Legal Eagles eyeing a lavish loot.
Daily Caller (1/13/23) reports: "In a setback for former government officials and attorneys poised to cash in on proposed climate disclosure rules, the Securities and Exchange Commission continued to kick the ball down the road last year. Many of the objections raised in public comments revolve around so-called Scope 3 emissions that are not directly produced by companies and instead result from what occurs 'upstream' and 'downstream' of a company’s activities. That’s a problem because if the SEC rule is finalized the commission would effectively extend its jurisdiction to include private companies that transact business with public firms registered with the SEC... Dan Kish, a senior fellow at the Institute for Energy Research, a Washington-based nonprofit, sees a potential 'big payday for law firms' attached to the SEC’s supply chain reporting mandates. 'This is all about expanding the size and scope of government,' he said in an interview. 'Lawyers can get involved with a class action lawsuit and they’ll say this particular company didn’t properly report their emissions. You can expect the lawyers to take a huge chunk from these suits. This gets into very gray areas about how a company can be expected to account for every single item along the supply chain.' Kish continued: 'You’ll have lawyers intervening supposedly to protect the public interest, but they’ll be raking in all kinds of cash. The process doesn’t stop here since the law firms will then dump campaign contributions into the coffers of the people pushing these policies.'"
|
|
|
|
|
|
"Is the Biden administration paying attention? Obviously not, as the massive regulatory effort to transform the U.S. economy is accelerating, hindered only by some judicial decisions and the adverse politics of rising energy costs, which is why the Biden regulatory policies have never been enacted by Congress."
– Benjamin Zycher,
American Enterprise Institute
|
|
|
|
|
|
