Boozman, Braun bill would exempt farmers from SEC regulation on GHG emission
|Sen. John Boozman, R-Ark., and Sen. Mike Braun, R-Ind., recently introduced a bill to exempt farmers from the Securities and Exchange Commission’s proposal for what they call “burdensome” greenhouse gas emissions reporting rules.|
Boozman and Braun noted that the SEC has proposed requiring all public companies to disclose greenhouse gas emissions (GHG) from operations a company owns or controls; from the generation of purchased electricity, steam, heat or cooling that is consumed by company operations; and, if material, indirect GHG emissions that occur in the upstream and downstream activities of a registrant’s value chain.
“The value chain reporting component of this proposal would place a reporting burden on the farmers and ranchers that provide raw products to the value-chain, and would inundate small, family-owned farms with costly compliance requirements,” they said in a statement.
The Protect Farmers from the SEC Act would “exempt family farmers and ranchers from these reporting requirements, ensuring they are not required to track and disclose granular on-farm data regarding individual operations and day-to-day activities in order to stay compliant with the companies that purchase their products,” Boozman and Braun said.
“The authors of this rule clearly lack an understanding of how agriculture works. The publicly traded corporations overseen by the SEC won’t be the ones tasked with complying with these onerous ‘value chain’ rules,” Boozman said.
“That responsibility would fall on America’s family farmers and ranchers who would be forced to deal with unprecedented amount of unnecessary paperwork. This is the last thing they need to deal with as they struggle in the face of record high input costs, supply chain bottlenecks, labor shortages, drought and other natural disasters,” Boozman said.
“Since I’ve been in the Senate, I’ve been a leading voice for the climate benefit of farming,” Braun said, “but this SEC regulation was drafted to meet out-of-touch climate metrics, not to meet reality.”
“I’ve heard from countless Hoosier farmers who are worried about what this regulation means for their farms and their livelihoods,” Braun said.
“I am proud to introduce this legislation with Sen. Boozman to put a stop to the Biden administration’s federal overreach on Hoosier farms and ranches.”
The senators noted that their act is backed by the American Farm Bureau, National Cattlemen’s Beef Association, National Pork Producers Council, USA Rice, National Cotton Council, American Sugar Alliance, American Soybean Association, National Association of Wheat Growers, National Corn Growers Association, National Council of Farmer Cooperatives, U.S. Cattlemen’s Association, U.S. Poultry and Egg Association, United Egg Producers and Agriculture Retailers Association.
A companion bill was introduced in the House of Representatives earlier this year by Rep. Frank Lucas, R-Okla.
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