WASHINGTON, D.C.—Dennis M. Kelleher, Co-founder, President, and CEO, issued the following statement in response to the SEC’s vote to end the defense of the climate disclosure rules in the Court of Appeals for the Eighth Circuit:

“The SEC’s vote today to stop defending the climate disclosure rule in court is only the latest anti-investor, anti-disclosure, and anti-transparency action it has taken since President Trump’s election. These actions move the SEC from an investor protection agency to a management protection agency which is going to hurt investors, markets, capital formation, price discovery, and our economy.

“The SEC exists to protect investors and that requires ensuring they have the information they want and need to make investment decisions regarding trillions of dollars. That information is also needed by the capital markets so that stocks are priced right, and capital is efficiently allocated. When the total mix of information is incomplete, then investors cannot make fully informed decisions, stocks are mispriced, and capital is misallocated. That’s what’s at stake when the SEC fails to put investors first and instead lets management and Corporate America decide what information investors receive, which is what happened today.”

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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.