(OCTOBER 5, 2022) – More than 100 members of the U.S. House of Representatives introduced legislation that would shield agricultural producers from a climate disclosure rule proposed earlier this year by the Securities Exchange Commission.
The “Protect Americas Farmers from the SEC Act” prohibits the SEC from requiring an issuer of securities to disclose greenhouse gas emissions from upstream and downstream activities in the issuer’s value chain arising from a farm.
The SEC’s proposed rule issued earlier this year stated that registrants would be required to disclose information about its direct and indirect greenhouse gas emissions and “climate-related risks.” The U.S. Cattlemen’s Association (USCA) submitted public comments in June opposing the rule.
USCA President Brooke Miller issued the following statement:
“U.S. farmers and ranchers absolutely need this exemption from the Securities Exchange Commission’s climate disclosure proposal. Our producer members already face nearly insurmountable proposed and ongoing regulatory burdens from an array of federal agencies. Their main job should be putting American beef on American plates, not managing the complex clerical duties of SEC compliance rules.
“USCA appreciates Rep. Frank Lucas of Oklahoma for his leadership on introducing this important legislation.”
For bill text of Protect Farmers from the SEC Act, click here. For a summary, click here.