WASHINGTON, D.C.— Benjamin Schiffrin, Director of Securities Policy for Better Markets, issued the following statement in connection with the Securities and Exchange Commission proposing to rescind its climate risk disclosure rule for public companies:

“Today, the SEC continued its assault on investors by proposing to rescind its climate-risk disclosure rule less than two years after it was adopted. This action threatens to leave investors in the dark. The risks public companies face matter to investors, and the SEC’s proposal fails to acknowledge that climate-related risks are no exception.”

“Disclosure is the bedrock of our federal securities laws, and investors need information about the risk companies face so that they can make informed decisions about where to invest their hard-earned money. Yet this is the latest in a series of actions the SEC has taken to ensure that investors receive less disclosure about public companies.

“Make no mistake: the SEC passed the climate-risk disclosure rule not to regulate climate change but to ensure that investors know about material information regarding climate-related risks. These risks are no more material, but also no less material, than other risks that are important to investors. The climate-related risks that companies face matter to their bottom line, and investors deserve to know about those risks and then weigh their significance for themselves. If the SEC follows through on its proposal and rescinds the rule, investors will have less information about the companies in which they invest. That is antithetical to the SEC’s mission, which is supposed to be to protect investors.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.