Say, this won’t cause many companies to simply move their registration out of the U.S., would it? Along with all the lawsuits
SEC signs off on landmark climate rule as legal backlash looms
Wall Street’s top regulator green-lighted a groundbreaking rule aimed at uncovering new climate-related information from corporate America, capping a pressure campaign that has fractured Washington for two years.
The Securities and Exchange Commission voted along party lines Wednesday to order thousands of public companies to begin divulging more details about the climate risks they face, the costs of severe weather events and, in some cases, their greenhouse gas emissions. The nearly 900-page rule represents one of the biggest overhauls of U.S. corporate reporting in years and is a legacy-defining effort for SEC Chair Gary Gensler.
Read that again. 900 pages. Anyhow, this massive, intrusive rule was passed by 3 unelected bureaucrats. Does anyone think this was the intention of the Framers? Heck, this is the kind of abuse of power that caused the American Revolution
Despite the rollbacks, the SEC is still facing legal and legislative challenges over the rule. Nine Republican-led states, including West Virginia, unveiled plans to challenge the rule in court just hours after its approval. The U.S. Chamber of Commerce is also considering litigation, and Republicans in Congress are vowing to try to overturn it. The changes in the rule could also fan friction on the left for Gensler’s SEC, with many backers already expressing dismay.
And Democrats are upset that the 3 Democrats on the SEC didn’t go far enough. They wanted more. I have to wonder, how many of them own businesses affected by this rule? The SEC chair, Gary Gensler, appointed by Brandon, along with Caroline Crenshaw and Jaime Lizárraga, all Democrats, barely have any experience in the private sector. Crenshaw is a lawyer, and didn’t run the firm, which wouldn’t be affected by this rule. Lizarraga has zero experience, having always been in government. Gensler worked for Goldman Sachs, which may or may not be affected by the rule. Hard to know when it’s 900 pages.
Read: SEC Does Pass Rule Requiring Climate Scam Disclosure »