WASHINGTON, D.C. – U.S. Senators John Barrasso, Cynthia Lummis and U.S. Representative Harriet Hageman (all R-WY) joined Senator Kevin Cramer (R-ND) and U.S. Representative Kevin Hern (R-OK) in filing a bicameral amicus brief in Texas Alliance of Energy Producers, et al v SEC, requesting the court vacate the agency’s radical climate rule. This climate rule would be disastrous for Wyoming energy producers who would be buried in red tape to meet these unrealistic disclosure requirements.
In March, the Securities and Exchange Commission (SEC) adopted a finalized rule that requires publicly traded companies to disclose their greenhouse gas (GHG) emissions data. This is the first time the SEC has published a rule issuing such a requirement.
The amicus brief argues the climate rule would significantly increase burdens placed on publicly traded companies and hinder economic growth. The brief reiterates that Congress, not the administration, has the power to enact legislation, including laws addressing securities markets and climate policy.
“The SEC, as a securities regulator, is not empowered to impose sweeping climate-related regulations on publicly traded companies,” the amicus brief stated. “Congress has demonstrated historical reluctance to pass broad climate legislation, particularly legislation that would dramatically impact federal securities law disclosure requirements. The SEC’s overreach into climate regulation violates the separation of powers and the major questions doctrine, warranting the rule’s invalidation.”
Click here for the amicus brief.