March 21, 2022

Toomey Statement on SEC Proposal to Mandate New Global Warming Disclosures

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement on the Securities and Exchange Commission’s (SEC) proposed rule that would require publicly-traded companies to provide new global warming disclosures.

“Today’s action hijacks the democratic process and disrespects the limited scope of authority that Congress gave to the SEC. This is a thinly-veiled effort to have unelected financial regulators set climate and energy policy for America. Forcing publicly-traded companies to gather and report global warming data—almost none of which is material to the business’s finances—extends far beyond the SEC’s mission and expertise.

“Complex political issues like global warming and energy security require tradeoffs. In a democratic society, those tradeoffs must be made by elected representatives who are accountable to the American people. With inflation at a 40-year high, gas prices skyrocketing, and Russia waging an energy-funded war, the last thing the American people need are unelected regulators advancing policies by partisan vote that will cause energy costs to further rise.”

Earlier this month, all Banking Committee Republicans called on President Biden and Treasury Secretary Yellen to instruct federal financial regulatory agencies to delay all regulatory initiatives on climate change until the Biden administration develops a detailed plan to protect America’s energy security.

In June 2021, all Banking Committee Republicans urged the SEC to reject any proposal to implement new global warming disclosures.