Lawmakers Express Concern Over SEC Overreach
The Securities and Exchange Commission recently proposed a rule requiring companies to disclose emissions throughout the supply chain. Andrew Walmsley, American Farm Bureau Federation Senior Director of Government Affairs, explains how that may burden farmers and ranchers.
"The rule proposes to require large companies, those that you think about being on Wall Street, to disclose their scope three emissions," Walmsley said. "While the SEC doesn't necessarily regulate farmers or ranchers, this rulemaking could create burdensome paperwork and liabilities for farmers and ranchers to comply with what the companies need to meet the obligations for the SEC."
This week, a bipartisan group of lawmakers outlined concerns in a letter to the SEC.
"We appreciate Congress taking interest in this issue. Because of these concerns, Congressman Rose of Tennessee, who serves on the Financial Services Committee, led a letter of over 100 members of Congress raising concerns with the SEC," Walmsley said.
AFBF President Zippy Duvall recently commented on a bipartisan letter from members of Congress expressing concerns about the Security and Exchange Commission’s (SEC) proposed rule, “The Enhancement and Standardization of Climate Related Disclosures for Investors.”
“The Securities and Exchange Commission plays an important role in protecting investors, but its reach has never extended to America’s farms. The bipartisan letter sent to the SEC recognizes the proposed rule’s overreach by an agency whose mission should be focused on Wall Street," Duvall said. "America’s families rely on farmers to put food on their table every day, and farmers are increasingly being asked to answer the growing call for nutrition from families around the globe. Higher costs, liabilities and privacy issues will all create obstacles to reaching those goals."
American Farm Bureau Federation will be submitting comments, and Walmsley encourages farmers and ranchers to do the same.
"The comment period ends June 17. We are encouraging farmers and ranchers and others that are concerned about overreach at the SEC to do the same," Walmsley said. "We have an action alert where you can easily send a message to the SEC on our website, fb.org. In addition to sending a message to the SEC, send a letter to your member of Congress and Senators raising concerns over this rulemaking to let them weigh in with the SEC to make sure they stay within their jurisdiction of Wall Street, not regulating farmers and ranchers."
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