Sustainable Investment Caucus Statement on Climate Disclosure Rule
WASHINGTON - U.S. Congressmen Juan Vargas (CA-52) and Sean Casten (IL-06), co-chairs of the Congressional Sustainable Investment Caucus, released the following statement regarding Securities and Exchange Commission (SEC) Acting Chairman Mark Uyeda’s decision to suspend the SEC’s efforts to defend its climate risk disclosure rule from legal challenges:
“Acting Chairman Uyeda’s decision to suspend the Securities and Exchange Commission’s defense of its climate disclosure rule puts American investors in harm’s way and jeopardizes the efficiency of our capital markets. Investors have consistently expressed the need for clear, consistent, and valuable information regarding companies' exposure to climate-related risks. Climate change poses a significant threat to the stability of our economy, and the climate disclosure rule provides a market-based solution to help investors better understand how it affects publicly-traded companies. Comprehensive disclosure of these material risks is essential for investors and falls within the SEC’s statutory authority and its historical practices regarding risk disclosures.
This decision contradicts the mission of the SEC and will harm investors. For the sake of protecting US capital markets, Acting Chairman Uyeda must reconsider and reverse this decision.”
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