The Securities and Exchange Commission (SEC) temporarily suspended its controversial rule requiring private companies to disclose carbon emissions data after it was met with a slew of lawsuits.\u00a0<\/p>\n
The rule, which was finalized in March, was immediately met with litigation by a cohort of 25 GOP attorneys general, along with energy companies Liberty Energy and Nomad Proppant Services, and business groups including the Chamber of Commerce, Texas Alliance of Energy Producers and Domestic Energy Producers Alliance.<\/p>\n
Last month, the 5th Circuit Court of Appeals granted a brief administrative stay of the rule while the various lawsuits were consolidated. The groups asked the 8th Circuit to force the SEC to block its rule. On Friday, the SEC voluntarily agreed to temporarily suspend its rule while the litigation continues on the merits.\u00a0<\/p>\n
\u2018The mandate is part of Biden\u2019s radical green scheme to influence investments based on climate change theories instead of returns,\u2019 Missouri Attorney General Andrew Bailey said Friday, adding that \u2018it would\u2019ve cost Missouri businesses millions of dollars per year.\u2019\u00a0<\/p>\n
\u2018It would\u2019ve required businesses to disclose climate-related risks, including higher insurance rates from weather disasters, and release a plan to adapt to climate agenda recommendations,\u2019 Bailey said.<\/p>\n
\u2018Our message to Joe Biden: you cannot implement this insane climate mandate without an act of Congress. Constitution 101: Separation of powers,\u2019 Bailey stated on X.<\/p>\n
In a letter to the 8th Circuit, the SEC said that the stay order \u2018reaffirms the Commission\u2019s \u2018view that the Final Rules are consistent with applicable law and within the Commission\u2019s long-standing authority,\u2019\u2019<\/p>\n
\u2018As the Commission explains, particularly given the procedural complexities of this litigation, a stay will facilitate this Court\u2019s orderly resolution of petitioners\u2019 challenges and will avoid potential regulatory uncertainty \u2018if registrants were to become subject to the Final Rules\u2019 requirements during the pendency of the challenges to their validity,\u2019\u2019 the letter sent Friday states.\u00a0<\/p>\n
Iowa Attorney General Brenna Bird reacted to the SEC\u2019s announcement Friday, calling the rule \u2018Biden\u2019s most outrageous climate mandate for businesses yet,\u2019 and called the SEC\u2019s stay of the rule a \u2018huge win.\u2019\u00a0<\/p>\n
Under the leadership of Chairman Gary Gensler, whom President Biden appointed to the role, the SEC approved the climate disclosure rules on March 6 in a 3-2 vote after nearly two years of heated deliberations.<\/p>\n
The SEC has said that the rules reflect \u2018investors\u2019 demand for more consistent, comparable, and reliable information about the financial effects of climate-related risks.\u2019\u00a0<\/p>\n
And Gensler said they will further guarantee companies \u2018produce more useful information than what investors see today.\u2019<\/p>\n
Fox News Digital\u2019s Thomas Cattennacci contributed to this report.\u00a0<\/p>\n\n
The Securities and Exchange Commission (SEC) temporarily suspended its controversial rule requiring private companies to disclose carbon emissions data after it was met with a slew of lawsuits.\u00a0 The rule, which was finalized in March, was immediately met with litigation by a cohort of 25 GOP attorneys general, along with energy companies Liberty Energy and <\/p>\n","protected":false},"author":0,"featured_media":17660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-17659","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"_links":{"self":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/17659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/comments?post=17659"}],"version-history":[{"count":0,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/17659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media\/17660"}],"wp:attachment":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media?parent=17659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/categories?post=17659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/tags?post=17659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}