A panel from the appeals court has temporarily blocked the U.S. Securities and Exchange Commission's (SEC) new climate disclosure requirement, which mandated some businesses to disclose more information about the risks they face from climate change. This decision comes amidst a flurry of lawsuits against the SEC's rule from states, companies, and nonprofits, with critics like West Virginia Attorney General Patrick Morrisey accusing the SEC of exceeding its authority. The rule, aimed at providing more transparency on how climate risks affect businesses, particularly targeted the fossil fuel industry, including fracking companies. The Fifth Circuit's temporary blockage of the rule's implementation, notably in a challenge brought by oil and gas company Liberty Energy, has been met with approval from House Republicans, who argue that the SEC has no business attempting to dictate climate policy. This incident has led to House Republicans taking a victory lap, seeing the court's decision as a halt to what they consider unconstitutional rulemaking. The legal challenges and the court's stay highlight the contentious nature of regulating climate risk disclosures.
U.S. Court Halts New Rule Requiring Climate Risk Disclosures from Fossil Fuel Business https://t.co/I3fdbmShce
SEC's Climate Disclosure Rule Prompts More Legal Challenges, GOP's Continuing Wrath https://t.co/81TIxJeqoh
U.S. Court Halts New SEC Rule Requiring Climate Risk Disclosures from Fossil Fuel Industry https://t.co/I3fdbmShce
House Republicans took a victory lap after a federal appeals court pressed pause on new rules from the Securities and Exchange Commission that would require publicly listed companies to disclose climate risks. https://t.co/c71xWaZHQO https://t.co/Wj3yLd7f8a
The SEC severely weakened its climate-disclosure rule before issuing it, in an attempt to mollify industry. Industry responded by immediately suing & now it has found a judge willing to impose a stay on the rule. What's the lesson here? https://t.co/6pKHZBHab8
.@GaryGensler and @SECGov have no business attempting to dictate climate policy, that’s Congress’ job. Pleased to see the courts halt this unconstitutional rulemaking as litigation unfolds. https://t.co/MWcgV1cY3A
The Fifth Circuit temporarily blocked the implementation of the U.S. Securities and Exchange Commission's new emissions reporting requirements, issuing an administrative stay in a challenge brought by oil and gas company Liberty Energy. https://t.co/cLyVdoGscF https://t.co/PO99g0Mlpc
Two fracking companies had challenged requirements that some businesses disclose more information about the risks they face from climate change. https://t.co/NX77xrOzLh
Court grants stay in lawsuit challenging SEC climate disclosure rule https://t.co/5oVXBrX8Mk via @pensionsnews
The @SECGov climate disclosure rule is now dead in the water pending further court funeral rites. https://t.co/wCczy1v8tX Don't cry for the 'sustainable accounting' parasites. https://t.co/WSdY66HatU https://t.co/q05DQ3rqEy
That Didn't Take Long . . . #FifthCircuit Temporarily Blocks New #SEC #Climate Disclosure Rule https://t.co/EY6p6ClSbW @Mintz_Law @south_fifth @SteveBlumeSEC https://t.co/wU7vOQjjSn
SEC faces avalanche of lawsuits from states, companies, and nonprofits over climate rule West Virginia Attorney General Patrick Morrisey said the SEC is exceeding the authority Congress granted it to be a financial regulator. Read more ⬇️ https://t.co/YWuwse4r4B
Appeals court panel blocks SEC's climate disclosure requirement The judges did not issue a reason for their decision to pause the order, however. Read more ⬇️ https://t.co/z87ZxMe2Du