WASHINGTON, D.C. — U.S. Chamber of Commerce Center for Capital Markets Competitiveness Executive Vice President Tom Quaadman issued the following statement regarding the U.S. Chamber of Commerce's lawsuit against the U.S. Securities and Exchange Commission's (SEC) climate rule:
“While we appreciate Chairman Gensler’s constructive engagement with the business community and many of the modifications made by the SEC to the original proposed rule, the final rule makes substantively harmful changes to 50 years of corporate governance precedent that will have implications well beyond this single rule. Consequently, we are compelled to seek redress in the courts over this flawed rule.”
“Specifically, as part of the final rule, the SEC has seriously eroded the reasonable investor standard of materiality. Further, the agency is attempting to micromanage how companies make key determinations about materiality. These changes will only create more confusion and undermine investor confidence in our public company system.”
“Stopping this government micromanagement of business is the same reason why we successfully sued the SEC over its stock buybacks rule in 2023.”
“The U.S. Chamber supports a framework for disclosure of material climate risks and emissions. The best path forward is for the SEC to propose a new rule.”
