Barrasso revives battle against SEC climate risk disclosure

Sen. John Barrasso (R-Wyo.) is reviving his effort to block a Securities and Exchange Commission policy that pushes companies to disclose risks stemming from climate change in filings with regulators.

He reintroduced legislation Wednesday with Rep. Bill Posey (R-Fla.) that scuttles the disclosure policy.

“In this economy, the SEC’s main responsibility should be to protect American investors and maintain fair markets,” Barrasso said in a statement. “Instead, it’s actually wasting time and resources on regulating climate change. This is yet another startling example of how the Administration is making it worse for job creators across our country.”

Barrasso is among Capitol Hill’s most ardent critics of federal policies to slow greenhouse gas emissions; he has also taken aim at CIA climate programs and Environmental Protection Agency rules.

In early 2010 the SEC issued guidance that explains when existing rules for public companies require disclosure of climate-related matters.

The SEC said companies should provide information on how their business might be affected by existing and proposed climate laws and policies, as well as international agreements.

For instance, demand for goods that produce substantial amounts of greenhouse gas emissions could drop, while demand for products that help reduce emissions could rise, the SEC said when issuing the policy in January of 2010.



Companies should also disclose how changing environmental conditions could affect them, the SEC said.

Environmentalists and green investing advocates cheered the SEC disclosure policy.