That’s because “environmental regulation is outside the commission’s area of expertise; if anything, the commission is even less equipped to regulate in areas concerning climate change than EPA. This issue—climate change—is also the same issue deemed vitally important in West Virginia. And Congress has considered and rejected similar disclosures on many prior occasions,” the officials said.
Attorneys general of West Virginia, Arizona, Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Utah, Virginia and Wyoming signed on to the comment letter.
Republicans, the U.S. Chamber of Commerce and the oil and gas industries oppose the SEC’s rule and say it is hurting investments in fossil fuel.
The Biden Administration and Democrats continue to push policy changes that would aggressively reduce investments in fossil fuels.
The SEC did not immediately respond to a request for comment, but SEC Chairman Gary Gensler has said in the past he believes the proposal will better help inform investors.