Hinds Today

U.S. Senator Cindy Hyde-Smith from Mississippi has taken a stand against the Securities and Exchange Commission's (SEC) climate disclosure rule by cosponsoring a resolution to overturn it. The rule, which mandates publicly traded companies to disclose their greenhouse gas emissions data, has raised concerns about excessive regulatory burdens and increased costs for businesses and consumers.

In a statement, Senator Hyde-Smith expressed her opposition to the SEC's climate disclosure rule, stating, "We recognize that the Biden administration is in a regulatory frenzy, but the radical SEC climate disclosure rule is so out of bounds that it must be struck down." She emphasized the need to protect investors, facilitate capital formation, and maintain markets without veering into political or social issues.

Joining Senator Hyde-Smith in this effort is U.S. Senator Tim Scott from South Carolina, who remarked, "The SEC’s final climate disclosure rule threatens economic opportunity across the country, and it must be overturned." Senator Scott criticized the rule for imposing federal overreach and pushing a partisan climate agenda onto American businesses.

The SEC's 886-page final rule, titled “The Enhancement and Standardization of Climate-Related Disclosures for Investors,” has faced criticism for its extensive requirements, including the disclosure of direct and indirect greenhouse gas emissions, as well as the potential impacts of nonfinancial risks like severe weather events.

Supporters of the resolution to strike down the SEC climate disclosure rule believe that it could have detrimental effects on U.S. capital markets by burdening businesses with compliance costs and legal challenges. The bipartisan effort to reverse this rule includes a coalition of senators from various states who share concerns about the rule's impact on the economy and regulatory overreach.

As the debate continues over the SEC's climate disclosure rule, Senator Hyde-Smith and her colleagues are working to protect the interests of businesses and investors while advocating for a regulatory framework that balances environmental concerns with economic growth.