The agency is being challenged in court over rules requiring businesses to disclose climate-related risks.
The Securities and Exchange Commission (SEC) voted on March 27 to end legal support for rules requiring businesses to disclose climate-related risks and greenhouse gas emissions.
“The truth is, the majority of the committees are going over their fingers and eating popcorn on the sidelines while eradicating the end of this rule,” Crenshaw said. “The courts should not take food.”
The Epoch Times reached the SEC for further comment.
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The regulations also required some large and medium-sized businesses to disclose the amount of carbon dioxide being released by their operations.
In a statement after adopting the rules last year, the SEC said the regulations “reflect efforts on how to manage those risks while balancing investors’ demands for comparable, reliable information with concerns about reducing the relevant costs of regulations.
The plaintiffs further argued that the rules would pay more deficits on businesses, and they argued that, in contrast to financial return ratios, are part of the wider push by the Biden administration to ensure that investment decisions focus on climate-related considerations.
Despite the suspension, the SEC pledged to “continue to actively defend the disclosure requirements” and said “the final rules are consistent with applicable law and do not deviate from the view that they are consistent within the Commission’s longstanding authority to request disclosure of information important to investors in investment and voting decisions.”
The regulator has notified the U.S. Court of Appeals about the planned course of action in the 8th Circuit, facing a voluntary deadline of March 28.
The letter said the committee will return the time for oral discussion to the court.
Reuters contributed to this report.
