Cassidy, Scott Lead Effort to Roll Back SEC’s Climate Disclosure Rule

U.S. Senators Bill Cassidy, M.D. (R-LA), Tim Scott (R-SC), and 31 Republican colleagues introduced a Congressional Review Act (CRA) resolution to overturn the Securities and Exchange Commission's (SEC) radical climate disclosure rule which would bury public companies in paperwork, raise costs for consumers, and stifle economic opportunity.

"Climate change is not the SEC's job," said Dr. Cassidy. "We cannot allow the Biden administration to drown companies in paperwork and penalties. Higher reporting and compliance costs are the last thing they need in this economy."

"The SEC's final climate disclosure rule threatens economic opportunity across the country, and it must be overturned. Over and over again, SEC Chair Gensler has disregarded the real-world impacts of his aggressive regulatory agenda in his dogged pursuit of left-wing political priorities. This rule is no exception. The SEC's mission is to regulate our capital markets and ensure all Americans can safely share in their economic success - not to force a partisan climate agenda on American businesses. This rule is federal overreach at its worst, and the SEC should stay in its lane," said Senator Scott.

Cassidy and Scott were joined by every Republican on the Senate Banking Committee, including U.S. Senators Mike Crapo (R-ID), Mike Rounds (R-SD), Thom Tillis (R-NC), John Kennedy (R-LA), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), J.D. Vance (R-OH), Katie Britt (R-AL), Kevin Cramer (R-ND), Steve Daines (R-MT), Mitch McConnell (R-KY), Chuck Grassley (R-IA), John Cornyn (R-TX), John Thune (R-SD), John Barrasso (R-WY), Jim Risch (R-ID), Joe Manchin (D-WV), Jerry Moran (R-KS), John Boozman (R-AR), John Hoeven (R-ND), Marco Rubio (R-FL), Ron Johnson (R-WI), Deb Fischer (R-NE), Shelley Moore Capito (R-WV), James Lankford (R-OK), Tom Cotton (R-AR), Dan Sullivan (R-AK), Cindy Hyde-Smith (R-MS), Rick Scott (R-FL), Ted Budd (R-NC), and Pete Ricketts (R-NE) in cosponsoring the CRA.

Background

Cassidy has been vocal in pushing back against the SEC's climate disclosure rule. The rule exceeds the SEC's mission, expertise, and authority and - if finalized in any form - will unnecessarily harm consumers, workers, and the U.S. economy.

Under Chair Gary Gensler, the SEC has pursued one of the most aggressive regulatory agendas in the agency's history - with the agency on track to propose and finalize over 60 rules with limited public comment periods and inadequate cost-benefit analyses. Through rigorous congressional oversight, Senate Republicans have continued to push back on the widespread impact and confusion created by the agency's proposed rules on our capital markets, American retirement savers, and businesses of all sizes.

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