Two dozen GOP lawyers general wrote to the Securities and Exchange Commission on Wednesday professing a proposed rule would encourage “policy preferences considerably afield of the Commission’s industry-concentrated domain.”
“This exertion displays agency mission creep of the worst kind,” the attorneys typical wrote in their letter objecting to the rule.
The SEC rule in query, recognised as “The Improvement and Standardization of Weather-Relevant Disclosures for Traders,” would pressure publicly traded corporations to disclose how weather transform could threaten their firms and their individual contributions to global warming.
“The administration has experimented with and unsuccessful to impose regulation immediately, and it now seems content to use back-door monetary regulatory steps to implement its political will. But it is up to lawmakers to decide big policy inquiries like these, not unelected agency administrators,” the Wednesday letter included.
The attorneys general, led by West Virginia Attorney Normal Patrick Morrisey, additional alleged that, if the rule was finalized, they “expect the Fee will use it as a precedent for asserting numerous new powers in added-statutory ways.”
“Freed from any pretense of constraint, the Fee can function to mold the current market to its will,” they also mentioned.
The letter was signed by GOP lawyers basic from states including West Virginia, Florida, Ga, Indiana, Mississippi, Ohio, South Carolina, Virginia, Wyoming and other individuals.
When the SEC rule was proposed in March, Democratic SEC Chairman Gary Gensler and Commissioners Allison Lee and Caroline Crenshaw, both equally of whom are also Democrats, voted in favor of the rule.
SEC Commissioner Hester Peirce, the agency’s only Republican, was opposed.
Meanwhile, environmental activists, including Lena Moffitt, who is the chief of staff members at climate advocacy nonprofit Evergreen Motion, have praised the proposal.
Moffitt named the SEC’s proposal “an critical very first stage to fulfill its mandate to guard buyers and cash markets.”