WASHINGTON, D.C. — Tom Quaadman, Executive Vice President of the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, released the following statement today after Securities and Exchange Commission Chair Gary Gensler joined the Chamber for an in-person discussion on climate disclosure.
“The U.S. Chamber of Commerce appreciates Chair Gary Gensler’s candor in discussing climate disclosures. We value the opportunity to express our view with the Chair and were clear with him on the following points during our meeting today.
“We remain deeply concerned that the SEC’s proposed rule will impose costs equal to all disclosures companies already make, and, worse, that it significantly underestimates the actual compliance costs for companies.
“Businesses and investors are already moving forward in responsibly disclosing material climate risks.
‘Laws such as those imposed by the state of California requiring businesses – including private businesses – to disclose emissions throughout their supply chains unfairly punish America’s small businesses.
‘It is vitally important that American policies set the standards for U.S. markets, particularly because U.S. public markets are four times larger than their European counterpart.
“Any final rule from the SEC should not undercut American companies and markets as global leaders.”