Taxpayers Protection Alliance (TPA) Unveils New Website: SEC Mission Creep

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

June 16, 2022      

TPA Submits Comment Letter to the SEC Urging a Withdrawal of the Economically Costly Rule

WASHINGTON, D.C. – Today, the Taxpayers Protection Alliance (TPA) announced the release of SEC Mission Creep, a website dedicated to highlighting the overreach of the Securities and Exchange Commission’s (SEC) beyond its congressional mandate with its proposed climate disclosure rule.  TPA released the new website ahead of the SEC’s comment period deadline this Friday, June 17.

In March of 2022, the SEC announced a proposed rulemaking, requiring companies to disclose information to investors about climate-related risks, including estimates of a company’s direct and indirect greenhouse gas emissions, which are near impossible to track. This rule deviates from the SEC’s mandate of protecting investors and will pose increased regulatory and compliance costs for companies.

The website serves as an information hub to provide background information on the SEC and their overregulation of private companies, and underscores the negative effects the proposed rule will have on businesses.

To further discuss these effects, TPA submitted a letter to the SEC’s comment period, explaining the complications the proposal will pose on the average American and impact on the U.S. economy. The letter highlights how this rule will not help the fight against climate change and instead create a substantially increased amount of red tape for American businesses. The proposed rule is a perfect example of the SEC overstepping its authority and will ultimately have a chilling effect on energy investments at a time when businesses are hurting significantly post-pandemic and due to the supply chain crisis.

TPA President David Williams offered the following comment:

“This rule will most likely not help in the fight against climate change, but instead impose massive costs, create unprecedented levels of red tape for America’s business community, complicate investing for everyday Americans, and cause irrevocable disruption to the SEC’s existing disclosure framework.

“The proposed rule is an inappropriate and abusive expansion of the SEC’s mandate from Congress, but it is especially troubling during a period of such economic uncertainty both on Wall Street and Main Street.”

To explore the new website, click HERE: https://www.secmissioncreep.com/

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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.