Last month, the Securities and Exchange Commission (SEC) released the final version of its climate disclosure rule. The announcement was met with a wide variety of reactions – proponents saying the rule was too watered down and opponents saying that it still needs to be repealed. These sentiments were not lost among key congressional leaders who have recently announced the need to repeal this overreaching rule.

Last month, Senate Banking Committee Ranking Member Tim Scott (R-SC) smartly led an effort to introduce a Congressional Review Act (CRA) resolution for the SEC. The CRA aims to overturn the SEC’s climate disclosure rule which they say will “bury public companies in paperwork, raise costs for consumers, and stifle economic opportunity.”

Rep. Bill Huizenga (R-Mich.) presented a bill that would effectively reverse the SEC’s climate rule, adding to the efforts already being made to rescind the mandate. The bill, signed onto by other House Republicans, would utilize the CRA to overturn the final rules placed on a stay in April.

It’s evident that more still needs to be done to rein in the SEC. Chairman Gary Gensler clearly will not pull back his regulatory brigade, and Congress must be there to keep the Commission accountable. Common sense points to a repeal of this rule and a tighter hold on the SEC.

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