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Lucas: Climate Policy Beyond the Scope of Financial Regulators

Mar 21, 2022
Economy
Energy & Environment
Press

Cheyenne, OK – Congressman Frank Lucas (OK-03) released the following statement today after the U.S. Securities and Exchange Commission (SEC) approved a proposed rule requiring climate-related disclosures by public companies:

“The Biden Administration’s efforts to use financial regulation to implement a climate agenda manifested itself today at the SEC, striking a blow to the SEC’s reputation as an independent regulator. If implemented, the SEC’s proposed climate rule would steer capital toward a politically favored outcome.

“Even though the SEC already has the authority under existing rules to require companies to disclose climate-related risks that are material to investors, today’s proposed rule stretches the definition of materiality to its limits and greatly expands the authority of the SEC to an area far outside its expertise. Financial statements and disclosures are intended to accurately represent a company’s financial situation- and today’s costly and problematic rule would jeopardize the usefulness and reliability of future financial disclosures.

“The financial system shouldn’t be used as a weapon in combatting climate change. This harms public markets and the companies, investors, and retirees that depend on them. Rather than pursuing social goals unrelated to banking, regulators and Congress should be focusing on the need to increase investments in innovation and competition, spur innovation, and improve regulatory efficiency to allow for American ingenuity to thrive. As President Biden and his Administration continues to analyze the potential implications of climate change, I urge regulators to remember their role as a regulator isn’t to advance environmental policy. We should be promoting investment in companies who are at the forefront of clean energies- not wrestling with companies who are already shifting with the market.”

In November of 2021, Lucas published an op-ed in Morning Consult outlining the importance of government-industry research and development partnerships- not financial regulation- to mitigate greenhouse gas emissions and climate-related risks.

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