The Securities and Exchange Commission (SEC) has suspended a controversial rule requiring private companies to disclose carbon emissions data following numerous lawsuits.
The rule, finalized in March, was approved by 25 Republican attorneys general, along with energy companies Liberty Energy and Nomad Propant Services, business groups including the Chamber of Commerce, the Texas Energy Producers Alliance and domestic energy companies. immediately faced a lawsuit by a group of Energy Producers Alliance.
Last month, the 5th Circuit Court of Appeals given an overview The rule was administratively suspended while the various lawsuits were consolidated. The groups asked the Eighth Circuit to force the SEC to block the rule. The SEC voluntarily agreed on Friday to temporarily suspend its rules while litigation continues on the merits.
“This mandate is part of Mr. Biden’s radical environmental protection plan to influence investment based on climate change theory, not profits,” Missouri Attorney General Andrew Bailey said Friday. Companies will lose millions of dollars a year,” he added.
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Gary Gensler, Chairman of the Securities and Exchange Commission; (Al Drago/Bloomberg via Getty Images)
“Companies would have been required to disclose climate-related risks, such as increased insurance premiums due to weather events, and to announce plans to adapt to climate change recommendations,” Bailey said.
“Our message to Joe Biden: You cannot implement this insane climate change order without an act of Congress. Constitution 101: Separation of Powers,” Bailey said in X.
In a letter to the Eighth Circuit, the SEC said the stay order reaffirms “the Commission’s view that the final rule is consistent with applicable law and within the Commission’s longstanding authority.” He said it was a thing.
“As the Commission has explained, especially given the procedural complexity of this case, a stay would facilitate orderly resolution of appellants’ challenges by this court and would allow the registrant to make final decisions while the court is pending. “Challenges to its validity would avoid potential regulatory uncertainty if it were subject to the rule’s requirements,” the letter sent Friday said.
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Iowa Attorney General Brenna Byrd led a lawsuit by 25 Republican lawmakers challenging the SEC rules. (Getty Images)
Iowa Attorney General Brenna Byrd reacted to the SEC’s announcement on Friday, calling the rule “Biden’s most outrageous climate change order yet on corporations” and calling the SEC’s retention of the rule “a huge victory. ”.
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Missouri Attorney General Bailey said the SEC’s climate disclosure rules require companies to disclose climate-related risks and announce plans to adapt to the recommendations of the climate change agenda. (AP Photo/Charlie Riedel, File)
Under the leadership of Chairman Gary GenslerThe SEC, appointed to the role by President Biden, approved the climate change disclosure rules by a 3-2 vote on March 6 after nearly two years of heated deliberations.
The SEC said the rule reflects “investor demands for more consistent, comparable, and reliable information about the financial impacts of climate-related risks.”
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And Gensler said he will further ensure that the company “produces more useful information than what investors are seeing today.”
Fox News Digital’s Thomas Cattennacci contributed to this report.
