SEC Forced To Halt Climate Reporting Mandate For Businesses
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Other legal challenges against the rule were filed at the Second, Sixth, Eighth, Eleventh, and D.C. Circuit courts. All the lawsuits, including the Fifth Circuit one, were consolidated into a single case, with the Eight Circuit set to hear the challenge.
On March 26, the Chamber of Commerce of the United States of America, the Texas Association of Business, and the Longview Chamber of Commerce filed a motion in the Eighth Circuit, seeking a stay of the SEC rules pending judicial review.
Challenging SEC
Lawsuits from Republican states claim that the SEC breached their rule-making authority by asking public firms to disclose climate risks while such regulations have not received approval from Congress.
SEC’s rules create costly, unnecessary “red tape” for businesses. They accused the climate rules of being part of the Biden administration’s push to make sure investment decisions in the country are driven by climate considerations rather than financial returns.
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‘Outrageous’ Climate Mandate
Iowa Attorney General Brenna Bird, one of the Republican AGs that led 25 states to file lawsuits against the climate rules, called the SEC’s April 4 stay a “victory” that “shuts down the most outrageous climate mandate for businesses since Biden took office.”
“The SEC’s job is to protect people from fraud. It has no business slapping companies with extremist climate mandates. We are making it clear that Biden has to follow the law like everyone else,” she said.
“By halting this mandate, we are protecting businesses from costly red tape, securing our supply chain, and defending family farms. Next, we are going to make this win permanent!”
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https://www.zerohedge.com/political/sec-forced-halt-climate-reporting-mandate-businesses
https://www.theepochtimes.com/business/sec-forced-to-halt-climate-reporting-mandate-for-businesses-5623236?utm_source=partner&utm_campaign=ZeroHedge