SEC Fakes Approval For New Climate Regulations From Activists, Foreign Investors While Ignoring American Companies’ Mass Opposition

The U.S. Securities and Exchange Commission is relying on a network of foreign investors to present an illusion of broad support for the agency’s proposed climate disclosure rule, which threatens to increase structural risks to the American economy.

In March, the trade agency outlined new regulations requiring firms to report their estimated energy emissions. While the SEC technically only has jurisdiction over publicly traded companies, the broad nature of the agency’s proposal aims to coerce private businesses into carbon calculations that track the behavior of their customers. Firms that fail to comply with government standards are subject to fines and lawsuits.

The new rules are “a disingenuous power grab by the SEC,” Will Hild, the executive director of Consumers’ Research, said in an interview.

“By requiring the corporations the SEC regulates to make scope 2 emissions disclosures, those corporations will be forced to require the businesses they source from to calculate and disclose their emissions or stop doing business with them,” Hild told The Federalist. “So even if a business is private (not publicly traded) but their customers are public companies, then the SEC will have effectively forced them to participate in the disclosures scheme.”

According to an analysis of the SEC’s proposal from the Western Energy Alliance, a coalition of predominantly small independent oil and gas producers, more than 80 percent of asset managers cited by the agency as supportive of the new regulations are foreign. Just 7 percent of American asset managers support the disclosure rules.

The white paper from the Alliance published in June outlines how activist investors are masquerading as representative of majority sentiment on Wall Street despite just a handful of firms forming multiple coalitions. According to the report, seven major climate change advocacy organizations cited by SEC as behind the agency on mandated disclosure include the same investor coalition groups working in close collaboration. It’s as if the same 50 members of Congress formed 100 different caucuses that pledged support to particular legislation to show proof of consensus.

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Author: HP McLovincraft

Seeker of rabbit holes. Pessimist. Libertine. Contrarian. Your huckleberry. Possibly true tales of sanity-blasting horror also known as abject reality. Prepare yourself. Veteran of a thousand psychic wars. I have seen the fnords. Deplatformed on Tumblr and Twitter.

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