The SEC wants to formally repeal what it now calls “grossly overreach” rules that require public companies to report on the greenhouse gas emissions and climate-related risks of their operations.
The U.S. Securities and Exchange Commission (SEC) said on May 29 that the 2024 rules never took effect and were “unsound from a policy perspective.” in proposal This would formally repeal the Biden-era regulations.
“We need to stick to our jobs,” Chairman Paul Atkins said Friday morning on Fox Business. “Let the Environmental Protection Agency do their job and we stick to ours.”
Comments on the proposal should be submitted within 60 days of publication in the Federal Register.
The 2024 corporate disclosure requirements issued by former Chairman Gary Gensler call on companies to report their pollution and how climate-related risks such as rising sea levels, hurricanes, droughts or wildfire threats affect their profits. Companies that take steps to minimize or eliminate such risks must also report these risks.
The rules are considered one of Washington’s signature efforts to combat climate change, but the SEC faces a series of legal challenges. Organizations such as the U.S. Chamber of Commerce believe the SEC has overstepped its authority by making such sweeping changes.
Two months after President Donald Trump took office, the Securities and Exchange Commission said it would stop defending the rules in court, effectively throwing them into regulatory limbo.
photo: Photographer: Andrew Haller/Bloomberg
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