Senate Republicans urge SEC to rescind farmer climate disclosure requirements |

Senate Republicans urge SEC to rescind farmer climate disclosure requirements

A group of Senate Republicans led by Sen. John Hoeven, R-N.D., the ranking member on the Senate Agriculture Appropriations Subcommittee, and Rep. Tim Scott, R-S.C., on Friday urged Securities and Exchange Commission Chairman Gary Gensler to rescind a proposed rule which would require publicly traded companies to include certain climate-related disclosures in their registration statements and periodic reports that would involve farmers and ranchers.

The coalition includes Sen. John Boozman, R-Ark., the ranking member on the Senate Agriculture Committee, and Sen. Chuck Grassley, R-Iowa.

“While farmers and ranchers have never been subject to SEC oversight, the proposed rule’s Scope 3 greenhouse gas emissions reporting requirement would place a major reporting burden on the many agricultural producers that provide raw products to the value-chain,”the senators wrote.

“We have serious concerns regarding the SEC’s regulatory overreach, as well as the impact that this proposed rule will have on the agricultural industry,” the senators added.

“This substantial reporting requirement would significantly burden small, family-owned farms with a new, complex and unreasonable compliance requirement, resulting in costly additional compliance expenses, reduced access to new business opportunities, and potential consolidation in the agriculture industry.”

“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,” the senators concluded.


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