regulations. The White House has said the order does not apply to independent agencies like the SEC. However, independent agencies often try to voluntarily follow the spirit of such orders. The conflict minerals rule requires manufacturers, from Apple Inc to General Electric Co, to tell investors if their products contain certain minerals from the war-torn Democratic Republic of the Congo. It is one of several SEC disclosure rules required by the 2010 Dodd-Frank law that Republicans and business groups have long sought to repeal, saying they force companies to furnish politically charged information that is irrelevant to making investment decisions. Another disclosure rule hated by many companies that was also in Dodd-Frank is the “resource extraction” rule, which forces oil and gas companies to disclose payments to foreign governments.  Republicans in the U.S. House of Representatives are slated to vote on a measure to repeal the resource extraction rule on Wednesday. In that case, Republicans are seeking to repeal it under  the Congressional Review Act, which allows Congress to stop recently adopted regulations through a simple majority vote. The conflict minerals rule cannot be repealed through the Congressional Review Act because the law can only be applied to rules adopted since the end of May. However, SEC staff can issue interpretive guidance to scale back its requirements or, in a more aggressive move, staff can choose not to enforce it. Piwowar said the SEC will solicit comments from the public on whether SEC staff should update its guidance on compliance. The Dodd-Frank law also contains language which would let Trump order the SEC to temporarily suspend the conflict minerals rule for two years if it might harm national security. Piwowar did not ask the president to take such a step. However, he did raise some national security concerns posed by the rule, and said it has done nothing to help the humanitarian crisis in Africa. politicsNews
acting sec chair seeks scale back minerals rulewashington reuters the top republican securities exchange commission tuesday took first step toward scaling back controversial conflict minerals rule requires companies trace whether products contain minerals part africa in first major action since becoming acting sec chair earlier month michael piwowar announced directed agency staff reconsider companies comply rule whether additional relief requirements necessary piwowar action comes one day president donald trump signed executive order aims slash government regulations the white house said order apply independent agencies like sec however independent agencies often try voluntarily follow spirit orders the conflict minerals rule requires manufacturers apple inc general electric co tell investors products contain certain minerals democratic republic congo it one several sec disclosure rules required law republicans business groups long sought repeal saying force companies furnish politically charged information irrelevant making investment decisions another disclosure rule hated many companies also resource extraction rule forces oil gas companies disclose payments foreign governments republicans house representatives slated vote measure repeal resource extraction rule wednesday in case republicans seeking repeal congressional review act allows congress stop recently adopted regulations simple majority vote the conflict minerals rule repealed congressional review act law applied rules adopted since end may however sec staff issue interpretive guidance scale back requirements aggressive move staff choose enforce piwowar said sec solicit comments public whether sec staff update guidance compliance the law also contains language would let trump order sec temporarily suspend conflict minerals rule two years might harm national security piwowar ask president take step however raise national security concerns posed rule said done nothing help humanitarian crisis africa politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Acting SEC chair seeks to scale back 'conflict minerals' ruleWASHINGTON (Reuters) - The top Republican at the U.S. Securities and Exchange Commission on Tuesday took the first step toward scaling back the controversial “conflict minerals” rule, which requires companies to trace whether their products contain minerals from a war-torn part of Africa. In his first major action since becoming acting SEC chair earlier this month, Michael Piwowar announced he has directed agency staff to reconsider how companies should comply with the rule and whether “additional relief” from its requirements is necessary.  Piwowar’s action comes just one day after President Donald Trump signed an executive order that aims to slash government regulations. The White House has said the order does not apply to independent agencies like the SEC. However, independent agencies often try to voluntarily follow the spirit of such orders. The conflict minerals rule requires manufacturers, from Apple Inc to General Electric Co, to tell investors if their products contain certain minerals from the war-torn Democratic Republic of the Congo. It is one of several SEC disclosure rules required by the 2010 Dodd-Frank law that Republicans and business groups have long sought to repeal, saying they force companies to furnish politically charged information that is irrelevant to making investment decisions. Another disclosure rule hated by many companies that was also in Dodd-Frank is the “resource extraction” rule, which forces oil and gas companies to disclose payments to foreign governments.  Republicans in the U.S. House of Representatives are slated to vote on a measure to repeal the resource extraction rule on Wednesday. In that case, Republicans are seeking to repeal it under  the Congressional Review Act, which allows Congress to stop recently adopted regulations through a simple majority vote. The conflict minerals rule cannot be repealed through the Congressional Review Act because the law can only be applied to rules adopted since the end of May. However, SEC staff can issue interpretive guidance to scale back its requirements or, in a more aggressive move, staff can choose not to enforce it. Piwowar said the SEC will solicit comments from the public on whether SEC staff should update its guidance on compliance. The Dodd-Frank law also contains language which would let Trump order the SEC to temporarily suspend the conflict minerals rule for two years if it might harm national security. Piwowar did not ask the president to take such a step. However, he did raise some national security concerns posed by the rule, and said it has done nothing to help the humanitarian crisis in Africa. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: acting sec chair seeks scale back minerals rulewashington reuters the top republican securities exchange commission tuesday took first step toward scaling back controversial conflict minerals rule requires companies trace whether products contain minerals part africa in first major action since becoming acting sec chair earlier month michael piwowar announced directed agency staff reconsider companies comply rule whether additional relief requirements necessary piwowar action comes one day president donald trump signed executive order aims slash government regulations the white house said order apply independent agencies like sec however independent agencies often try voluntarily follow spirit orders the conflict minerals rule requires manufacturers apple inc general electric co tell investors products contain certain minerals democratic republic congo it one several sec disclosure rules required law republicans business groups long sought repeal saying force companies furnish politically charged information irrelevant making investment decisions another disclosure rule hated many companies also resource extraction rule forces oil gas companies disclose payments foreign governments republicans house representatives slated vote measure repeal resource extraction rule wednesday in case republicans seeking repeal congressional review act allows congress stop recently adopted regulations simple majority vote the conflict minerals rule repealed congressional review act law applied rules adopted since end may however sec staff issue interpretive guidance scale back requirements aggressive move staff choose enforce piwowar said sec solicit comments public whether sec staff update guidance compliance the law also contains language would let trump order sec temporarily suspend conflict minerals rule two years might harm national security piwowar ask president take step however raise national security concerns posed rule said done nothing help humanitarian crisis africa politicsnews