Washington, DC—Today,U.S. Rep. John Rose (TN-6) led a letter, co-signed by 21 House Financial Services Committee Republicans, being sent to the Securities and Exchange Commission (SEC) calling on it to rescind their proposed rule on “The Enhancement and Standardization of Climate-Related Disclosures for Investors” in light of the Supreme Court’s recent decision in West Virginia v. Environmental Protection Agency (EPA).
You can read the letter sent to the SEC here.
In West Virginia v. EPA, theU.S. Supreme Court held that Congress did not grant the EPA the authority to devise emissions caps in Section 111(d) of the Clean Air Act. The Court found that “Congress intends to make major policy decisions itself, not leave those decisions to agencies,” and that the EPA “must point to clear Congressional authorization” for the power it claimed. The EPA’s attempt to force a nationwide transition away from the use of coal was deemed to be outside of the authority granted to the agency because “a decision of such magnitude and consequence rests with Congress itself, or an agency acting pursuant to a clear delegation from that representative body.”
The signers of the letter argue that the decision casts serious doubt on the SEC’s authority to finalize and implement its broad-sweeping climate disclosure proposal because the SEC’s exercise of regulatory authority to conduct climate policy would require a “clear delegation” of authority from Congress. The Commission’s proposed rule states that it has “broad authority” under the Securities Act of 1933 and the Exchange Act of 1934, but nothing in these statutes gives the SEC the ability to conduct climate policy, let alone regulate greenhouse gas emissions.
U.S. Rep. John Rose released the following statement:
“Chair Gensler and President Biden’s desire to transform our entire economy through administrative action by an unelected commission is unwise, and even dangerous. The SEC should immediately reverse course on this ill-advised proposal to save taxpayer dollars on fighting this in court. If they choose not to, they will be in direct violation of the U.S. Constitution and again prove they have no desire to seriously govern within the parameters of the laws of our country.”
Rep. Rose was joined in the letter by Reps. Patrick McHenry (NC), Frank D. Lucas (OK), Pete Sessions (TX), Bill Posey (FL), Blaine Luetkemeyer (MO), Bill Huizenga (MI), Ann Wagner (MO), Andy Barr (KY), Roger Williams (TX), French Hill (AR), Tom Emmer (MN), Lee M. Zeldin (NY), Barry Loudermilk (GA), Alexander X. Mooney (WV), Warren Davidson (OH), Ted Budd (NC), Bryan Steil (WI), Lance Gooden (TX), William Timmons (SC), Van Taylor (TX), and Ralph Norman (SC).
U.S. Representative John Rose is currently serving his second term representing Tennessee's Sixth Congressional District and resides in Cookeville with his wife, Chelsea, and their two sons, Guy and Sam. The Sixth District includes Cannon, Clay, Coffee, Cumberland, DeKalb, Fentress, Jackson, Macon, Overton, Pickett, Putnam, Robertson, Smith, Sumner, Trousdale, White, and Wilson counties as well as portions of Cheatham and Van Buren counties. Representative Rose is an eighth-generation farmer, small business owner, and attorney, and currently serves on the House Financial Services Committee.
Original source can be found here.
