SEC Seeks to Pause Climate Disclosure Rule Lawsuit
The Acting Chair of the U.S. Securities and Exchange Commission (SEC), Mark Uyeda, announced Tuesday that the agency is requesting a court injunction to pause proceedings in a lawsuit challenging a climate disclosure rule. The rule, enacted by Uyeda's predecessor, has faced controversy and was swiftly stayed.
In a statement, Uyeda expressed concerns about the rule's alleged flaws and potential negative impact on capital markets and the economy. The SEC is seeking guidance from the court while it reviews and potentially amends the rule.
The lawsuit was filed by the American Petroleum Institute and other industry groups, who argue that the rule is beyond the SEC's authority and would impose excessive burdens on companies.