{"id":1438009,"date":"2022-04-14T13:15:10","date_gmt":"2022-04-14T17:15:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1438009"},"modified":"2022-04-14T13:15:22","modified_gmt":"2022-04-14T17:15:22","slug":"gop-lawmakers-slam-proposed-rule-that-would-make-companies-report-climate-change-data","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/gop-lawmakers-slam-proposed-rule-that-would-make-companies-report-climate-change-data\/","title":{"rendered":"GOP Lawmakers Slam Proposed Rule that Would Make Companies Report &#039; Climate Change&#039; Data"},"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\">28<\/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%2Fgop-lawmakers-slam-proposed-rule-that-would-make-companies-report-climate-change-data%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=1438009&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--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/04\/Congress-Republicans-640x335-1.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p class=\"subheading\"><span>Republican Reps. Ted Budd (R-NC) and Ralph Norman (R-SC) <a href=\"https:\/\/budd.house.gov\/uploadedfiles\/congressional_comment_letter_to_the_sec_re_esg_climate_disclosures.pdf\">led 40 House members<\/a> in sending a letter to the Securities and Exchange Commission (SEC) on Tuesday, opposing a proposed rule that would obligate publicly-traded companies to disclose \u201cclimate-related risks.\u201d\u00a0<\/span><\/p>\n<p>The rule, officially called \u201cThe Enhancement and Standardization of Climate-Related Disclosures for Investors,\u201d was <a href=\"https:\/\/www.federalregister.gov\/documents\/2022\/04\/11\/2022-06342\/the-enhancement-and-standardization-of-climate-related-disclosures-for-investors\">published<\/a> to the Federal Register on April 11, 2022 and would require companies to report \u201cgreenhouse gas emissions\u201d and \u201cclimate-related financial metrics\u201d in their audited financial statements. Budd contended the proposed rule would \u201chijack the true purpose of financial regulation to further a radical environmentalist agenda\u2026\u201d<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p><span>The congressman and <a href=\"https:\/\/www.breitbart.com\/politics\/2022\/04\/06\/exclusive-rep-ted-budd-more-work-do-election-integrity-north-carolina\/\">U.S. Senate-hopeful<\/a> said in a <a href=\"https:\/\/budd.house.gov\/news\/documentsingle.aspx?DocumentID=1438\">statement<\/a>:<\/span><\/p>\n<blockquote>\n<p><span>\u2026 [The proposed rule] represents a blatant regulatory overreach by unelected bureaucrats instead of the people\u2019s representatives in Congress, and would undermine our ability to produce more energy right here in America. The SEC should immediately terminate this thinly-veiled attempt to impose Green New Deal mandates onto private sector job creators.\u00a0<\/span><\/p>\n<\/blockquote>\n<p><span>Norman added that the rule is \u201cnothing more than climate activism cloaked in additional red tape,\u201d and suggested a different strategy:<\/span><\/p>\n<blockquote>\n<p><span>It\u2019s time for the Left to stop trying to shame companies into combatting climate change. I\u2019ll tell you how we effectively combat climate change: We utilize an all-of-the-above energy strategy that reduces costs, eliminates dependence on imports from foreign nations, and paves the way for the transition to renewables. More regulations on private citizens and businesses is not, and never will be, the answer.<br \/><\/span><\/p>\n<\/blockquote>\n<p>In the letter to the SEC, lawmakers contended the rule \u201cwould\u00a0also far exceed the authority that Congress explicitly granted the SEC.\u201d<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>\u201cThe SEC cannot and should not mandate such public disclosures of information that strays from the \u2018core purpose of disclosure, [which] is to provide investors with the information they need to make informed investment and voting decisions,\u2019 which \u2018allow[s] our capital markets to flourish,&#8217;\u201d the letter reads. \u201cIt is apparent that, as we have recently seen, this information would only be used to smear these companies.\u201d<\/p>\n<p>Republicans also argued the rule would \u201cdrastically disrupt the current disclosure regime.\u201d Current operations are reportedly intended to show investors how a company is performing, though the new rule would create an environment where companies are expected to capitulate to the demands of \u201cvocal stakeholders,\u201d according to the letter.<\/p>\n<p>The lawmakers in their letter noted SEC Commisioner Hester M. Peirce\u2019s comments and added their own:<\/p>\n<blockquote>\n<p>SEC Commissioner Peirce <a href=\"https:\/\/www.sec.gov\/news\/statement\/peirce-climate-disclosure-20220321\">emphasized<\/a> that this proposal, instead, would tell \u201ccorporate managers how regulators, doing the bidding of an array of non-investor stakeholders, expect them to run their companies.\u201d This would force everyday investors to view companies through a tinted lens, obscured by the demands of vocal stakeholders \u201cfor whom a company\u2019s climate reputation is of equal or greater importance than a company\u2019s financial performance.\u201d Ultimately, the SEC\u2019s actions would act to undermine and shame public companies, not to provide investors with necessary financial disclosures.<\/p>\n<\/blockquote>\n<p>Lawmakers also asked how \u201cat a time of global turmoil, when energy prices are at decade highs,\u201d the rule would benefit everyday Americans.<\/p>\n<p>\u201cSimply wrapping climate activism in financial regulation will only further exacerbate our current energy crisis and do nothing to help everyday Americans heat or cool their homes or lower prices at the gas pump. Instead,\u201d they observed, \u201cwe need to refocus our attention on domestic energy production and wean ourselves off energy from hostile nations.\u201d<\/p>\n<p>\u201cAdditional \u2018climate\u2019 regulations will only hinder our ability to achieve this goal. Given the current global and domestic circumstances, the administration should be focused on making the basic necessities of life less expensive, not more.\u201d<\/p>\n<p>The lawmakers continued:<\/p>\n<blockquote>\n<p>The SEC has proposed disclosures that are outside of its historical purview in order to engage in environmental policy. It is, however, the role of Congress \u2013 and, importantly, not the role of financial regulators \u2013 to set climate-related policy, balancing interests and engaging with stakeholders to appropriately move us to a more energy-efficient nation. This Administration must end its assault on American businesses and the rule of law in the name of an immediate and expensive transition to a \u201cGreen New Deal\u201d agenda.<\/p>\n<\/blockquote>\n<p>The <a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2022-04-11\/pdf\/2022-06342.pdf\">proposed rule<\/a> is open for comment until May 20, 2022, according to the Federal Register.<\/p>\n<p><em>Katherine Hamilton is a political reporter for Breitbart News. You can follow her on\u00a0<a class=\"x5l\" title=\"This external link will open in a new window\" href=\"https:\/\/twitter.com\/katherineeeeee2\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Republican Reps. Ted Budd (R-NC) and Ralph Norman (R-SC) led 40 House members in sending a letter to the Securities and Exchange Commission (SEC) on Tuesday, opposing a proposed rule<\/p>\n","protected":false},"author":12,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1438009","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\/1438009","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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1438009"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1438009\/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=1438009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1438009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1438009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}