Barrasso, Lummis working to overturn SEC climate disclosure rule

CHEYENNE (WNE) — U.S. Sens. John Barrasso and Cynthia Lummis, both R-Wyo., joined U.S. Sen. Tim Scott, R-S.C., and their Republican colleagues in introducing a Congressional Review Act joint resolution of disapproval to overturn the Securities and Exchange Commission’s (SEC) climate disclosure rule.

The rule requires any public company to include climate- related disclosures in annual reports, including direct and indirect greenhouse gas emissions from energy sources. It also requires companies to disclose the potential impact of non-financial risks.

“These burdensome requirements will only add to costs for companies and ultimately, American consumers,” a news release from the Wyoming Senate delegation said.

“This rule exceeds the SEC’s authority and would bury public companies in paperwork, raise costs for consumers and stifle economic opportunity.

Rather than prioritizing businesses across the country, this rule only prioritizes a radical climate agenda.”

Barrasso said in the release, “The Securities and Exchange Commission (SEC) should not be pushing Biden’s radical climate agenda. The SEC’s main responsibility is to protect American investors and maintain fair markets. Hardworking small business owners in Wyoming can’t afford to waste time and resources on fulfilling burdensome and unnecessary Washington requirements. Republicans will fight to stop this federal overreach .”

“The Securities and Exchange Commission’s climate disclosure rule is a big government solution in desperate search of a problem,” Lummis said in the release.

This story was published on April 20, 2024.