Central Louisiana News

U.S. Senators Bill Cassidy, M.D. (R-LA), Tim Scott (R-SC), and 31 Republican colleagues have taken a stand against the Securities and Exchange Commission’s (SEC) climate disclosure rule. Dr. Cassidy expressed his concern, stating, “Climate change is not the SEC’s job. We cannot allow the Biden administration to drown companies in paperwork and penalties. Higher reporting and compliance costs are the last thing they need in this economy.” Senator Scott echoed these sentiments, emphasizing that the SEC's rule threatens economic opportunity and must be overturned. He criticized SEC Chair Gensler for pursuing a left-wing political agenda at the expense of American businesses, stating, “The SEC’s mission is to regulate our capital markets and ensure all Americans can safely share in their economic success – not to force a partisan climate agenda on American businesses. This rule is federal overreach at its worst, and the SEC should stay in its lane.”

The senators were supported by every Republican on the Senate Banking Committee in their efforts to introduce a Congressional Review Act resolution to roll back the SEC's climate disclosure rule. This group included prominent figures such as Senator Mike Crapo, Senator Mitch McConnell, and Senator Marco Rubio, among others.

Dr. Cassidy has been vocal in opposing the SEC's climate disclosure rule, arguing that it exceeds the agency's mission, expertise, and authority and could harm consumers, workers, and the U.S. economy. The SEC, under Chair Gary Gensler, has been criticized for its aggressive regulatory agenda, which has raised concerns about the impact on capital markets, retirement savers, and businesses.

Through their collective action, these senators are aiming to address what they see as government overreach and protect businesses from unnecessary regulatory burdens.