Mark Uyeda, acting chair of the SEC, has announced efforts to retract a climate change disclosure rule originally adopted last year, which mandated extensive disclosures from public companies regarding their environmental impact. This decision follows legal challenges posed by multiple business groups and state attorneys general. The rule aimed to enhance transparency for investors by detailing potential financial risks stemming from climate change, yet it has faced criticism for being unnecessarily burdensome as many firms already disclose such information. The SEC's move indicates a pause in legal defense, suggesting potential rescission or modification of the regulation.
The Securities and Exchange Commission Chair, Mark Uyeda, has initiated steps to roll back a previously adopted climate change disclosure rule, responding to legal challenges.
Uyeda stated that the S.E.C. is pausing its defense of the climate change disclosure rule in response to pressures from business groups and state attorneys general.
The climate change disclosure rule aimed to provide investors with clearer insights on the environmental impact of companies, but faced criticism for being redundant.
The SEC's decision to pause further proceedings indicates a possible rescind or modification of the climate rule, reflecting ongoing tensions between regulators and businesses.
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