SEC Moves to Scrap Biden-Era Climate Disclosure Rules as White House Review Begins

The White House is reviewing a proposal from the Securities and Exchange Commission to formally rescind climate disclosure requirements introduced during the Biden administration, according to a May 4 filing with the Office of Management and Budget.

• The proposal seeks to eliminate rules that required public companies to disclose climate-related risks and, in some cases, greenhouse gas emissions.
• The SEC submitted the draft rule to the Office of Management and Budget for regulatory review under Executive Order 12866.
• The original rules, introduced under former SEC Chair Gary Gensler, were never implemented due to ongoing legal challenges.
• The SEC previously indicated it would no longer defend the rules in court, effectively pausing the policy.
• After OMB review, the proposal will return to the SEC for a commission vote before being released for public comment.
• A final version would require a second vote by commissioners following the public feedback period.

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Editor’s Note: This is a developing story. This article may be updated as more details become available.