Trump SEC’s Reversal of Biden-Era Climate Rule Draws Praise from Republican Attorneys General

Trump SEC’s Reversal of Biden-Era Climate Rule Draws Praise from Republican Attorneys General

FIRST ON FOX: Current and former state attorneys general are lauding the Trump administration’s U.S. Securities and Exchange Commission for its decision to rollback a significant climate regulation implemented during Biden’s presidency. This regulation previously mandated companies to disclose their carbon emissions, a move many consider overreaching.

West Virginia Governor Patrick Morrisey expressed, “We’ve led multiple common letters over the years against this radical Biden climate fiasco, and we’ve taken significant steps to ensure that all federal agencies act consistently with the law.” He asserted that the rollback represents a triumph for both the rule of law and opposition to federal overreach. Morrisey maintained that strong leadership capable of resisting radical climate agendas has emerged victorious.

As West Virginia’s attorney general, Morrisey spearheaded a lawsuit that included over a dozen states, such as Iowa, Georgia, Alabama, and Alaska, challenging the controversial climate rule shortly after its implementation last year. Within just ten days, the regulation faced more than nine legal challenges, with industry players such as Liberty Energy and Nomad Proppant Services among the plaintiffs.

Liberty Energy, founded by Chris Wright, who now serves as Trump’s Secretary of Energy, was one of the leading challengers to the rule.

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The acting SEC Chairman Mark Uyeda announced that the Enhancement and Standardization of Climate-Related Disclosures for Investors rule, which came into effect in March 2024, is fundamentally flawed and poses significant risks to the capital markets and the economy. Uyeda articulated his concerns, stating that the proposed guidelines overstepped the SEC’s regulatory bounds and that the agency’s prior legal filings do not reflect his views. Following changes in SEC leadership and Trump’s directive to halt new regulations, Uyeda directed SEC staff to request a case delay while the agency reassesses its position.

However, Uyeda faced opposition from Commissioner Caroline A. Crenshaw, who publicly criticized his attempts to postpone oral arguments in the Appeals Court. She contended that Uyeda acted unilaterally without consulting other commission members.

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Crenshaw stated, “I completely agree that agencies must operate within constitutional and statutory limits. Nonetheless, I firmly dispute the claim that the agency exceeded its mandate. The changes since the rule’s passage are purely political, not substantive.” She expressed her discontent with the conclusions drawn by the acting Chairman.

Under previous Chairman Gary Gensler, appointed by Biden in 2021, the climate rule compelled publicly traded companies to provide comprehensive details about climate-related risks, greenhouse gas emissions, and potential financial impacts due to climate change in their official reports.

Several attorneys general involved in last year’s legal challenges celebrated the SEC’s recent actions as a victory for common sense in government policy, which they argue will ease the financial burdens placed on companies. They highlighted that compliance costs and missed opportunities could have significant implications for businesses if the SEC’s original requirements were enforced.

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Georgia Attorney General Chris Carr remarked, “Finally, common sense is prevailing. The cost implications of compliance or potential violations could have dire repercussions for jobs and investments due to the federal government’s misalignment with practical business operations. It appears the climate agenda had taken on a life of its own.”

Indiana Attorney General Todd Rokita described Uyeda’s initiative to rescind the climate rule as a clear indication that common sense is reestablishing itself in the U.S. He viewed the move as a substantial win for taxpayers, who expect the SEC to prioritize investor protection and financial markets over radical environmental policies.

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Morrisey and Carr anticipate aggressive actions aimed at dismantling the climate change agenda under the current administration, referencing executive orders issued by Trump that reverses previous climate commitments and promotes traditional energy sources, notably including exiting the Paris Agreement for the second time.

In a statement to Fox News Digital, White House spokesperson Kush Desai articulated that Trump remains a strong opponent of ideological constraints that hinder America’s institutions, entrepreneurs, and consumers, advocating for the unbridled potential of the nation.

Desai emphasized, “The Trump administration will continue to focus on merit, competence, and innovation, while moving away from ESG and DEI activism.”

A Shift in Regulatory Perspective

The ongoing discussions around environmental regulations signify a pivotal moment in the political landscape. As attorneys general champion this rollback as a triumph of pragmatic governance, they emphasize the broader implications for the corporate sector.

Many businesses had expressed concerns about the far-reaching impacts of such regulations on their operational capabilities. With the SEC revisiting its prior stance, the atmosphere of regulatory compliance may ease, allowing companies to better control their expenditures and strategic planning.

As the political climate continues to evolve, the legal battles over environmental regulation will likely persist, impacting stakeholders from various sectors. Collectively, these decisions will shape not only corporate America but also the federal government’s approach to environmental accountability in a deeply divided political landscape.