The proposed SEC rule to require American companies to report climate-related risks, one opposed by Oklahoma congressman Frank Lucas and others, will be decided in a week.
The top regulator on Wall Street seet a March 6 date to decide whether to adopt rules proposed two years ago by the Biden administration in its green-energy push. Top Democrats have pressured the Securities and Exchange Commission to adopt strong rules requiring detailed disclosures of emissions, risks and capital spending.
Republicans like Congressman Frank Lucas oppose the rules and Lucas went so far two years ago to introduce an act to spare farmers from having to comply with what Biden’s administration proposed.
“America’s farmers and ranchers work day in and day out only to struggle with supply chain disruptions, skyrocketing input costs, and burdensome regulations imposed by the irresponsible, nonsensical actions of the Biden Administration,” said Rep. Lucas in introducing his act in 2022. The measure didn’t pass and he reintroduced it a year later.
A few weeks ago, there were reports the final rule might include less restrictive demands on American businesses.
Lucas described the original proposal as another example of “an encroaching and overreaching Biden administration.”
Existing rules don’t require such disclosures but advocates for what the SEC might approve contend such environmental information is critical for investors. They want to know how much money is being spent by companies on a transition to a low-carbon economy.