President Trump is reportedly planning an executive order that could shoot down a rule requiring companies to disclose whether they use "conflict minerals" in their products, Reuters reported.
It is not clear when the order will be signed or what exactly the order will entail.
The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, among other things, required businesses to report whether they used minerals mined from war-ravaged African regions.
The rule on conflict minerals was supported by human rights groups. Many hoped that requiring companies to disclose that they used tin, gold, tungsten or other minerals mined from the Democratic Republic of the Congo would cut off a key source of funding for armed groups in the region.
While "conflict diamonds" initially brought the issue into the spotlight, smartphones require many precious metals that are mined in war-torn regions. The Washington Post chronicled the dangers of mining cobalt in the Congo.
But businesses argue the rules cost too much money to follow, since following a global supply chain can be very expensive.
The Securities and Exchange Commission can't get rid of the rule without a law passed by Congress, but it can stop enforcing it.
It was already scaled back in 2014, as courts ruled that publicly disclosing the origin of the minerals violated companies' freedom of speech. However, they still had to disclose the origin to the SEC.