The Securities and Exchange Commission (SEC) voted to halt advocacy for rules requiring that some companies disclose warming emissions to the planet and how climate change will affect businesses.
The Republican majority committee's decision on Thursday is no surprise as it previously said it would suspend defense of the rules.
However, the formal vote presents yet another step towards the possibility of death of the Rule, who sent shockwaves through Wall Street.
Mark Ueda, acting SEC chairman, said in a statement that the rules were “expensive and unnecessarily intrusive.”
However, climate activists said the decision would reduce transparency for the public.
“These risks are less realistic for businesses to hide climate risks, making it difficult for investors to manage them and protect their long-term savings,” said Ben Cushing, director of the Sierra Club's Sustainable Finance campaign.
