Domestic Producers Energy Alliance (March 11, 2024): Today, the Domestic Energy Producers’ Alliance (DEPA) and Texas Alliance of Energy Producers filed suit to block the Securities and Exchange Commission’s new rule requiring publicly traded companies to make onerous disclosures about greenhouse gas emissions and other climate-related issues.

“The SEC’s mandate is to ensure that companies disclose important information so that investors can evaluate the health of companies. That’s not a license to publicly shame companies for business practices they don’t like,” said Luke Wake, an attorney at Pacific Legal Foundation. “Congress did not authorize the SEC to demand that companies report environmental or any other controversial issues completely unrelated to finance.”

Jerry Simmons President/CEO of DEPA said “We are thrilled to have the Pacific Legal Foundation representing us in this fight to push back at these government agencies and the dramatic regulatory overreach from their Congressionally mandated purpose. Congress authorized the SEC to protect investors from fraud, facilitate capital formation, and require only material disclosures related to investing. Simmons said “The new rule (almost 900 pages long) does nothing to help investors get a greater return or make any difference in the climate. This is simply to force a political and ideological position onto US companies.”

DOMESTIC ENERGY PRODUCERS’ ALLIANCE SUES SECURITIES EXCHANGE COMMISSION ON CLIMATE RULE