{"database": "press", "table": "releases", "rows": [["https://hern.house.gov/news/documentsingle.aspx?DocumentID=1949", "Representative Hern, Senator Cramer File Bicameral Amicus Brief Against SEC\u2019s Climate Disclosure Rule", "2024-06-26", "2024", "2024-06", "Republican", "House", "OK", "Kevin Hern", "H001082", "hern.house.gov", "hern", "https://hern.house.gov/news/documentquery.aspx", "scraper", "WASHINGTON, DC \u2013 Representative Kevin Hern (OK-01) and Senator Kevin Cramer (R-ND) filed a bicameral amicus brief with colleagues in the House and Senate in Texas Alliance of Energy Producers, et al v. SEC, requesting the Court vacate the agency\u2019s Climate Rule.\n\nThe Securities and Exchange Commission (SEC) adopted a finalized rule in March requiring publicly traded companies to disclose their greenhouse gas (GHG) emissions data. This is the first time the SEC has published a rule requiring companies to submit climate-related information. Critics contend it is \u201cunlawful several times over.\u201d Multiple lawsuits are pending in the Eighth Circuit, including a petition seeking review of the regulations filed by the Texas Alliance of Energy Producers and the Domestic Energy Producers Alliance.\n\nThe amicus brief argues the Climate Rule would greatly increase the burdens placed on publicly traded companies in ways that will ultimately harm investors in those companies. As elected members of Congress, the brief highlights strong institutional interests in protecting Congress\u2019 power to enact legislation governing the nation, including laws addressing securities markets and climate policy.\n\n\u201cThe SEC, as a securities regulator, is not empowered to impose sweeping climate-related regulations on publicly traded companies,\u201d the amicus brief stated. \u201cCongress has demonstrated historical reluctance to pass broad climate legislation, particularly legislation that would dramatically impact federal securities law disclosure requirements. The SEC\u2019s overreach into climate regulation violates the separation of powers and the major questions doctrine, warranting the rule\u2019s invalidation.\u201d\n\n\u201cFurther highlighting the absence of authorization for the SEC\u2019s Climate Rule is its conflict with fundamental tenets of federal securities law that have existed for decades,\u201d the amicus brief continued. \u201cSpecifically, the Climate Rule contravenes the principle of materiality, a cornerstone of federal securities law. [\u2026] The SEC\u2019s historical stance and the Supreme Court\u2019s interpretation affirm that immaterial information should not be subject to mandatory disclosure. By focusing on environmental impacts rather than financial materiality, the Climate Rule deviates from the SEC\u2019s statutory mandate. Consequently, the Climate Rule\u2019s disclosure requirements conflict with established federal securities law precepts and should be vacated.\u201d\n\nIn addition to Hern and Cramer, the amicus brief was signed by U.S. Senators John Barrasso (R-WY), Marsha Blackburn (R-TN), Mike Braun (R-IN), Shelley Moore Capito (R-WV), Bill Cassidy, M.D. (R-LA), Ted Cruz (R-TX), Steve Daines (R-MT), Cindy Hyde-Smith (R-MS), Cynthia Lummis (R-WY), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Marco Rubio (R-FL), Eric Schmitt (R-MO), Tim Scott (R-SC), and Dan Sullivan (R-AK), and U.S. Representatives Rick Allen (R-GA-12), Kelly Armstrong (R-ND), Jodey Arrington (R-TX-19), Beth Van Duyne (R-TX-24), Morgan Griffith (R-VA-09), Harriet Hageman (R-WY), Tom McClintock (R-CA-05), Dan Meuser (R-PA-09), Cory Mills (R-FL-07), Dan Newhouse (R-WA-04), Ralph Norman (R-SC-05), Andy Ogles (R-TN-05), August Pfluger (R-TX-11), John Rose (R-TN-06), Keith Self (R-TX-03), Jason Smith (R-MO-08), and Ann Wagner (R-MO-02).\n\nThe amicus brief can be found here.", 1, "2026-03-30T01:40:41Z", "2026-04-07T21:11:47Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://hern.house.gov/news/documentsingle.aspx?DocumentID=1949"], "units": {}, "query_ms": 2.219317015260458, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}