Washington, D.C. –  At today’s House Financial Services Committee hearing, Congressman Frank Lucas (OK-03) highlighted the detrimental effects of the SEC’s climate disclosure rule.  On March 6, 2024, the Securities and Exchange Commission (SEC) adopted the Climate Rule, introducing sweeping changes to existing disclosure obligations for public companies. Despite modifications made to the initial proposal, the final rule presents massive challenges that will impact the entire economy. HIGHLIGHTED QUOTES: Lucas: “While the rule scales back the explicit disclosure requirement for Scope-3 emissions, many public companies must still collect emissions data from their supply chain to comply with this rule. Could you discuss how public companies, in many instances, will still need to collect this greenhouse gas emissions data?” Mr. Roisman: “There is concern that even though there is no line item disclosure [of Scope-3], you’re still going to qualitatively have to talk about how you’re meeting those goals.” Mr. Stebbins: “If they’re setting goals, they’re going to need to do Scope-3 work in order to do the analysis… I think [Scope]-3 is in there – the way I read the rule. To say that the value chain of customers and suppliers isn’t going to be affected in this is an overstatement.” Lucas: “No industry is insulated from this. The energy sector will be seriously harmed. Manufacturers of all sizes will be impacted. And I think very clearly the climate rule will hit U.S. farmers and ranchers.“

Click here or on the image above to watch Congressman Lucas’s full line of questioning.