Republican Reps. Ted Budd (R-NC) and Ralph Norman (R-SC) led 40 House members in sending a letter to the SEC opposing a proposed rule that would obligate publicly-traded companies to disclose “climate-related risks.”
… [The proposed rule] represents a blatant regulatory overreach by unelected bureaucrats instead of the people’s representatives in Congress, and would undermine our ability to produce more energy right here in America. The SEC should immediately terminate this thinly-veiled attempt to impose Green New Deal mandates onto private sector job creators.
It’s time for the Left to stop trying to shame companies into combatting climate change. I’ll tell you how we effectively combat climate change: We utilize an all-of-the-above energy strategy that reduces costs, eliminates dependence on imports from foreign nations, and paves the way for the transition to renewables. More regulations on private citizens and businesses is not, and never will be, the answer.
“The SEC cannot and should not mandate such public disclosures of information that strays from the ‘core purpose of disclosure, [which] is to provide investors with the information they need to make informed investment and voting decisions,’ which ‘allow[s] our capital markets to flourish,'” the letter reads. “It is apparent that, as we have recently seen, this information would only be used to smear these companies.
Lawmakers also asked how “at a time of global turmoil, when energy prices are at decade highs,” the rule would benefit everyday Americans.
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