March 21, 2024

Appeals Court Crushes Biden’s Carbon Emissions Disclosure Rule

Joe Biden continues to have problems pushing his aggressive green energy agenda forward.

When Biden is not having problems pushing EVs on people and outlawing gas stoves, he is being challenged in the courts.

This time, Biden’s rule to force private companies to disclose their carbon emissions has been blocked.

Not Happening

The new rule had been put in place by the Securities and Exchange Commission (SEC).

This would have forced private companies to expose their carbon emissions and climate change risk to investors.

The 5th Circuit Court of Appeals paused the rule, but there was no official reason given why the decision was made.

The petition to the court was made by energy companies Liberty Energy and Nomad Proppant Services, the states of Louisiana, Mississippi, and Texas, and business groups Chamber of Commerce, Texas Alliance of Energy Producers, and Domestic Energy Producers Alliance.

Tom Quaadman, the executive vice president of the Chamber of Commerce's Center for Capital Markets Competitiveness, responded to the ruling, stating, "For two years now, the U.S. Chamber of Commerce has raised significant concerns about the scope, breadth, and legality of the SEC’s climate disclosure efforts.

"The Chamber will continue to use all the tools at our disposal, including litigation if necessary, to prevent government overreach and preserve a competitive capital market system.”

House Financial Services Chairman Bill Huizenga (R-MI) also took a shot at the administration during a recent hearing, stating, “In the two years since the climate disclosure rule was proposed, we have witnessed an unprecedented assault on our capital markets.

“The Commission finalized the climate rule despite no clear congressional authorization. Although Chair Gensler has repeatedly reminded the public that he is not a ‘climate regulator,’ under his leadership, the SEC has strayed far from its clear statutory mission.

"Investors should know that the SEC’s overreach will significantly hurt our economy while serving as a boon for special interest groups and far-left activists.

“Unless he radically alters this approach to our capital markets, Gary Gensler’s legacy will be of an overzealous bureaucrat who was repeatedly reined in by the courts."

This issue is far from settled, as there are dozens of states pushing back against these rules as well environmental advocacy groups wanting the government to take these rules even further.

For now, Biden has been stopped on this particular issue, but who knows how long that will last at the pace Biden keeps bending the rules and attacking the fossil fuel industry.

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