Barrasso Bill blocks SEC Climate Change regulations
by Senator Barrasso media release
February 24, 2010
WASHINGTON, DC – Today, (Wednesday, February 24, 2010) US Senator John Barrasso (R-Wyo.) introduced the Maintaining Agency Direction on Financial Fraud Act to block the Security and Exchange Commission’s (SEC) new requirement that companies disclose the impacts of climate change on their businesses. Senator Barrasso released the following statement about the legislation:
"For years, the SEC missed all of the clues about Bernie Madoff’s Ponzi scheme. In the aftermath of this historic failure, it’s clear that the SEC should focus on its core mission of protecting American investors and maintaining fair markets.
"Instead, the SEC now wants to devote time and resources to climate change. This is absurd.
"The Maintaining Agency Direction on Financial Fraud Act blocks the SEC’s efforts to force American employers to conduct burdensome and expensive climate analysis.
"While President Obama has said that job creation is his top priority, his Administration and his political appointees continue to take their eyes off the economy.
"The Administration has replaced the ‘too big to fail’ policy with a ‘too regulated to succeed’ policy.
"My bill will help ensure that Washington truly focuses on the economy. We must make it easier for businesses to create new jobs and hire new employees."
BACKGROUND
On January 27, 2010, the Securities and Exchange Commission voted to require companies to publicly disclose the impact climate change will have on their businesses. As The Washington Post (http://www.washingtonpost.com/wp-dyn/content/article/2010/01/27/AR2010012704502.html) reported, this includes "new regulations or legislation they may face domestically or abroad to potential changes in economic trends or physical risks to a company."
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