Seventeen Thought Leaders Urge SEC to Withdraw Proposed Climate Disclosure Rule

For Immediate Release                                                                             Contact: Abigail Graham: (202) 417-7235

October 18, 2022                                                                                                                           

The SEC’s proposal faces legal challenges under the “Major Questions Doctrine,” and will likely accrue costly economic burdens for American businesses

WASHINGTON, D.C. – Today, a diverse group of 17 thought leaders submitted a letter to the Securities and Exchange Commission (SEC) to voice broad opposition to the proposed climate disclosure rule.

The letter argues that the SEC’s new disclosure requirements for public companies proposed in March will exceed the legal scope given to the SEC by Congress, a viewpoint raised by numerous groups and individuals, including twenty-four Attorneys Generals earlier this year. Requiring companies to provide detailed information on greenhouse gas emissions and their efforts to fight climate change is not under the SEC’s purview. The signatories point to expert authorities, such as former SEC Commissioner Paul Atkins, who argued the SEC’s proposed rule should be called into question in light of the Supreme Court’s ruling on the “major questions doctrine” from the June West Virginia vs. EPA decision.

The Taxpayers Protection Alliance (TPA) details the economic and legal complications that will ensue should the rule be enacted. TPA President David Williams said, “The SEC’s attempt to become a climate regulator would violate the law, and do so at the expense of business owners and taxpayers. At a time of record inflation and high gas prices, the SEC needs to focus its efforts on protecting investors, business owners, and consumers alike.”

Along with TPA President David Williams, signatories of the comment letter to the SEC include:

• Steve Pociask, President of the American Consumer Institute;
• Phil Kerpen, President of American Commitment;
• Richard Manning, President of Americans for Limited Government;
• Grover Norquist, President of Americans for Tax Reform;
• Jeff Mazzella, President of the Center for Individual Freedom;
• Matt Kandrach, President of Consumer Action for a Strong Economy;
• Yaël Ossowski, Deputy Director of the Consumer Choice Center;
• Adam Brandon, President of FreedomWorks;
• George Landrith, President of Frontiers of Freedom;
• Jessica Anderson, Executive Director of Heritage Action;
• Jerry Rogers, Vice President of the Institute for Liberty;
• Andrew Langer, Chairman of the Institute for Regulatory Analysis and Engagement;
• Pete Sepp, President of the National Taxpayers Union;
• Bette Grande, President & CEO of Roughrider Policy Center;
• James Martin, Chairman/Founder of 60 Plus Association;
• Karen Kerrigan, President & CEO of the Small Business & Entrepreneurship Council.

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.