FreedomWorks Foundation Files Formal Comment Opposing the SEC’s Climate Disclosure Proposal

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Today, FreedomWorks Foundation filed a comment opposing the Securities and Exchange Commission’s (SEC) proposal to mandate disclosure of climate risks. This complex, 500+ page regulatory scheme would require public companies to report their various impacts–and that of their suppliers and customers–on “climate change.”

This complicated legislation-through-regulation proposal will saddle companies with billions in new costs and facilitate the Left’s effort to destroy America’s oil and gas industry. The proposed disclosure regime is unnecessary: companies are already required to report “material” risks, which may include climate change, and the Environmental Protection Agency already requires companies to report greenhouse gas emissions. The proposal is also beyond the SEC’s mission, which is to ensure that investors have truthful, relevant information on which to base investment decisions.

If finalized, this massive new regulatory burden will force companies to shift resources from innovation and job creation to compliance with the Left’s mandate and further escalate energy prices. As a result, Americans will pay more for everything, including food. If the SEC truly believes this scheme is essential to protect investors, it should ask Congress for the authority so that our elected representatives can weigh competing considerations and balance trade-offs.