And while we are on the subject of climate craziness, the three Democrats on the SEC – led by Chairman Gary Gensler – voted yesterday to start a 60 day comment period on a proposed rule (“The Enhancement and Standardization of Climate-Related Disclosures for Investors”) to force all publicly traded companies to disclose their greenhouse gas emissions. Including “indirect emissions.”
The proposed rule runs 510 pages:
The SEC admits the paperwork burden alone will cost companies $10.2 billion. But that’s just the tip of the iceberg. Activist hedge funds, university endowments, pension funds, and foundations will immediately use this information to bully companies and void future investments in fossil fuels – the dream of Biden’s economic policy team.
Our recent poll found that more than twice as many voters think the government should focus on ensuring affordable energy than addressing climate change.
Biden’s green regulators are doing just the opposite.
Kudos to Republican Commissioner Hester Peirce for her dissent:
“We are here laying the cornerstone of a new disclosure framework that will eventually rival our existing securities disclosure framework in magnitude and cost and probably outpace it in complexity. The building project upon which we are embarking will consume our attention and enrich many, as any massive building project does. The placard at the door of this hulking green structure will trumpet our revised mission: ‘protection of stakeholders, facilitating the growth of the climate-industrial complex, and fostering unfair, disorderly, and inefficient markets.’ This new edifice will cast a long shadow on investors, the economy, and this agency. Accordingly, I will vote no on laying the cornerstone.”