The United States is moving towards corporate social credits and away from capitalism with a new SEC rule that Democrats are forcing through in 60 days.
The Securities and Exchange Commission unveiled a proposal Monday requiring publicly traded companies to disclose emissions data and risks posed by climate change, The Washington Times reports.
It will undergo a 60-day public comment period before it becomes a rule, aka a law that circumvents Congress.
Republican lawmakers and industry groups said the regulators had overstepped their authority. They also believe it would spread confusion through corporate offices and on Wall Street, according to the Times report.
THE REPORT
Public companies have been required to disclose detailed financial annual and quarterly reports that include information about items such as the overall financial condition of the company, operating results, management compensation, and certain business events, including any acquisition of assets and changes in control of the company.
Now, they want climate ideology included as they view it from a far-left lens.
The SEC voted by 3-1 along party lines to move forward with the proposed climate rule. The commission’s Democratic members, as well as environmental advocates, described it as much-needed transparency that will provide investors and the public with important information about companies’ environmental impact, their risks from climate change, and steps they are taking to adapt.
“Our core bargain from the 1930s is that investors get to decide which risks to take as long as public companies provide full and fair disclosure and are truthful in those disclosures,” SEC Chairman Gary Gensler said. “That principle applies equally to our environmental-related disclosures, which date back to the 1970s.”
Gensler said. “That principle applies equally to our environmental-related disclosures, which date back to the 1970s.”
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Republicans will try to fight it.
Sen. Kevin Cramer, North Dakota Republican, accused the Biden administration of being “hell-bent on regulating fossil fuels out of existence.”
“Congress never passed a new law granting them new authority in this space,” Mr. Cramer, a member of the Senate Environment and Public Works Committee, said in a statement. “Secondly, the new climate reporting requirements are arbitrary and confusing. It only serves to further discourage investment in domestic energy development and prevent American energy independence.”
The American Petroleum Institute, which represents the oil and natural gas industry, was also displeased.
“We are concerned that the Commission’s sweeping proposal could require non-material disclosures and create confusion for investors and capital markets,” said Frank Macchiarola, API’s senior vice president of policy, economics, and regulatory affairs.
Democrats, who have been calling for the measure, said it would look out for investors’ interests. It’s actually incorporating far-left climate extremism into investing. The goal is, for now, to eliminate fossil fuels with nothing viable to replace them. It will destroy the economy.
THE PLAN FOR FAR-LEFT IDEOLOGY IN INVESTING
Democrats, with Biden’s encouragement, are aggressively discouraging investment in fossil fuels. They also want to indenture corporations and convert the Stock Market into another Leftism factory.
The SEC rule is bringing us another step closer to ESG and the end of fossil fuels, via the Democrat-controlled SEC. ESG, the Great Reset vision for investments, counts corporate social credits before the company’s viability, performance, and profitability. It superimposes itself on those capitalist requirements with equity, social justice, and gender. This is not capitalism, but rather, Marxism. ESG means corporations have to be socially responsible, not in a moral way as Americans might perceive it, but in a far-left way.
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