SEC vs. Courts: The High-Stakes Showdown Over Climate Disclosure That Could Shake Every Investor’s Playbook
The SEC’s latest move drew pointed criticism from commissioner Caroline Crenshaw, a supporter of the climate-risk disclosure rules. Noting that the rules “were promulgated by-the-book,” she accused the agency of making a bad-faith argument about conserving resources in lieu of initiating the formal process to revise or repeal the rules.
So why is the climate-risk hot potato back in the hands of the Eighth Circuit? It’s likely more than a matter of the SEC not wanting to make the effort to undo the rules. Ironically, it seems the SEC wants the court to determine that this kind of rulemaking exceeds the agency’s authority, which could limit the scope of future climate-related rulemaking. For its part, the court’s previous decisions on the matter suggest it wants the SEC to go through official channels; otherwise, this game never would have started.
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