Republican senators press Biden's SEC to withdraw proposed climate disclosure rule
New rule would require publicly traded companies to produce reports on climate risks
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More than a dozen Republican senators filed a letter Tuesday calling on President Biden's Securities and Exchange Commission (SEC) withdraw a proposed climate rule.
The SEC's proposed rule would require publicly traded companies to produce reports on their climate risks, including their greenhouse gas emissions. The Republican senators, led by North Dakota Sen. Kevin Cramer, argue the rule is an effort from the Biden administration to circumvent lawmaking through regulation, according to text of the letter obtained by FOX Business.
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"After failed attempts to enact radical climate policy via legislation, this rule is yet another example of the Biden Administration’s efforts to have unelected bureaucrats implement its preferred agenda through regulation," the senators wrote to SEC Chair Gary Gensler. "Addressing climate issues is a complex task with widespread consequences across the U.S. economy. We believe devising climate policy is the job of elected lawmakers, not unelected regulators at the SEC."
President Biden during a meeting on the Build Back Better World (B3W) in Glasgow, Scotland, on Nov. 2, 2021. (BRENDAN SMIALOWSKI/AFP via Getty Images)
Biden's climate plans have been dead in the water in Congress for months, along with much of the rest of his domestic agenda. His central climate goal was to reduce U.S. carbon emissions by 50% by 2030.
Republican senators have opposed Biden's climate agenda since he took office, but their effort has gained renewed vigor in the wake of Russian President Vladimir Putin's invasion of Ukraine.
Securities and Exchange Commission Chairman Gary Gensler. (Evelyn Hockstein-Pool/Getty Images / Getty Images)
Western sanctions against Russia have resulted in soaring gas prices in the U.S., the worst scenario for Biden to be pushing his climate agenda of cutting fossil fuels, Republicans say.
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"The proposed rule comes against a backdrop of high inflation, skyrocketing energy prices, and immense efforts to cut off Russian energy supplies. Whether it is putting forth radical nominees to important financial regulatory positions or proposing burdensome regulations like the proposed rule on climate-related disclosure, this administration’s hostility towards fossil fuels is having serious consequences throughout the entire economic value chain and on our domestic energy resources and national security," the senators wrote.
The SEC proposed the rule change on March 21, and it will go into effect following a 60-day public comment period if not withdrawn.