WASHINGTON — U.S. Rep. Vicente Gonzalez, whose district includes Cameron County, and U.S. Rep. Ronny Jackson have introduced the Scope 3 Act, a bill that would block the Biden administration’s efforts to require publicly traded companies to disclose greenhouse-gas emissions in their value chains.
On March 21, 2022, the Securities and Exchange Commission proposed a rule change for the Enhancement and Standardization of Climate-Related Disclosures for Investors, mandating extensive climate disclosures for companies while placing a significant regulatory burden on small and medium-sized entrepreneurs.
The legislation would block the SEC’s latest attempts to force radical climate regulations on American businesses.
“In a time of increased costs and supply shortages, we cannot impose impractical regulatory burdens and costs on those who are integral to our food and national security,” Gonzalez stated. “I’m proud to work with Congressman Jackson to re-introduce the Scope 3 Act for South Texas families and small businesses.”
“The SEC is supposed to be responsible for enforcing the law against market manipulation and fraud, but instead they’re playing partisan politics,” Jackson stated. “While Americans are still struggling with skyrocketing inflation, this proposed rule will only lead to even more bureaucracy and regulatory burden on American businesses. Small and medium-sized family operations would be forced to allocate time and finances to disclose business-related data regarding their emissions in an effort to comply with unnecessary climate standards. The Biden administration has weaponized the SEC to promote environmental, social and governance investing and the American people will bear the brunt of this terrible decision.”
“Texas Farm Bureau applauds Congressmen Ronny Jackson and Vicente Gonzalez for introducing bipartisan and commonsense legislation to limit publicly traded companies from being required to disclose the greenhouse gas emissions information under Scope 3 of the SEC Act of 1934,” Russell Boening, the Texas Farm Bureau’s president, stated. “TFB and the many farm and ranch families it represents have serious concerns about the SEC’s proposed rule which would mandate extensive climate disclosures by public companies, including measured impacts for their entire supply chain. Ultimately, the rule could have severe consequences for farmers’ and ranchers’ ability to produce food, fuel and fiber worldwide. We thank the congressmen for leading this legislation and look forward to our continued work on this important issue.”
The legislation is supported by the National Sorghum Producers, the Texas Farm Bureau, the Texas Cattle Feeders Association, the Texas Bankers Association, the Texas Corn Producers, the Texas Grain Sorghum Association and the American Exploration and Production Council.
