Huizenga, Republicans to Gensler: Now is Not the Time for New Rulemaking on Climate
Yesterday, Congressman Bill Huizenga (MI-02), Ranking Member of the Investor Protection, Entrepreneurship, and Capital Markets Subcommittee, Congresswoman Ann Wagner (MO-2), Congressman French Hill (AR-2), Congressman Tom Emmer (MN-6), Congressman Warren Davidson (OH-8), Congressman Alex Mooney (WV-2), and Congressman Bryan Steil (WI-2) sent a letter to SEC Chair Gary Gensler regarding the upcoming open meeting on climate-related disclosures for investors. An excerpt from the letter and link to the full letter can be found below.
“Let us be clear about what is going on. The SEC is engaging in these rulemakings to advance the Biden Administration’s environmental agenda. The intellectual foundation for these rulemakings leaves little doubt that the purpose of these rulemakings is not truly an attempt to provide financially material information to investors for all companies; the real intent is to fight climate change. Congress, however, has not passed any securities-related law that would allow for that to be a legitimate aim of Commission rulemaking. If and until that happens, the Commission must act consistently within its historical bounds, or rulemakings like these should and likely will be thrown out in federal court.”
The full letter led by Ranking Member Huizenga is available here.
On Monday, March 21, the Securities and Exchange Commission will consider whether to propose amendments that would enhance and standardize registrants’ climate-related disclosures for investors.