U.S. Senator Tommy Tuberville (R-AL) joined 31 colleagues in pushing back against the latest overreach attempt by the Securities and Exchange Commission (SEC) that would place unworkable climate disclosure regulations on farmers, ranchers and agriculture producers. The proposed rule would require publicly-traded companies to include certain climate-related disclosures in their registration statements and periodic reports, imposing complex and burdensome greenhouse gas reporting requirements on all entities within a company’s value chain, including farmers and ranchers who fall outside of the SEC’s congressionally-provided authority.
“The SEC’s congressionally-mandated mission is to protect investors; foster fair, orderly, and efficient markets; and facilitate capital formation,” the senators wrote. “However, this proposed rule moves well beyond the SEC’s traditional regulatory authority by mandating climate change reporting requirements that will not only regulate publicly traded companies, but will impact every company in the value chain. Should the SEC move forward with this rule, it would be granted unprecedented jurisdiction over America’s farms and ranches, creating an impractical regulatory burden for thousands of businesses outside of the scope of the SEC’s purview, including our nation’s farmers and ranchers,” they continued.
Original source can be found here.
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