DodoFinance Breaking News Made For You!
The Securities and Exchange Commission (SEC) has temporarily suspended a rule that would have required private companies to disclose carbon emissions data. The rule, which was approved in March by a 3-2 vote after intense debate, was met with backlash from GOP attorneys general, energy companies, and business groups who filed lawsuits challenging its legality.
The 5th Circuit Court of Appeals granted an administrative stay of the rule while the lawsuits were being consolidated. In response to this, the SEC voluntarily agreed to suspend the rule while litigation continues.
Missouri Attorney General criticized the rule as part of President Biden’s green agenda, while Iowa Attorney General called it the most outrageous climate mandate by Biden.
The SEC stated that the stay order reaffirms its view that the rule is consistent with applicable law and aims to provide investors with more consistent and reliable information about the financial effects of climate-related risks.
The suspension of the rule has sparked a debate about the role of government regulations in environmental reporting and the impact on businesses. The outcome of the lawsuits and the ultimate fate of the rule remain uncertain as the SEC continues to navigate the complex intersection of finance and climate policy. Stay tuned to Dodo Finance for further updates on this developing story.
