On Monday, Sen. Tommy Tuberville joined 31 colleagues in sending a letter to the Securities and Exchange Commission (SEC) to push back against overreach that would place climate disclosure regulations on farmers, ranchers, and agriculture producers.
The senators are concerned about the proposed rule on “Enhanced and Standardization of Climate-Related Disclosures for Investors.”
The proposed rule would require publicly-traded companies to include certain climate-related disclosures in their registration statements and periodic reports. The group believes this will impose burdensome greenhouse gas reporting requirements on all entities within a company’s value chain, including farmers and ranchers who fall outside of the SEC’s congressionally-provided authority.
“The SEC’s congressionally-mandated mission is to protect investors; foster fair, orderly, and efficient markets; and facilitate capital formation,” the senators wrote. “However, this proposed rule moves well beyond the SEC’s traditional regulatory authority by mandating climate change reporting requirements that will not only regulate publicly traded companies, but will impact every company in the value chain. Should the SEC move forward with this rule, it would be granted unprecedented jurisdiction over America’s farms and ranches, creating an impractical regulatory burden for thousands of businesses outside of the scope of the SEC’s purview, including our nation’s farmers and ranchers,” they continued.
Other signers include U.S. Senators John Hoeven (R-ND), Tim Scott (R-SC), Cynthia Lummis (R-WY), Roger Marshall (R-KS), James Risch (R-ID), Mike Crapo (R-ID), Steve Daines (R-MT), Thom Tillis (R-NC), Richard Burr (R-NC), Ted Cruz (R-TX), John Barrasso (R-WY), Bill Hagerty (R-TN), Tom Cotton (R-AR), Rick Scott (R-FL), Chuck Grassley (R-IA), Roger Wicker (R-MS), Deb Fischer (R-NE), Kevin Cramer (R-ND), John Kennedy (R-LA), Bill Cassidy (R-LA), Mike Braun (R-IN), Mike Rounds (R-SD), Joni Ernst (R-IA), James Lankford (R-OK), John Cornyn (R-TX), Jerry Moran (R-KS), Lindsay Graham (R-SC), John Thune (R-SD), Todd Young (R-Ind.), John Boozman (R-AR) and Josh Hawley (R-MO).
