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    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    June 16, 2022

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC), requesting more information on the proposed rule on climate-related disclosures for investors. SEC is required to provide the requested information by June 29, 2022.

    The SEC proposed rule would require publicly traded companies to gather and report global warming data, almost none of which is material to the finances of a business. According to the Senators, the proposed rule is unnecessary and inappropriate, exceeds the SEC mission and expertise, and will harm consumers, workers, and the entire U.S. economy. The letter also notes that proposed climate disclosure rule will impose enormous costs on the entire U.S. economy if it goes into effect. The Senators requested SEC to submit answers to a number of detailed questions, including the following:

    • Whether SEC considered the impact that the proposed climate disclosure rule would have on energy prices and any other costs associated with the rule?
    • What efforts, if any, has SEC made to minimize any First Amendment concerns associated with this proposed rule? (The proposed climate disclosure rule raises First Amendment concerns because it would appear to compel speech.)
    • Whether SEC coordinated with other Federal agencies on the policies contained in the proposed climate disclosure rule?

    The U.S. Banking Committee Republicans also requested that SEC preserve and turn over a number of records related to the proposed climate disclosure rule, including e-mails and text messages between SEC and the White House, the U.S. Environmental Protection Agency (EPA), the Financial Stability Oversight Council (FSOC), and others, including individuals and entities outside the Executive Branch.

     

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    Keywords: Americas, US, Banking, Securities, Climate Change Risk, ESG, Disclosures, SEC, US Senate Banking Committee

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