More than 30 senators are cosponsoring a Senate joint resolution to overturn the Security Exchange and Commission’s climate disclosure rule. The resolution, which is being led by Senate Banking Committee Ranking Member Tim Scott (R-S.C.), would strike down the rule if passed by both houses of Congress and signed by the president. An identical resolution has been introduced in the House.
The SEC rule requires companies to disclose material climate-related risks, their activities to mitigate or adapt to such risks, and information about the board’s and management’s oversight of risks. In a statement, Scott said the rule threatens economic opportunity across the country. “The SEC’s mission is to regulate our capital markets and ensure all Americans can safely share in their economic success—not to force a partisan climate agenda on American businesses,” he said.
The resolution’s sponsors include all Republican members of the Senate Banking Committee and Sen. Joe Manchin (D-W.Va.). Earlier this month, the SEC announced it had paused enforcement of the rule while several legal challenges to the regulation are considered by federal courts.
