Roundtable Weekly
More than 10,000 Stakeholders—Including Members of Congress—Weigh in on SEC Proposed Climate Rule
June 24, 2022
SEC Climate Disclosure Comments Reference page Congressional lawmakers recently submitted comments to the U.S. Securities and Exchange Commission (SEC) regarding its proposed rule that would require all registered companies to disclose material financial risks related to climate change. Overall, the SEC has received about 10,000 responses on the climate reporting proposal. (AP, June 17, Wall Street Journal, June 21 and SEC docket with list of organizations and individual comments)  The Real Estate Roundtable submitted its comments to the SEC on June 10. (Roundtable Weekly, June 10Views from Congress, State AGs 
  • More than 130 House Republicans wrote to SEC Chair Gary Gensler on June 15, asking him to rescind the climate disclosure proposal. “It is Congress' job to set our environmental policy, not the job of unelected regulators,” according to the House letter. They have also called for a hearing on the SEC’s proposal. (E&E News, May 10)
  • A nearly equal number of House Democrats countered in their own letter, urging the SEC “to finalize the rule as quickly as possible.”
  • Over in the Senate, Republicans expressed their opposition in an April 5 letter.
  • Meanwhile, various Democratic Senators submitted several separate comments on June 17. One of their letters maintains that the proposal does not go far enough and should include a specific quantitative threshold for mandatory disclosures of Scope 3 emissions.
  • State Attorneys General have similarly expressed dueling opinions. (Democratic State AGs and Republican State AGs 
CRE Response  SEC screens The Biden administration is expected to push forward with a final rule that could be issued later this year. #  #  #