WASHINGTON - U.S. Senators Jim Risch (R-Idaho) and Mike Crapo (R-Idaho) with Tim Scott (R-S.C.) today introduced a Congressional Review Act (CRA) resolution to overturn the Securities and Exchange Commission’s (SEC) radical climate disclosure rule, which would bury public companies in paperwork, raise costs for consumers, and stifle economic opportunity.
“The SEC’s climate disclosure rule prioritizes the Biden administration’s green-agenda over Idaho’s business owners and investors,” said Risch. “This Congressional Review Act resolution pushes back on the Biden administration’s blatant federal overreach and protects economic opportunity, consumers from high costs, and companies from burdensome paperwork.”
“We must continue to push back on the Biden Administration’s attempts to use any means necessary to push its radical climate agenda," said Crapo. "This outlandish display of federal overreach hurts everyday Americans as it needlessly complicates regulatory processes.”
“The SEC’s final climate disclosure rule threatens economic opportunity across the country, and it must be overturned. Over and over again, SEC Chair Gensler has disregarded the real-world impacts of his aggressive regulatory agenda in his dogged pursuit of left-wing political priorities. This rule is no exception. The SEC’s mission is to regulate our capital markets and ensure all Americans can safely share in their economic success – not to force a partisan climate agenda on American businesses. This rule is federal overreach at its worst, and the SEC should stay in its lane,” said Scott.
Senators Mitch McConnell (R-Ky.), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), J.D. Vance (R-Ohio), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Chuck Grassley (R-Iowa), John Cornyn (R-Texas), John Thune (R-S.D.), John Barrasso (R-Wyo.), Joe Manchin (D-W.Va.), Jerry Moran (R-Kan.), John Boozman (R-Ark.), John Hoeven (R-N.D.), Marco Rubio (R-Fla.), Ron Johnson (R-Wis.), Deb Fischer (R-Neb.), Shelley Moore Capito (R-W.Va.), Bill Cassidy (R-La.), James Lankford (R-Okla.), Tom Cotton (R-Ark.), Dan Sullivan (R-Alaska), Cindy Hyde-Smith (R-Miss.), Rick Scott (R-Fla.), Ted Budd (R-N.C.), and Pete Ricketts (R-Neb.) also signed onto the CRA resolution.
BACKGROUND
Under Chair Gensler, the SEC has pursued one of the most aggressive regulatory agendas in the agency’s history – with the agency on track to propose and finalize over 60 rules with limited public comment periods and inadequate cost-benefit analyses. Through rigorous congressional oversight, Risch, Crapo, and Scott have continued to push back on the widespread impact and confusion created by agency’s proposed rules on our capital markets, American retirement savers, and businesses of all sizes.
