Barrasso, Lummis Join Fight Against Radical SEC Climate Disclosure Rule

April 18, 2024

Barrasso, Lummis Join Fight Against Radical SEC Climate Disclosure Rule

WASHINGTON, D.C. - U.S. Senators John Barrasso and Cynthia Lummis (both R-Wyo.) joined U.S. Senator Tim Scott (R-S.C.) and their Republican colleagues in introducing a Congressional Review Act joint resolution of disapproval to overturn the Securities and Exchange Commission's (SEC) radical climate disclosure rule.

The rule requires any public company to include climate-related disclosures in annual reports, including direct and indirect greenhouse gas emissions from energy sources. It also requires companies to disclose the potential impact of nonfinancial risks. These burdensome requirements will only add to costs for companies and ultimately, American consumers.

This rule exceeds the SEC's authority and would bury public companies in paperwork, raise costs for consumers and stifle economic opportunity. Rather than prioritizing businesses across the country, this rule only prioritizes a radical climate agenda.

"The Securities and Exchange Commission (SEC) should not be pushing Biden's radical climate agenda. The SEC's main responsibility is to protect American investors and maintain fair markets," said Barrasso. "Hardworking small business owners in Wyoming can't afford to waste time and resources on fulfilling burdensome and unnecessary Washington requirements. Republicans will fight to stop this federal overreach and protect the economy from Biden's climate elitists."

"The Securities and Exchange Commission's climate disclosure rule is a big government solution in desperate search of a problem," said Lummis. "The last thing any Wyoming business needs is a mountain of paperwork to comply with more Green New Deal nonsense from Washington. Rather than harassing hardworking people, the SEC should be focused on cutting burdensome regulations and red tape that have fueled runaway inflation and contributed to sky-high interest rates."

Under Chair Gensler, the SEC has pursued one of the most aggressive regulatory agendas in the agency's history. The agency is on track to propose and finalize over 60 rules with limited public comment periods and inadequate cost-benefit analyses.

Co-sponsors of this joint resolution of disapproval include U.S. Senators Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), J.D. Vance (R-Ohio), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Mitch McConnell (R-Ky.), Chuck Grassley (R-Iowa), John Cornyn (R-Texas), John Thune (R-S.D.), 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.), 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.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Pete Ricketts (R-Neb.).

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Permalink: https://www.barrasso.senate.gov/public/index.cfm/2024/4/barrasso-lummis-join-fight-against-radical-sec-climate-disclosure-rule