The Buckeye Institute has filed an amicus brief in the case of Iowa v. U.S. Securities and Exchange Commission (SEC), urging the U.S. Court of Appeals for the Eighth Circuit to reject a new SEC rule mandating environmental, social, and governance (ESG) reporting. The Institute argues that this rule exceeds the SEC’s Congressional authority and could have severe economic repercussions for American farmers and families.
David C. Tryon, director of litigation at The Buckeye Institute, stated, “Once again, the Securities and Exchange Commission has used the regulatory process to impose a policy that American consumers do not want, which Congress did not authorize, and which harms Americans.” He further emphasized that the rule could be disastrous for struggling American farmers and families.
The Buckeye Institute's research report titled "Net-Zero Climate-Control Policies Will Fail the Farm" was cited in their brief. According to their findings, implementing ESG reporting would lead to a 34 percent increase in operating expenses for farmers and a 15 percent—or $1,330—increase in annual grocery bills for families. The Institute also contends that these increased costs are so significant that they violate the major questions doctrine.
The case of Ohio Bureau of Workers’ Compensation v. SEC and seven other cases have been consolidated into Iowa v. SEC.