Cheyenne, OK – Last week, Congressman Frank Lucas (OK-03) proposed legislation that would exclude agriculture from the U.S. Securities and Exchange Commission’s (SEC) climate disclosure rulemaking.
The Protect Farmers from the SEC Act is supported by the American Farm Bureau Federation, National Cattlemen’s Beef Association, National Association of Wheat Growers, National Cotton Council, National Corn Growers Association, National Pork Producers Council, USA Rice, American Sugar Alliance, American Soybean Association, National Potato Council, United States Cattlemen’s Association, National Council of Farmer Cooperatives, Agricultural Retailers Association, Oklahoma Farm Bureau, and the Oklahoma Cattlemen’s Association.
Industry leaders and Members of Congress representing America’s farmers and ranchers issued statements of support for the Protect Farmers from the SEC Act:
“Farmers in Central Washington and across the country are struggling due to overreaching regulations, supply chain disruptions, labor shortages, and skyrocketing inflation. Imposing even more regulations on the men and women who produce the food for our families would be devastating at any time, but it may well cripple the entire industry when food prices are already at a 40-year high. The SEC’s proposed climate rules are a major government overreach and would make it nearly impossible for farmers to continue to farm the way they do—keeping sustainability and conservation in mind,” said Congressional Western Caucus Chairman Dan Newhouse. “I am proud to stand up for our nation’s farmers, and I urge my colleagues to support this legislation and ensure U.S. farmers and ranchers can continue to survive and thrive.”
“The farmers across Virginia’s 5th Congressional District work hard to feed their families and ours. Like so many other critical industries, the Biden Administration is putting unnecessary strain on family farmers by imposing burdensome environmental mandates. The Protect Farmers from the SEC Act will counteract Biden’s extreme agenda and recognize that Virginia’s farmers already know how to bring agriculture products to market while caring for the environment,” said Congressman Good (R-VA).
“Oklahoma Farm Bureau members appreciate Rep. Frank Lucas’ tireless work to protect family farmers and ranchers from the flawed SEC emissions rule proposed earlier this year,” said Rodd Moesel, OKFB President. “Our agricultural producers strive to produce the safest, most affordable and most abundant food supply in the world, and this burdensome and expensive rule would threaten many of our family farmers. Without the changes laid out in this bill brought forth by Rep. Lucas, the proposed SEC regulations would be nearly impossible to comply with and the ramifications would be felt throughout our nation’s food supply and by our consumers. We applaud Rep. Lucas for his continued efforts to advocate for farmers and ranchers across our state and nation.”
“The SEC is considering rules that would create an overwhelming documentation burden on Oklahoma’s family farmers and ranchers requiring data that doesn’t exist nor is it necessary,” said Oklahoma Cattlemen’s Association Executive Vice President Michael Kelsey. “OCA greatly appreciates the leadership of Representative Lucas to file this legislation to stop the overreach of liberal environmental ideals that are not factual but rather detrimental to Oklahoma’s family farmers and ranchers.”
“The Securities and Exchange Commission’s proposed climate disclosure rule could create substantial costs and legal liabilities for farm families. Unlike large corporations, farmers don’t have teams of compliance officers or attorneys dedicated to handling SEC compliance issues,” said American Farm Bureau Federation President Zippy Duvall. “We appreciate Rep. Lucas for his efforts to ensure the SEC remains focused on Wall Street while farmers remain focused on putting food on the table for America’s families.”
“The SEC’s climate disclosure rule would lead to unintended consequences for small businesses like farms and ranches and adds yet another regulatory burden on cattle producers. NCBA is grateful to Rep. Lucas for protecting cattle producers from more federal overreach,” said National Cattlemen’s Beef Association Executive Director of Natural Resources Kaitlynn Glover. “The SEC should stick to regulating Wall Street, not main street.”
“NAWG thanks Congressman Lucas for introducing this important legislation addressing the inclusion of farming in SEC regulation,” said National Association of Wheat Growers President and Washington State wheat grower Nicole Berg. “This regulation could add layers of reporting requirements on wheat farmers that are focused on producing a quality wheat crop for domestic and international customers. With all the uncertainty in agriculture today, we don’t need additional regulation, we need to focus on keeping farming operations productive.”
National Cotton Council Chairman Ted Schneider said the U.S. cotton industry welcomes Representative Lucas’ bill which will prevent more unnecessary regulation of this nation’s producers and ranchers. The Louisiana cotton producer said, “The cotton sector already has committed to reducing greenhouse gas emissions and our producers are escalating that and other key conservation practices under the umbrella of the industry’s U.S. Cotton Trust Protocol sustainability initiative. The SEC’s proposal would just complicate the efforts of cotton producers’ who already are dealing with a plethora of regulations, weather challenges and market volatility.”
“Not only would the SEC’s proposed climate rule be wildly burdensome, expensive and impossible for many farmers to comply with, but it also raises serious data privacy concerns,” said Minnesota farmer and National Corn Growers Association President Tom Haag. “That is why we are appreciative of Congressman Lucas for introducing this legislation, which ensures farmers are not subject to SEC’s reporting requirements and can remain focused on sustainably feeding and fueling a growing world.”
“American pig farmers remain committed to transparency and constant improvement in climate-related matters which is demonstrated by the industry shrinking their GHG footprint by over 21 percent over the last three decades,” said Terry Wolters, NPPC President and owner of Stoney Creek Farms in Pipestone, Minnesota. “We applaud Congressman Lucas for a bill that would protect all farmers from the added layers of reporting requirements and costs associated with the proposed rule.”
“USA Rice applauds Congressman Lucas’ introduction of the Protect Farmers from the SEC Act,” said Kirk Satterfield, a Mississippi rice farmer and Chair of USA Rice. “This legislation would protect farmers against undue regulatory burden and overreach, and we hope that Congress will pass this bill.”
“For sugar farmers, sustainability is already a key component of our production. Our farmers and employees work around the clock to make sure consumers have access to this essential ingredient. While we appreciate that Chairman Gensler has stated that the SEC’s proposal is not intended to regulate the thousands of family farms and ranches that already operate on razor thin margin; we are grateful to Representative Lucas for advancing legislation that makes the law clear on this point,” said Ryan Weston, Chairman of the American Sugar Alliance. “The Protect Farmers from the SEC Act puts farmers first and prevents any danger of regulatory overreach.”
“While we understand SEC’s intentions, requiring all partners and suppliers of publicly traded companies to disclose their greenhouse gas emissions places a burden on farmers that they realistically are not equipped to shoulder. ASA appreciates congressional support to exclude farmers and ranchers from climate disclosure rulemaking and applauds Rep. Lucas for introducing the Protect Farmers from the SEC Act,” said Pam Snelson of the American Soybean Association and soy farmer from Wann, Oklahoma. “As its name implies, this legislation would protect our soy farmers and others from SEC rulemaking that would place cumbersome, costly regulatory and reporting requirements on our farmers without real benefit to what the commission aims to accomplish.”
“If finalized in its current form, the SEC’s climate disclosure rule would reach into every corner of U.S. agriculture, all the way down to our family farms,” said Jared Balcom, National Potato Council 2022 President and potato grower from Washington state. “The costs and burdens to comply with this new mandate from a Wall Street regulator would be devastating for rural America. We appreciate Congressman Lucas and the 101 original cosponsors of the Protect Farmers from the SEC Act for supporting American agriculture by opposing this governmental overreach.”
“U.S. farmers and ranchers absolutely need this exemption from the Securities Exchange Commission’s climate disclosure proposal. Our producer members already face nearly insurmountable proposed and ongoing regulatory burdens from an array of federal agencies. Their main job should be putting American beef on American plates, not managing the complex clerical duties of SEC compliance rules,” said USCA President Brooke Miller. “USCA appreciates Rep. Frank Lucas of Oklahoma for his leadership on introducing this important legislation.”
“I would like to thank Representative Lucas for his leadership in introducing this legislation and ensuring that farmers and ranchers across the country are not forced into costly reporting requirements based on commitments made by public companies hundreds—or even thousands–of miles from a corn field in Indiana or a dairy barn in Idaho,” said Chuck Conner, President and CEO of the National Council of Farmer Cooperatives. “Agricultural producers and their co-ops are already implementing many practices that sequester carbon, reduce greenhouse gas emissions and address other critical resource concerns. To encourage this trend, the adoption of these practices must remain voluntary, incentive-based and guided by the science—not something that is dictated to producers by either government agencies or public companies.”
“The Agricultural Retailers Association (ARA) is proud to support Congressman Lucas’ legislation, Protect Farmers from the SEC Act. These days, farmers and ranchers are being asked to produce more using fewer resources while also being responsible for decreasing GHG emissions. The ag retailers that supply those producers are doing what they can to provide voluntary and incentive-based options for growers to help solve these issues. The SEC’s proposed reporting rule would be extremely burdensome to both ag retailers and their grower customers, and this legislation addresses those issues at a critical time. American farmers are the true conservationists and are doing everything they can to preserve the land and address climate issues while feeding a growing population. Now is not the time to stifle progress in these areas via onerous regulatory oversight.”
Lucas was joined by 101 original cosponsors, including Representatives John Rose (TN-06), Austin Scott (GA-08), Ron Estes (KS-04), Mike Rogers (AL-03), Dan Meuser (PA-09), Tom Cole (0K-04), Bill Johnson (OH-6), Rick Crawford (AR-01), Jake La Turner (KS-02), Diana Harshbarger (TN-01), Jack Bergman (MI-01), Bob Gibbs (OH-07), Barry Moore (AL-02), Jim Baird (IN-04), Markwayne Mullin (OK-02), Randy Weber (TX-14), John Curtis (UT-03), Virginia Foxx (NC-05), Stephanie Bice (OK-05), Ken Buck (CO-04), Dan Newhouse (WA-04), Mary Miller (IL-15), Buddy Carter (GA-01), Mariannette Miller-Meeks (IA-02), Kat Cammack (FL-03), Tracey Mann (KS-01), Tom McClintock (CA-04), Sam Graves (MO-06), Julia Letlow (LA-05), Dusty Johnson (SD-AL), Rob Wittman (VA-01), David Rouzer (NC-07), Chris Stewart (UT-02), Ted Budd (NC-13), Rick Allen (GA-12), Scott Franklin (FL-15), Michael Guest (MS-03), Bruce Westerman (AR-04), Ashley Hinson (IA-01), Liz Cheney (WY-AL), Greg Murphy (NC-03), Steve Womack (AR-03), Tim Walberg (MI-07), Doug LaMalfa (CA-01), Richard Hudson (NC-08), Greg Pence (IN-06), August Pfluger (TX-11), Joe Wilson (SC-02), Jerry L. Carl (AL-01), Randy Feenstra (IA-04), Young Kim (CA-39), Nancy Mace (SC-01), Louie Gohmert (TX-01), Pete Stauber (MN-08), Yvette Herrell (NM-02), Bill Posey (FL-08), Mike Bost (IL-12), Andy Biggs (AZ-05), Pete Sessions (TX-17), Chuck Fleischmann (TN-03), Mike Flood (NE-01), Claudia Tenney (NY-22), Mike Carey (OH-15), David McKinley (WV-01), Ralph Norman (SC-05), Jake Ellzey (TX-06), Clay Higgins (LA-03), Bob Good (VA-05), Drew Ferguson (GA-03), Larry Bucshon (IN-08), Chris Jacobs (NY-27), Michael McCaul (TX-10), Doug Lamborn (CO-05), Lance Gooden (TX-05), Russ Fulcher (ID-01), Neal Dunn (FL-02), Michael Waltz (FL-06), Andy Barr (KY-06) Kelly Armstrong (ND-AL), Brad Wenstrup (OH-02), Tom Tiffany (WI-07), Mike Johnson (LA-04), Mayra Flores (TX-34), Adrian Smith (NE-03), Kevin Brady (TX-08), Ben Cline (VA-06), Troy E. Nehls (TX-22), Vicky Hartzler (MO-4), Matt Rosendale (MT-AL), Cathy McMorris Rodgers (WA-05), Roger Williams (TX-25), Brian Babin (TX-36), Tom Emmer (MN-06), Matt Rosendale (MT-AL), Trent Kelly (MS-01), Michelle Fischbach (MN-07), Tony Gonzales (TX-23), Ronny Jackson (TX-13), Michael Cloud (TX-27), Darin LaHood (IL-18), Brad Finstad (MN-01), and David Kustoff (TN-8).
Read more about the Protect Farmers from the SEC Act here.
For bill text of Protect Farmers from the SEC Act, click here.
For a summary, click here.
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