HLS 23RS-1559 ENGROSSED
2023 Regular Session
HOUSE CONCURRENT RESOL UTION NO. 59
BY REPRESENTATIVE BEAULLIEU
COMMERCE: Requests the U.S. Securities and Exchange Commission to withdraw its
proposed rule with respect to climate-related disclosures for investors
1 A CONCURRENT RESOL UTION
2To urge and request the United States Securities and Exchange Commission (SEC) to
3 immediately withdraw its proposed rule entitled "The Enhancement and
4 Standardization of Climate-Related Disclosures for Investors".
5 WHEREAS, the SEC has published a proposed rule entitled "The Enhancement and
6Standardization of Climate-Related Disclosures for Investors" (proposed rule); and
7 WHEREAS, the proposed rule would require publicly traded companies, including
8financial institutions, operating in Louisiana to disclose enhanced climate-related
9information, including their greenhouse gas (GHG) emissions; and
10 WHEREAS, the proposed rule would also require reporting companies to disclose
11GHG emissions that occur in the upstream and downstream activities of a registrant's value
12chain, which would include the GHG emissions of their customers; and
13 WHEREAS, the proposed rule is expansive, mandating extensive, nonfinancial
14disclosures on climate-related issues for all reporting companies, which will require covered
15companies and their small business customers to incur significant expense and devote
16significant resources to comply, while providing information of dubious value to investors;
17and
18 WHEREAS, if finalized, this proposed rule will increase investor and regulatory
19scrutiny on certain industries, and the information required to be provided by the proposed
20rule could be used for purposes of environmental, social, and governance (ESG) policies and
21as a way to measure a potential carbon tax; and
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HCR NO. 59
1 WHEREAS, if finalized, this proposed rule will negatively impact the Louisiana
2fossil fuels industry and other sectors that support that industry; and
3 WHEREAS, it is the position of the Legislature of Louisiana that this sweeping rule
4exceeds the SEC's mission, expertise, and authority and, if finalized in any form, will
5unnecessarily harm publicly traded businesses and their customers operating in Louisiana.
6 THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
7urge and request the United States Securities and Exchange Commission to immediately
8withdraw its proposed rule entitled "The Enhancement and Standardization of
9Climate-Related Disclosures for Investors".
10 BE IT FURTHER RESOLVED that a copy of this Resolution shall be transmitted
11to the chairman of the United States Securities and Exchange Commission (SEC) and each
12member of the Louisiana congressional delegation.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HCR 59 Engrossed 2023 Regular Session Beaullieu
Requests that the United States Securities and Exchange Commission (SEC) immediately
withdraw its proposed rule entitled "The Enhancement and Standardization of
Climate-Related Disclosures for Investors".
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Commerce to the
original bill:
1. Make technical changes.
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