{"id":11629,"date":"2023-02-06T10:05:41","date_gmt":"2023-02-06T10:05:41","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=11629"},"modified":"2023-02-06T10:05:42","modified_gmt":"2023-02-06T10:05:42","slug":"republicans-launch-group-to-combat-threat-of-esg-rein-in-sec","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/republicans-launch-group-to-combat-threat-of-esg-rein-in-sec\/","title":{"rendered":"Republicans Launch Group to \u2018Combat Threat\u2019 of ESG, ‘Rein in’ SEC"},"content":{"rendered":"\n
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Republicans in the U.S. Congress have launched a new ESG Working Group, aimed at coordinating the party\u2019s approach to ESG proposals, and signaling particular focus on the upcoming climate disclosure rules anticipated by the Securities and Exchange Commission (SEC) this spring.<\/p>\n\n\n\n

In a statement announcing the formation of the working group, Patrick McHenry, Chairman of the House Financial Services Committee, said that the group aimed to \u201cto combat the threat to our capital markets posed by those on the far-left pushing environmental, social, and governance (ESG) proposals.\u201d<\/p>\n\n\n\n

McHenry said:<\/p>\n\n\n\n

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\u201cProgressives are trying to do with American businesses what they already did to our public education system\u2014using our institutions to force their far-left ideology on the American people. Their latest tool in these efforts is environmental, social, and governance proposals.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The working group will be led by Bill Huizenga, who was appointed last month to chair the Oversight & Investigations Subcommittee on the House Financial Services Committee.<\/p>\n\n\n\n

Among the key focus areas of the working group, according to the statement, will be to \u201crein in the SEC\u2019s regulatory overreach.\u201d The SEC is expected in April to release the final version of its climate disclosure rules for public companies. According to the SEC\u2019s initial proposal released last year<\/a>, the rules would for the first time require U.S. companies to provide information on climate risks facing their businesses, and plans to address those risks, along with metrics detailing the companies\u2019 climate footprint including Scope 1, 2 and in some cases Scope 3 greenhouse gas (GHG) emissions.<\/p>\n\n\n\n

Huizenga specifically referred to the SEC\u2019s climate disclosure rule as a \u201cprime example of overreach,\u201d and cited the Supreme Court\u2019s decision last year ruling that the Environmental Protection Agency (EPA) did not have the authority to regulate limits to carbon emissions from coal plants. In that case, the court that the federal agency had not been granted authority by Congress to implement regulations with such \u201ceconomic and political significance.\u201d<\/p>\n\n\n\n

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I am ready to lead the response to the far-left\u2019s ESG push. @GaryGensler<\/a>\u2019s climate disclosure rule is a prime example of ESG overreach. We will promote capital markets & defend retail investors. Thank you @FinancialCmte<\/a> Chair McHenry for this opportunity. https:\/\/t.co\/GSo2cdK6Xh<\/a><\/p>— Rep. Bill Huizenga (@RepHuizenga) February 4, 2023<\/a><\/blockquote>