The SEC Oversteps its Powers on Climate Change

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CEI’s Stone Washington was cited in American Thinker on government overreach:

The Competitive Enterprise Institute (CEI) just produced a comprehensive study addressing all these points in detail. Its author, Stone Washington, concludes:

The SEC’s rule… [i]f finalized… could be the most ambitious and expensive mandate in the history of corporate finance regulation.”

This 500-page rule serv[ing] as the centerpiece for the SEC’s agenda on environmental, social, and governance (ESG) investing… exceeds the agency’s statutory authority. It also undermines the agency’s existing disclosure-based framework.

Washington concludes the rule places the SEC at legal risk with the judiciary and the legislative branches of government, because “[t]he agency not only stands in defiance of Congress, it also ignores established judicial precedent by redefining the US Supreme Court’s interpretation of ‘materiality’ in corporate disclosure.”

Read the full article on American Thinker.