The SEC is a financial regulation agency that has two purposes: protecting investors and promoting capital formation. Saving the planet is not a task with which it has been assigned or as to which it has any expertise.
THE SEC HAS NO BUSINESS REGULATING ESG ISSUES, INCLUDING DISCLOSURE ASPECTS.
I posted the other day a link to SEC Commissioner Hester Pierce's incisive and decisive demolition of the arguments in favor of SEC regulation of ESG disclosures. But apparently the progressive pezzonovantes running the SEC have their marching orders from Liz Warren and are going to proceed not just with new rules but with enforcement proceedings:
... the SEC has its eye on “systemically large firms” as part of its inspection work related to environmental, social, and governance issues, he said. Kahl is the deputy director of the agency’s Division of Examinations and is set to become the acting director in August.
The agency’s examiners are interested in getting a readout on firms’ thinking about climate risk for a potential risk alert, he said. Risk alerts highlight problems examiners are seeing and can precede enforcement actions.
