Financial officers applaud climate rule rescission

A group of state financial officers praised the U.S. Securities and Exchange Commission for moving to rescind its 2024 climate disclosure rules, which they say are expected to save public businesses more than $7.9 billion. The SEC had approved amendments in March 2024 requiring public companies to disclose greenhouse-gas emissions, how they managed climate-related risks, and financial statements tied to severe weather events. In a letter to SEC Secretary Vanessa Countryman, the officers argued the SEC is not a climate regulator and that mandatory climate disclosure falls outside the agency’s statutory responsibilities. They also said the proposed reporting exceeded congressional boundaries, and noted that litigation had prevented implementation. The letter was signed by at least 17 officers, including Kentucky Auditor Allison Ball, Arizona Treasurer Kimberly Yee, Idaho Comptroller Julie Ellsworth, Pennsylvania Treasurer Stacy Garrity, and South Carolina Treasurer Curtis Loftis.