The Securities and Exchange Commission’s new climate disclosure rule is facing legal challenges from the left and right, as well as a call that it be immediately blocked.
And the Wall Street regulator on Wednesday pushed back at critics, telling the 5th U.S. Circuit Court of Appeals that it acted within its authority and that its opponents are “unlikely to succeed on the merits.”
The filing came in response to two fracking companies who last week asked the federal court for an immediate stay of the recently approved rule that requires public companies to disclose certain climate risks.
Liberty Energy and Nomad Proppant Services argued the rule would “occupy a significant portion of public companies’ SEC filings and subject them to increased enforcement and litigation.”
