Today, Congressman Bill Huizenga (R-MI), Ranking Member of the Investor Protection, Entrepreneurship, and Capital Markets Subcommittee, announced the introduction of H.J. Res. 88, providing for congressional disapproval of the rule submitted by the Securities and Exchange Commission (SEC) to the Enhancement and Standardization of Climate-Related Disclosure for Investors.
Currently, the SEC is considering a rule that would require multiple levels of “climate” disclosure for publicly traded companies. The proposed rule exceeds the SEC’s authority, while attempting to set climate policy through the rule-making process. Should the SEC finalize and enact this overreaching rule, it would result in even higher energy costs for Americans already struggling to make ends meet. H.J. Res. 88 would allow Congress to repeal this unnecessary regulatory requirement by using the Congressional Review Act.
“It’s evidently clear to anyone paying attention that the SEC under Gary Gensler is determined to expand its powers outside what Congress has authorized it to do,” said Congressman Bill Huizenga. “The SEC’s proposed rule on climate-related disclosures is no different. If finalized, this rule would require immaterial data on so-called climate related disclosures to be reported with the real goal of discouraging investment in American energy and energy intensive industries. The result of this rule will send already soaring energy costs even higher. This legislation puts Chairman Gensler on notice. When Republicans take back the House in November, we’ll be ready to act.”
Original source can be found here.
