To the Editor:
Yesterday, four of my colleagues coauthored a letter raving against Dodd-Frank’s Conflict Minerals Rule, §1502, which is in President Trump’s crosshairs after a leaked Executive Order allegedly advocated its suspension. Specifically, my colleagues believe §1502 decreased militia-led violence in the Democratic Republic of Congo. It did not. They correctly judged the intent of §1502 — and I agree with the statute’s intent — but not its result. My response will explain the regulation, expose its failure, and argue against their mandate that Cornell University waste its endowment and our tuition on useless audits. My colleagues asserted that §1502 “prevents American companies from purchasing conflict minerals.” Well, that’s a very simplified picture of what the statute does.