Joe Biden knows his extreme climate change agenda can’t pass Congress.
That’s why he’s directing the federal government to enact it through the backdoor.
Now John Kennedy is trying to stop this green scheme by Joe Biden dead in its tracks.
New financial rule being used to drop the hammer on the companies for emissions
The Security and Exchange Commission (SEC) issued a new rule that would require more than 7,000 publicly traded companies to begin issuing climate disclosures as part of President Joe Biden’s war on greenhouse gasses.
The rule would require companies to make public disclosures on their greenhouse gas emissions and the financial impact of weather-related events that the Left claims occur because of climate change-enhanced hurricanes and tornadoes.
Companies would also be encouraged to develop comprehensive plans to lower their greenhouse emissions in the future.
These changes could cost billions of dollars by forcing companies to comply with this new red tape.
And these disclosures would paint the target for Wall Street firms to target them for non-compliance with environmental, social, and governance (ESG) goals.
The SEC is being weaponized to force companies to comply with Biden’s costly climate agenda.
John Kennedy puts the woke SEC rule in his crosshairs
U.S. Senators John Kennedy (R-LA) and Tim Scott (R-SC) introduced a resolution under the Congressional Review Act (CRA) to overturn the SEC’s climate disclosure rule.
The CRA gives Congress the ability to overturn rules passed by administrative agencies in an accelerated manner.
It would be protected from a filibuster or from being blocked by Senate Majority Leader Chuck Schumer (D-NY).
“At every opportunity, the Biden administration abuses its rulemaking power to force a radical climate agenda down Americans’ throats,” Kennedy said. “The Senate should move quickly to correct the SEC’s misguided regulation, which will cost companies billions of dollars to comply with and will force investors to prioritize politics in their decision making.”
The rule is facing numerous legal challenges from business groups opposed to the rule and from environmental activist groups that don’t think it goes far enough, which caused the SEC to block it from going into effect.
Scott said climate disclosures were another example of political activism by SEC Chair Gary Gensler.
“The SEC’s final climate disclosure rule threatens economic opportunity across the country, and it must be overturned,” Scott said. “Over and over again, SEC Chair Gensler has disregarded the real-world impacts of his aggressive regulatory agenda in his dogged pursuit of left-wing political priorities. This rule is no exception. The SEC’s mission is to regulate our capital markets and ensure all Americans can safely share in their economic success—not to force a partisan climate agenda on American businesses.”
Overturning the rule faces an uphill battle with a likely veto awaiting from Biden.
But it could force vulnerable Democrats in the House and Senate to take a painful vote that would either give ammunition for Republicans this fall during the campaign or put them on the wrong side of their base.
Informed American will keep you up-to-date on any developments to this ongoing story.
