West Virginia Attorney General Patrick Morrisey announced a victory against the Biden administration’s Security and Exchange Commission mandate that would force business to track and report greenhouse gas emissions.
The Attorney General co-led a 25-state coalition in compelling the SEC to impose a temporary, nationwide block on Biden’s extreme climate mandate while the lawsuit continues.
“The Biden administration wants to radically transform the SEC run by unelected bureaucrats and make them champions of climate change, regardless of what the agency's functions are—Biden is creating a federal bureaucracy to suit his agenda,” Attorney General Morrisey said. “The rule would provide for coordinated discrimination against areas of the country like West Virginia that depend most heavily on fossil fuels for energy.”
“This is another attempt from Biden’s administrative state to target fossil fuel companies as part of a larger partisan strategy.”
The 500-plus page SEC rule is called “The Enhancement and Standardization of Climate-Related Disclosures for Investors.”
Under that mandate—part of Biden’s radical green scheme and an attempt to influence investments based on climate change theories instead of returns—public companies would have to produce exhaustive disclosures concerning greenhouse gases and climate change.
Among other things, it would require companies to disclose greenhouse gas emissions they directly or indirectly produce, and how climate risk affects their businesses. The companies would have to report on their climate risks, as well as risks related to the physical impact of storms, drought and higher temperatures.
The plan is estimated to cost businesses billions of dollars every year.
The Attorney General argues the SEC cannot implement the climate mandate without an act of Congress.
The challenge is led by West Virginia, Iowa, Georgia, Louisiana and Ohio. They were joined by Alabama, Alaska, Arkansas, Idaho, Indiana, Kentucky, Mississippi, Missouri, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia and Wyoming.
Original source can be found here.