Comer Statement on SEC’s Climate Rule - United States House Committee on Oversight and Accountability

WASHINGTON—House Committee on Oversight and Accountability Chairman James Comer (R-Ky.) today issued a statement after the U.S. Securities and Exchange Commission (SEC) approved a new climate disclosure rule.

“Nearly two years ago, at the urging of leftist activists and the self-appointed policy makers of big finance, the SEC wildly stepped outside its mandate and proposed a climate rule. The proposed rule was a disaster which would have added cascading layers of recordkeeping and reporting requirements on companies large and small, both public and private. It would have increased costs on American businesses far outside the SEC’s reach, which we all know will ultimately be passed onto consumers.

“The final rule approved today on a party-line vote continues to be a solution in search of a problem. The final rule retains many of the burdensome recordkeeping and reporting requirements of the proposed rule and simply transfers more power to the federal bureaucracy.

“It is time for the SEC to focus on its job: capital formation and investor protection. The SEC’s job is not climate science or helping asset managers market their products, but to ensure orderly markets. It’s time to get back to work.”

Chairman Comer sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler in October 2023 conducting oversight of the SEC’s efforts to advance a progressive European climate and social agenda on American companies.