GOP senators, Manchin challenge SEC climate disclosure rule  

Sen. Joe Manchin (D-Va.) has announced that Sen. Tim Scott’s (R.S.C.) plan to overturn new climate change disclosure rules approved by the Securities and Exchange Commission last month Participated in the resolution.

Chairman Manchin of the Senate Energy and Natural Resources Committee, along with 32 Republican senators, Become a co-sponsor of a resolution. The SEC finalized the climate disclosure rules by a 3-2 vote. Scott introduced the resolution after previously vowing to fight the rules.

“The SEC’s mission is to regulate capital markets and ensure that all Americans can safely share in economic success, not to impose partisan climate change issues on American companies. “At worst, this is federal overreach, and the SEC should stay the course.” stated in a statement.

The rules would require large companies to inform investors about the greenhouse gas emissions directly caused by their operations if that information could influence their decision to invest. .

The rule has now been suspended as the legal battle rages on. Republicans welcomed the pause, arguing the agency was overstepping its authority.

Mr. Manchin echoed that argument, calling the rule “totally overreach, fiscally irresponsible and completely un-American.” He was the only Democratic co-sponsor. But Mr. Manchin comes from a state dominated by the coal industry, and he has helped promote coal industry interests at the national level.

“Intentionally targeting fossil fuel companies not only threatens our economic security, but also sends a strong signal of opposition to all of the above energy policies that are now critical to our country and our allies. ” he said. In a statement.

The resolution would overturn the new rules, but would face a tough battle in Congress. Overturning the rule would still require President Biden’s signature or Congress would have to override a potential veto.