Congressional Republicans who oppose the Security and Exchange Commission’s efforts to strengthen climate disclosure requirements for public companies are jumping into the legal battle to overturn it.
A group of House and Senate lawmakers filed an amicus brief Tuesday with the 8th U.S. Circuit Court of Appeals, siding with the Texas Alliance of Energy Producers in the group’s attempt to shut down the SEC’s March rule mandating that companies divulge their climate risks to investors.
“The SEC, as a securities regulator, is not empowered to impose sweeping climate-related regulations on publicly traded companies,” reads the brief, signed by 34 lawmakers and led by Sen. Kevin Cramer (R-N.D.) and House Republican Study Committee Chair Kevin Hern (R-Okla.).
It continues: “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.”
