ENROLLED
2023 Regular Session
HOUSE CONCURRENT RESOL UTION NO. 59
BY REPRESENTATIVES BEAULLIEU AND AMEDEE
A CONCURRENT RESOL UTION
To urge and request the United States Securities and Exchange Commission (SEC) to
immediately withdraw its proposed rule entitled "The Enhancement and
Standardization of Climate-Related Disclosures for Investors".
WHEREAS, the SEC has published a proposed rule entitled "The Enhancement and
Standardization of Climate-Related Disclosures for Investors" (proposed rule); and
WHEREAS, the proposed rule would require publicly traded companies, including
financial institutions, operating in Louisiana to disclose enhanced climate-related
information, including their greenhouse gas (GHG) emissions; and
WHEREAS, the proposed rule would also require reporting companies to disclose
GHG emissions that occur in the upstream and downstream activities of a registrant's value
chain, which would include the GHG emissions of their customers; and
WHEREAS, the proposed rule is expansive, mandating extensive, nonfinancial
disclosures on climate-related issues for all reporting companies, which will require covered
companies and their small business customers to incur significant expense and devote
significant resources to comply, while providing information of dubious value to investors;
and
WHEREAS, if finalized, this proposed rule will increase investor and regulatory
scrutiny on certain industries, and the information required to be provided by the proposed
rule could be used for purposes of environmental, social, and governance (ESG) policies and
as a way to measure a potential carbon tax; and
WHEREAS, if finalized, this proposed rule will negatively impact the Louisiana
fossil fuels industry and other sectors that support that industry; and
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WHEREAS, it is the position of the Legislature of Louisiana that this sweeping rule
exceeds the SEC's mission, expertise, and authority and, if finalized in any form, will
unnecessarily harm publicly traded businesses and their customers operating in Louisiana.
THEREFORE, BE IT RESOLVED that the Legislature of Louisiana does hereby
urge and request the United States Securities and Exchange Commission to immediately
withdraw its proposed rule entitled "The Enhancement and Standardization of
Climate-Related Disclosures for Investors".
BE IT FURTHER RESOLVED that a copy of this Resolution shall be transmitted
to the chairman of the United States Securities and Exchange Commission (SEC) and each
member of the Louisiana congressional delegation.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
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