Attorney General John M. Formella announced a victory against a Security and Exchange Commission (“SEC”) mandate that would force businesses to track and report greenhouse gas emissions. New Hampshire joined a 25-state coalition in securing a temporary, nationwide block on the SEC’s extreme climate mandate while a lawsuit continues.
“This SEC overreach would significantly hurt businesses here in New Hampshire and across our country by devastating the supply chain and imposing costly red tape. This goes well beyond the Commission’s important mandate: protecting American investors from fraud and protecting the financial integrity of our nation’s security exchanges,” said Attorney General Formella. “The SEC knows it has completely overstepped its bounds here, as the rule far exceeds the agency’s statutory authority, is not in accordance with the law, and would negatively impact our economy.”
The mandate is part of an attempt by the federal government to influence investments based on climate change theories instead of returns. It would also require businesses to disclose climate-related risks, including higher insurance rates from weather disasters, and release a plan to adapt to climate agenda recommendations. The plan is estimated to cost businesses billions of dollars every year.
The States make the case that the SEC cannot implement the climate mandate without an act of Congress. This is just the most recent example of the federal government going too far to force a radical green scheme.
Original source can be found here.