Southeastern Legal Foundation (SLF) joined a coalition of organizations in an amicus brief before the Eighth Circuit Court of Appeals challenging a new rule by the Securities and Exchange Commission (SEC) that will require corporations to include environmental impact information in their financial disclosures. Under the new rule, companies must report information including greenhouse gas emissions and the risks and effects that their operations will have on the environment.
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Ever since President Biden took office, executive agencies have been usurping congressional authority by creating and enforcing new rules without statutory authorization. From the Department of Education’s overhaul of Title IX, to the Department of Agriculture’s attempts to discriminate against farmers based on race and sex, organizations like SLF find themselves consistently bringing the Biden Administration to court.
This time, several states and interest groups are challenging the SEC over its unconstitutional and unlawful power grab.
As SLF and amici explain in their brief, the SEC is ignoring separation of powers by circumventing Congress and engaging in lawmaking itself. The SEC is abusing its power to regulate financial disclosures to serve a political climate change agenda. And to make matters worse, the SEC is run by unelected bureaucrats, meaning the American people cannot simply vote them out of office if they disagree with their policies.