The Securities and Exchange Commission’s (SEC) has been slammed with comments from supporters and critics of its proposed climate disclosure rule.
The release of the final rule has been continually delayed, but its publication is anticipated in the next few months. Congressional Democrats are urging for it to be done sooner rather than later.
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One day before Joe Biden heads to a Saturday Philadelphia rally, U.S. Representatives Guy Reschenthaler (R-PA-14) and Dan Meuser (R-PA-9) excoriated him in a press call over quality of life issues.
Joined by Pennsylvania GOP Chairman Lawrence Tabas, the two lawmakers blasted the president for seeking reelection in 2024, insisting Biden has made life worse for Americans on virtually every facet affected by public policy. They mentioned that inflation rages, real wages slump, energy production languishes, gas prices rise, fentanyl use spreads, reading and math scores tumble and crime swells.
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A coalition of 16 Republican governors sent a letter Tuesday to President Joe Biden, urging him to rescind a proposal introducing a series of climate requirements for companies.
The recent Securities and Exchange Commission (SEC) proposal, which forces publicly-traded companies to share so-called climate change risks and greenhouse gas emissions, would harm businesses and investors by adding high compliance costs, the governors argued in the letter addressed to both Biden and SEC Chairman Gary Gensler. The climate disclosure rule, they added, would also represent an overstepping of the SEC’s authority.
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America’s top financial regulator issued climate disclosure rules that are more burdensome for smaller companies than large companies, according to the agency’s own analysis.
While the rules would cost large corporations $640,000 at first and $530,000 in subsequent years, they would cost smaller publicly-traded companies $490,000 initially and $420,000 in following years, the Securities and Exchange Commission (SEC) said in its proposal. The regulator’s analysis suggests that smaller companies would feel a relatively larger financial burden as a result of the proposed disclosure rules.
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