SEC Seeks To Pause Litigation Over Climate Disclosure Rule

Earlier this week, Mark Uyeda, the Acting Chairman of the U.S. Securities and Exchange Commission (SEC), began the process of unwinding that agency's final climate disclosure rule enacted during the Biden administration. In a widely expected move, Acting Chairman Uyeda  directed agency personnel to ask the U.S. Court of Appeals for the 8th Circuit not to schedule arguments in the pending litigation, which had been briefed fully and awaiting argument. Acting Chairman Uyeda, along with Commissioner Peirce, voted against enacting the climate disclosure rule and have remained sharply critical of the climate disclosure rule, calling it “deeply flawed,” questioning the need for them and whether the agency has the authority to require the disclosures.