{"id":1392318,"date":"2022-03-21T15:00:17","date_gmt":"2022-03-21T19:00:17","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1392318"},"modified":"2022-03-21T15:00:43","modified_gmt":"2022-03-21T19:00:43","slug":"sec-unveils-sweeping-climate-requirements-for-public-companies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sec-unveils-sweeping-climate-requirements-for-public-companies\/","title":{"rendered":"SEC Unveils Sweeping Climate Requirements For Public Companies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsec-unveils-sweeping-climate-requirements-for-public-companies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1392318&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><ul>\n<li><strong>The U.S. Securities and Exchange Commission (SEC) proposed rules Monday that would force companies to publicly disclose a wide-range of climate-related information.<\/strong><\/li>\n<li><strong>\u201cI am pleased to support today\u2019s proposal because, if adopted, it would provide investors with consistent, comparable, and decision-useful information for making their investment decisions, and it would provide consistent and clear reporting obligations for issuers,\u201d SEC Chairman Gary Gensler, who President Joe Biden appointed in February 2021, said in a statement.<\/strong><\/li>\n<li><strong>The SEC, the nation\u2019s top financial regulator, would require publicly-traded companies to disclose how \u201csevere weather events and other natural conditions\u201d may impact their business, under the proposed rules, according to an announcement.<\/strong><\/li>\n<li><strong>\u201cToday\u2019s action hijacks the democratic process and disrespects the limited scope of authority that Congress gave to the SEC,\u201d Senate Banking Committee Ranking Member Pat Toomey said in a statement. \u201cThis is a thinly-veiled effort to have unelected financial regulators set climate and energy policy for America.\u201d<\/strong><\/li>\n<\/ul>\n<p>The U.S. Securities and Exchange Commission (SEC) proposed rules that would force companies to publicly disclose a wide-range of climate-related information.<\/p>\n<p>The SEC, the nation\u2019s top financial regulator, would require publicly-traded companies to disclose how \u201csevere weather events and other natural conditions\u201d may impact their business, under the proposed rules, <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-46?utm_medium=email&#038;utm_source=govdelivery\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the Monday announcement. Companies would also be forced to publish the greenhouse gas emissions produced from their operations.<\/p>\n<p>\u201cI am pleased to support today\u2019s proposal because, if adopted, it would provide investors with consistent, comparable, and decision-useful information for making their investment decisions, and it would provide consistent and clear reporting obligations for issuers,\u201d SEC Chairman Gary Gensler, who President Joe Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/02\/03\/nominations-sent-to-the-senate\/\">appointed<\/a> in February 2021, said in a statement.<\/p>\n<p>\u201cToday\u2019s proposal would help issuers more efficiently and effectively disclose these risks and meet investor demand, as many issuers already seek to do,\u201d he said. \u201cCompanies and investors alike would benefit from the clear rules of the road proposed in this release.\u201d<\/p>\n<p>In addition, companies would be required to share their transition plans as part of their \u201cclimate-related risk management strategy,\u201d the proposal stated.<\/p>\n<p>The commission <a href=\"https:\/\/www.sec.gov\/files\/33-11042-fact-sheet.pdf\">published<\/a> a complete list of a dozen requirements companies must comply with under the rule. <strong><a href=\"https:\/\/dailycaller.com\/2021\/03\/18\/pat-toomey-senate-banking-federal-reserve-environmental-policies-climate-change\/\">(RELATED: \u2018Not Grounded In Science\u2019: GOP Senators Warn Federal Reserve Against Promoting Environmental Policies)<\/a><\/strong><\/p>\n<p>\u201cThe proposal will undermine the existing regulatory framework that for many decades has undergirded consistent, comparable, and reliable company disclosures,\u201d SEC Commissioner Hester Peirce, the agency\u2019s lone Republican, said during a hearing on the proposal held Monday. \u201cWe cannot make such fundamental changes to our disclosure regime without harming investors, the economy, and this agency.\u201d<\/p>\n<div id=\"attachment_7395184\" class=\"wp-caption alignnone\">\n<p id=\"caption-attachment-7395184\" class=\"wp-caption-text\">Banking Committee Chairman Sherrod Brown and Ranking Member Pat Toomey speak with SEC Chair Gary Gensler before a hearing on Sept. 14 in Washington, D.C. (Bill Clark\/Pool\/Getty Images)<\/p>\n<\/div>\n<p>Peirce, who said she wouldn\u2019t support or vote for the measure, added that the SEC lacks the authority to propose such a rule.<\/p>\n<p>\u201cCongress, however, did not give us plenary authority over the economy and did not authorize us to adopt rules that are not consistent with applicable constitutional limitations,\u201d she said. \u201cThis proposal steps outside our statutory limits by using the disclosure framework to achieve objectives that are not ours to pursue.\u201d<\/p>\n<p>The SEC is currently made up of four members, three of which are Democrats. The independent agency is a five-person panel, but former Commissioner Elad Roisman, another Republican, <a href=\"https:\/\/www.sec.gov\/news\/statement\/roisman-20211220\" target=\"_blank\" rel=\"noopener noreferrer\">resigned<\/a> in January, creating a vacancy for Biden to fill.<\/p>\n<p>Republican lawmakers have ripped the SEC for considering climate measures, echoing Peirce\u2019s argument that Congress should issue such sweeping laws.<\/p>\n<p>\u201cToday\u2019s action hijacks the democratic process and disrespects the limited scope of authority that Congress gave to the SEC. This is a thinly-veiled effort to have unelected financial regulators set climate and energy policy for America,\u201d Senate Banking Committee Ranking Member Pat Toomey said in a statement shared with the Daily Caller News Foundation. \u201cForcing publicly-traded companies to gather and report global warming data\u2014almost none of which is material to the business\u2019s finances\u2014extends far beyond the SEC\u2019s mission and expertise.\u201d<\/p>\n<p>\u201cThe last thing the American people need are unelected regulators advancing policies by partisan vote that will cause energy costs to further rise,\u201d he said.<\/p>\n<p>In June 2021, Toomey <a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/banking_committee_republicans_letter_to_sec_on_climate_disclosures.pdf\">wrote a letter<\/a>, signed by his fellow Banking Committee Republicans, to Gensler and Commissioner Allison Herren Lee, urging the pair against pursuing the disclosures rule. Companies are already required to disclose global warming-related information, the letter said.<\/p>\n<p>\u201cThe Biden Administration is pushing its climate agenda through financial regulators because they don\u2019t have the votes to pass it in Congress,\u201d House Financial Services Committee Ranking Member Patrick McHenry said in a statement. \u201cThe SEC\u2019s proposal to require disclosure of information related to climate change that is not material for most companies is tone-deaf and misguided.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) proposed rules Monday that would force companies to publicly disclose a wide-range of climate-related information. \u201cI am pleased to support today\u2019s proposal because,<\/p>\n","protected":false},"author":181,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1392318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1392318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/181"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1392318"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1392318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1392318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1392318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1392318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}