Reuters: SEC Spent $2.75 Million on Conflict Minerals Rule

Sarah Lynch of Reuters reports that the SEC revealed earlier this month that it spent “about $2.75 million to write, implement and defend itself against legal challenges to its ‘conflict mineral rules.'”

SEC Chair White revealed this in response to a request from the U.S. House Financial Services committee.

According to Reuters, the amount represents:

• 17,000 hours since July 2010 writing the rule at a cost of  about $2.1 million
• 4,000 hours defending the rule at a cost of $520,000
• $128,000 spent on updating its system to accept conflict minerals disclosure reports