‘Unprecedented Level of Federal Overreach’: 16 Governors Urge Biden to Rescind Costly Wall Street Climate Rules

A coalition of 16 Republican governors sent a letter Tuesday to President Joe Biden, urging him to rescind a proposal introducing a series of climate requirements for companies.

The recent Securities and Exchange Commission (SEC) proposal, which forces publicly-traded companies to share so-called climate change risks and greenhouse gas emissions, would harm businesses and investors by adding high compliance costs, the governors argued in the letter addressed to both Biden and SEC Chairman Gary Gensler. The climate disclosure rule, they added, would also represent an overstepping of the SEC’s authority.

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Big Business Wins Again: Biden Climate Rules Will Hurt Small Companies Most

America’s top financial regulator issued climate disclosure rules that are more burdensome for smaller companies than large companies, according to the agency’s own analysis.

While the rules would cost large corporations $640,000 at first and $530,000 in subsequent years, they would cost smaller publicly-traded companies $490,000 initially and $420,000 in following years, the Securities and Exchange Commission (SEC) said in its proposal. The regulator’s analysis suggests that smaller companies would feel a relatively larger financial burden as a result of the proposed disclosure rules.

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Biden Administration Approves Rule Forcing Companies to Hire Minority, LGBTQ+ Executives and Publicly Disclose Diversity

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The top U.S. financial regulatory agency approved a rule that forces publicly-traded companies to reveal the diversity of their executive boardroom to investors.

The Securities and Exchange Commission (SEC) voted in favor of the rule, which will apply to all companies traded on the Nasdaq stock exchange, according to the text of the approval released Friday. The rule, first proposed by Nasdaq in December, will also require companies to hire at least one female director and one either minority or LGBTQ+ director to their boards.

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