Support Grows for Scott’s Resolution to Overturn Radical Climate Disclosure Rule

April 19, 2024

Support Grows for Scott's Resolution to Overturn Radical Climate Disclosure Rule

Washington, D.C. - Ranking Member Tim Scott's (R-S.C.) Congressional Review Act (CRA) resolution to overturn the Securities and Exchange Commission's (SEC) burdensome climate disclosure rule continues to gain support across a wide-range of stakeholders, including the American Petroleum Institute, Heritage Action, Americans for Tax Reform, Americans for Prosperity, and the American Energy Alliance.

Here's what they are saying:

"From day one, this administration has advanced an all-of-government approach to restrict America's energy advantage with little regard for the statutory parameters set by Congress or the consequences that could stem from diminishing U.S. energy leadership. The SEC's climate disclosure rule is yet another example, imposing burdensome costs on businesses across the economy while inundating investors and capital markets with confusing information. We support Congressman Bill Huizenga and Senator Tim Scott's efforts to overturn this flawed rule and refocus the Commission on its mission as defined by Congress," said American Petroleum Institute Chief Advocacy Officer and Executive Vice President Amanda Eversole.

"The last thing Americans need is another overreaching, job-killing regulation handed down by climate extremists who've infiltrated Biden's SEC. The SEC is sacrificing economic growth to force unnecessary and expensive rules-all to advance a progressive agenda that would never make it through Congress. Ranking Member Scott's CRA resolution fights for hardworking Americans and their businesses by pushing back against the Left's climate hysteria," said Heritage Action Executive Vice President Ryan Walker.

"The SEC's climate disclosure rule is a colossal regulatory burden on American companies. This rule is an example of financial regulators moonlighting as climate regulators to pursue their ESG agenda. This arbitrary rule imposes significant economic ramifications. It needed congressional authorization before it was issued. But of course, unelected bureaucrats dismissed Congress and moved forward with their political agenda anyway. That is why it is essential that all lawmakers support the effort to repeal the SEC's climate disclosure rule. I strongly support Sen. Tim Scott's joint resolution of disapproval, which would nullify the climate rule and ensure that no substantially similar rule can be drafted in the future," said Americans for Tax Reform President Grover Norquist.

"When Americans invest their hard-earned money in investment and retirement accounts, they expect it to work for them, not radical environmentalists. Unfortunately, the Securities and Exchange Commission's recent efforts to inject climate considerations into the regulation of investment products have undermined Americans' confidence in their investments. The leadership of Ranking Member Scott in overturning the SEC's Climate Risk Disclosure Rule is key to restoring that confidence," said Americans for Prosperity Chief Government Affairs Officer Brent Gardner.

"The SEC's climate disclosure rule will elevate the costs of energy production by escalating compliance expenses, making future investment in oil and gas in the United States more difficult for everyone. This outcome will not be detrimental to American consumers who will end up paying more for energy, but it will also undermine the rule's own objective of curbing greenhouse gas emissions as it will relocate energy production to nations with lax environmental safeguards. Furthermore, the rule oversteps the SEC's statutory jurisdiction, demonstrates arbitrary and capricious decision-making, and infringes upon freedom of speech by mandating discourse on political issues," said American Energy Alliance President Thomas Pyle.

Ranking Member Scott introduced the CRA resolution along with every Republican on the Senate Banking Committee, including Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), J.D. Vance (R-Ohio), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), and Steve Daines (R-Mont.). Senators Mitch McConnell (R-Ky.), Chuck Grassley (R-Iowa), John Cornyn (R-Texas), Lindsey Graham (R-S.C.), John Thune (R-S.D.), John Barrasso (R-Wyo.), Jim Risch (R-Idaho), Joe Manchin (D-W.Va.), Jerry Moran (R-Kan.), John Boozman (R-Ark.), John Hoeven (R-N.D.), Marco Rubio (R-Fla.), Ron Johnson (R-Wis.), Ted Cruz (R-Texas), Deb Fischer (R-Neb.), Shelley Moore Capito (R-W.Va.), Bill Cassidy (R-La.), James Lankford (R-Okla.), Tom Cotton (R-Ark.), Dan Sullivan (R-Alaska), Cindy Hyde-Smith (R-Miss.), Mike Braun (R-Ind.), Rick Scott (R-Fla.), Tommy Tuberville (R-Ala.), Ted Budd (R-N.C.), and Pete Ricketts (R-Neb.) also signed onto the CRA.

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