WASHINGTON, D.C. (WVDN) – U.S. Senator Shelley Moore Capito (R-W.Va.), Ranking Member of the Senate Environment and Public Works (EPW) Committee, joined a bipartisan group of 33 Senate colleagues to introduce a Congressional Review Act (CRA) resolution to overturn the Securities and Exchange Commission’s (SEC) radical climate disclosure rule, which would bury public companies in paperwork, raise costs for consumers, and stifle economic opportunity. This effort was led by U.S. Senator Tim Scott (R-S.C.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee.
“The radical climate disclosure rule set by Chair Gensler and the SEC completely oversteps its authority, will hinder access to capital for energy companies, and will increase energy prices for consumers,” Ranking Member Capito said. “This effort puts environmental activism ahead of sound policymaking in order to achieve left-wing political objectives. I am proud to join Senator Scott and my colleagues in introducing this CRA to overturn this rule.”
BACKGROUND:
Under Chair Gensler, the SEC has pursued one of the most aggressive regulatory agendas in the agency’s history – with the agency on track to propose and finalize over 60 rules with limited public comment periods and inadequate cost-benefit analyses.
Recently in January, Senators Capito and Kevin Cramer (R-N.D.) sent a letter to SEC Chair Gensler outlining their objections to the commission’s climate disclosure rule. In the letter, the senators state the proposed rule pushes the Biden administration’s anti-American energy rhetoric, arguing the adoption of this rule hinders domestic energy producers’ access to capital and fuels even higher energy prices. Click here to read the letter.
In April 2022 while the rule was still pending, Senator Capito joined Senator Cramer and other Republican colleagues in calling on Chair Gensler to withdraw the rule. The letter expresses the senators’ strong opposition to the proposed rule and raises concerns about the limited public comment period.