Lawmakers Tell SEC Proposed Rule Would Lead to Significant Regulatory Burden

News / Newsline May 26, 2022

Credit: AFBF Photo/Philip Gerlach  

A proposed rule from the Securities and Exchange Commission has lawmakers and the nation’s largest farm group concerned. Micheal Clements shares more on what issues farmers and ranchers face from the proposal.

Clements: The Securities and Exchange Commission recently proposed a rule requiring companies to disclose emissions throughout the supply chain. Andrew Walmsley, American Farm Bureau Federation Senior Director of Government Affairs, explains how that may burden farmers and ranchers.

Walmsley: The rule proposes to require large companies, those that you think about being on Wall Street, to disclose their scope three emissions. While the SEC doesn't necessarily regulate farmers or ranchers, this rulemaking could create burdensome paperwork and liabilities for farmers and ranchers to comply with what the companies need to meet the obligations for the SEC.

Clements: This week, a bipartisan group of lawmakers outlined concerns in a letter to the SEC.

Walmsley: We appreciate Congress taking interest in this issue. Because of these concerns, Congressman Rose of Tennessee, who serves on the Financial Services Committee, led a letter of over 100 members of Congress raising concerns with the SEC.

Clements: Farm Bureau will submit comments to the SEC outlining the group’s concerns. Walmsley encourages farmers and ranchers to do the same.

Walmsley: The comment period ends June 17. We are encouraging farmers and ranchers and others that are concerned about overreach at the SEC to do the same. We have an action alert where you can easily send a message to the SEC on our website, fb.org. In addition to sending a message to the SEC, send a letter to your member of Congress and Senators raising concerns over this rulemaking to let them weigh in with the SEC to make sure they stay within their jurisdiction of Wall Street, not regulating farmers and ranchers.

Clements: Learn more and read the full letter at fb.org. Micheal Clements, Washington.

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