The rule is currently the subject of lawsuits brought by state attorneys general.
The Securities and Exchange Commission (SEC) announced that it will pause the implementation of its final rule requiring companies to disclose their impact on the climate to investors. This decision to issue a pause protects the agency from having to discard and abandon this final rule as it faces a number of lawsuits to halt its implementation.
“The Commission has determined to exercise its discretion to stay the Final Rules pending the completion of judicial review of the consolidated Eighth Circuit petitions,” the agency said in its order. “[The] Commission will continue vigorously defending the Final Rules’ validity in court and looks forward to expeditious resolution of the litigation.”
At the moment, three lawsuits against the climate investment rule are in process, brought by state attorneys general and fracking companies. However, recently, a coalition of 18 other states’ attorneys general filed a motion to support the defense in one of these lawsuits.
As the Lord Leads, Pray with Us…
- For Chair Gensler to receive God’s guidance as he heads the SEC.
- For the judges who will hear and rule on the SEC’s authority regarding its climate-related disclosure rule.
Sources: The Hill, Wall Street Journal
