Democratic legislators and state attorneys general are calling on a federal court to uphold the Biden administration’s embattled climate risk reporting rule, arguing that the regulation will provide critical information to investors.
In briefs filed last week in the 8th U.S. Circuit Court of Appeals, elected officials — as well as environmental and consumer organizations — said the disclosure mandate from Wall Street’s top regulator will protect retirees and others who rely on investment income.
The Securities and Exchange Commission approved its landmark climate disclosure rule in March by a 3-2 vote, only after the agency dropped a requirement that some companies report emissions associated with their customers and sprawling supply chains.
Republican-led states and business groups, including the U.S. Chamber of Commerce, immediately filed lawsuits, claiming that the rule will impose an “extraordinary burden” on companies to comply.
