Oklahoma Gov. Kevin Stitt and 15 other Republican governors sent a recent letter to President Biden expressing their opposition to a proposed rule to force publicly traded companies to report climate-related data to investors.
The proposal was made two months ago by the Securities and Exchange Commission, an order that would direct public companies to release information about anticipated risks to business, operations and finances due to climate change.
Gov. Stitt and the others contend the rule will harm businesses and investors by increasing compliance costs and “by larding disclosure statements with uncertain and immaterial information that the federal government—let alone the SEC—is not equipped to judge.”
The governors asked President Biden to withdraw the proposed rule and allow the market to continue serving as the appropriate mechanism for judging climate risk. They explained there is nothing wrong for the companies to voluntarily disclose the information.
“The proposed rule degrades and undermines that mission by injecting subjective political judgments on climate policy into corporate disclosures, in a manner calculated to harm the states that provide for America’s energy security.”
In the letter, Gov. Stitt and the others concluded that the approach in the proposed rule “is especially foolish at a time when the cost of energy, and everything that depends on energy, has skyrocketed.”
The governors told the President Americans are struggling and they expect their federal leaders to do everything possible to bring down prices, “not place additional burdens on businesses and increase the uncertainty they face.”
The letter was also signed by Governors Spencer Cox of Utah; Kay Ivey of Alabama; Mike Dunleavy of Alaska; Doug Ducey of Arizona; Asa Hutchinson of Arkansas; Brad Little of Idaho; Kim Reynolds of Iowa; Tate Reeves of Mississippi; Mike Parson of Missouri; Greg Gianforte of Montana; Pete Ricketts of Nebraska; Doug Burgum of North Dakota; Kristi Noem of South Dakota; Greg Abbott of Texas and Mark Gordon of Wyoming.