Biden admin temporarily drops 'outrageous climate mandate' amid flurry of lawsuits

The Securities and Exchange Commission (SEC) temporarily suspended its controversial rule requiring private companies to disclose carbon emissions data after it was met with a slew of lawsuits.

The rule, which was finalized in March, was immediately met with litigation by a cohort of 25 GOP attorneys general, along with energy companies Liberty Energy and Nomad Proppant Services, and business groups including the Chamber of Commerce, Texas Alliance of Energy Producers and Domestic Energy Producers Alliance.

Last month, the 5th Circuit Court of Appeals granted a brief administrative stay of the rule while the various lawsuits were consolidated. The groups asked the 8th Circuit to force the SEC to block its rule. On Friday, the SEC voluntarily agreed to temporarily suspend its rule while the litigation continues on the merits.

"The mandate is part of Biden’s radical green scheme to influence investments based on climate change theories instead of returns," Missouri Attorney General Andrew Bailey said Friday, adding that "it would’ve cost Missouri businesses millions of dollars per year."

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"It would’ve required businesses to disclose climate-related risks, including higher insurance rates from weather disasters, and release a plan to adapt to climate agenda recommendations," Bailey said.

"Our message to Joe Biden: you cannot implement this insane climate mandate without an act of Congress. Constitution 101: Separation of powers," Bailey stated on X.

In a letter to the 8th Circuit, the SEC said that the stay order "reaffirms the Commission’s ‘view that the Final Rules are consistent with applicable law and within the Commission’s long-standing authority,’"

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