Lawmakers Express Concern Over SEC Overreach

WASHINGTON – American Farm Bureau Federation President Zippy Duvall commented May 26 on a bipartisan letter from members of Congress expressing concerns about the Security and Exchange Commission’s (SEC) proposed rule, “The Enhancement and Standardization of Climate Related Disclosures for Investors.” The proposal would require public companies to report on Scope 3 emissions, which are the result of activities from assets not owned or controlled by a publicly traded company but contribute to its value chain. While farmers and ranchers would not be required to report directly to the SEC, they provide almost every raw product that goes into the food supply chain.

“The Securities and Exchange Commission plays an important role in protecting investors, but its reach has never extended to America’s farms. The bipartisan letter sent to the SEC recognizes the proposed rule’s overreach by an agency whose mission should be focused on Wall Street.

“America’s families rely on farmers to put food on their table every day, and farmers are increasingly being asked to answer the growing call for nutrition from families around the globe. Higher costs, liabilities and privacy issues will all create obstacles to reaching those goals.

“We appreciate the lawmakers who have stepped forward to raise concerns about the proposed rule, which has the potential to significantly increase costs and uncertainty for America’s farmers and ranchers.”

Read about the potential impact of the proposed rule here.

–American Farm Bureau Federation