SEC Extension Gives Farm Groups More Time to Mull Climate Proposal

News / Newsline May 12, 2022

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The Securities and Exchange Commission is proposing a new climate rule that might reach from Wall Street to America’s farms.

Micheal Clements tells us The SEC granted a rare extension to allow more time for groups to respond to the climate proposal.

Clements: A Proposal by the Securities and Exchange Commission would require reporting of climate-related disclosures throughout the supply chain. Farm groups including the American Farm Bureau Federation have concerns regarding the proposal but need more time to review the rule. Travis Cushman, AFBF Senior Legal Counsel for Public Policy, says the SEC granted an extension this week.

Cushman: It provides us 30 more days to review this rule and figure out what the impacts could be. it's still significantly less than the 180 days we asked for, but again, 30 days will be helpful to give us time to look through it.

Clements: Cushman says it’s a rare move by the SEC to grant an extension.

Cushman: Very rare. The SEC world is new to us. We're used to dealing with EPA and USDA. But in talking with dozens of folks that are a specialist in the SEC over the past few weeks, one thing they did tell us is that we would not be getting extension, so this is certainly a nice one for us.

Clements: He says AFBF is concerned about how the rule will impact farmers and ranchers.

Cushman: It seems to redefine what public companies need to give to investors by including emissions about farms and ranches. Our concern is that the only way that the public companies will get this information is by requiring it from the farmers and ranchers themselves. This will be wildly burdensome and make it much more difficult for farmers and ranchers to do the job they need to do at a time when food prices are going up significantly and it's hard enough to manage your operations.

Clements: Micheal Clements, Washington.

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