The Securities and Exchange Commission (SEC) (not to be confused with SEEC!) is getting cold feet.
After SEEC Vice Chair Sean Casten led the charge calling for climate-disclosure requirements for the financial sector, the SEC proposed a plan to do just that. But now the Wall Street regulating agency is considering backtracking on those plans after receiving relentless Republican backlash.
While the final plan is still expected to mandate some climate disclosures in financial statements, the SEC is considering going easy on corporations by raising the threshold at which companies must report climate costs. It also may scale back the amount of info that companies have to provide on climate impacts along their supply chains.
This is all thanks to the GOP. Politicians like Ron DeSantis and Kevin McCarthy have pushed this “woke capitalism” propaganda campaign to scare and shame the financial sector from advancing climate change policies. It’s clear that the SEC is getting an earful from Republicans and are choosing to backpedal, even though they know climate change is a real and present threat.
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