April 17, 2024

Manchin Leads Bipartisan Effort To Overturn Biden Administration Climate Disclosure Rule

The Securities and Exchange Commission’s new rule will add undue burdens on public companies, threaten American economic and energy security

Washington, DC – Today, U.S. Senator Joe Manchin (D-WV), Chairman of the Senate Energy and Natural Resources Committee, introduced a bipartisan Congressional Review Act (CRA) resolution to overturn the U.S. Securities and Exchange Commission’s (SEC) recently finalized climate disclosure rule. The rule would place unnecessary burdens on publicly traded companies by requiring them to provide investors with an estimate of both their direct and indirect greenhouse gas emissions.

“The SEC’s new rule on emissions disclosures completely contradicts its long-standing commitment to protect investors and promote a fair and efficient U.S. financial market,” said Senator Manchin. “This deliberate targeting of fossil fuel companies not only threatens our economic security, but also sends a strong signal of opposition to the all-of-the-above energy policy that is absolutely critical to our country and our allies right now. Every American investor can already choose to invest their money in climate-forward companies if they wish to – the infusion of politics in a free and fair market is entirely overreaching, fiscally irresponsible, and simply un-American.”

Senator Manchin, the only Democrat to cosponsor the resolution, was joined by Senators Tim Scott (R-SC), Mike Crapo (R-ID), Mike Rounds (R-SD), Thom Tillis (R-NC), John Kennedy (R-LA), Bill Hagerty (R-TN), Cynthia Lummis (R-WY), J.D. Vance (R-OH), Katie Britt (R-AL), Kevin Cramer (R-ND) Steve Daines (R-MT), Mitch McConnell (R-KY), Chuck Grassley (R-IA), John Cornyn (R-TX), John Thune (R-SD), John Barrasso (R-WY), Jim Risch (R-ID), Jerry Moran (R-KS), John Boozman (R-AR), John Hoeven (R-ND), Marco Rubio (R-FL), Ron Johnson (R-WI), Deb Fischer (R-NE), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), James Lankford (R-OK), Tom Cotton (R-AR), Dan Sullivan (R-AK), Cindy Hyde-Smith (R-MS), Rick Scott (R-FL), Ted Budd (R-NC), and Pete Ricketts (R-NE).

In April 2022, Senator Manchin sent a letter to SEC Chairman Gary Gensler outlining his concerns with the proposed rule. In July 2023, Senator Manchin questioned Chairman Gensler on the proposed rule and in November 2023, Senator Manchin sent a letter to Chairman Gensler calling for the SEC to postpone its finalization.

The full text of the resolution is available here.