SEC Acting Chair Mark Uyeda issued a statement today indicating that he had directed staff to notify the Eighth Circuit to hold off on scheduling the pending SEC climate rule litigation for oral argument while the Commission decides on next steps in the context of his and Commissioner Peirce’s fierce opposition to the adoption of the rule in March 2024.
He provided significant insight into his own views as follows:
The Commission’s briefs previously submitted in the cases consolidated in the Eighth Circuit do not reflect my views. The briefs defend the Commission’s adoption of the Rule, but I continue to question the statutory authority of the Commission to adopt the Rule, the need for the Rule, and the evaluation of costs and benefits. I also question whether the agency followed the proper procedures under the Administrative Procedure Act to adopt the Rule.
Acting Chair Uyeda noted that the change in composition of the Commission and the White House Regulatory Freeze (reported last week) also will factor in to the SEC’s deliberations about how to proceed with the rule.
The Society submitted several comment letters in 2022 in response to the proposed rule here, here, and here.
See our prior report: “Briefing Schedule for SEC Climate Rule Litigation” and stay tuned!