Bice Introduces SEC Act

Washington, D.C. - Congresswoman Stephanie Bice (OK-05) introduced the Stop Environmental Calculations (SEC) Act, which would prohibit the U.S. Securities and Exchange Commission from requiring an issuer to make climate-related disclosures. This comes after a proposed rule by the SEC released in March of 2022, which requires public companies to report detailed disclosures on climate risk and green house gas emissions. This includes Scope 3 reporting, which the EPA does not require. The new requirements are estimated to cost public companies $420,000 to $530,000 annually in compliance costs. This bill would prevent the SEC from moving forward with their proposed rule. Congresswoman Bice has previously advocated against this proposed rule by sending a letter to SEC Chairman Gensler in December. The letter requested answers to questions, including what gave the SEC their authority to create additional regulatory burdens, how the rule fits in the SEC’s mission statement, and why climate disclosures are necessary for investors. The Congresswoman did not receive a reply from the SEC. This legislation has 3 original cosponsors: Dusty Johnson (R-SD), Buddy Carter (R-GA), and Dan Newhouse (R-WA).

Congresswoman Bice issued the following statement:

“The SEC’s recently proposed rule would add nearly half a million dollars in compliance costs for publicly traded companies every year. The SEC is tasked with overseeing financial markets and does not have the authority to require public companies to report Scope 3 emissions, climate risks, or greenhouse gas emissions. After the SEC’s failure to respond to my letter, I introduced the Stop Environmental Calculations (SEC) Act, which will prevent the federal government from adding burdensome regulations on businesses and halt this blatant government overreach. Amidst stock market uncertainty, ongoing inflation, and supply chain shortages, the last thing we should do is add costs and make it harder for businesses to grow.”

The Daily Caller ran an exclusive on this legislation, which you can find here.

The text of the legislation can be found here.