Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "The Enhancement and Standardization of Climate-Related Disclosures for Investors".
Latest Action
Placed on the Union Calendar, Calendar No. 513.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™House Joint Resolution 127 (HJRES 127) from the 118th Congress is a legislative measure intended to disapprove a rule submitted by the Securities and Exchange Commission (SEC) concerning the enhancement and standardization of climate-related disclosures for investors. The resolution seeks to nullify the SEC's rule under the Congressional Review Act, which allows Congress to reject federal regulations. The bill was introduced in the House and placed on the Union Calendar but ultimately failed or expired without enactment. The resolution falls within the policy area of finance and the financial sector, addressing regulatory requirements for corporate climate-related financial disclosures.
HJRES 127 aimed to overturn an SEC rule on climate-related financial disclosures but did not pass, leaving the SEC's rule intact.
- The bill targets the SEC's rule on enhancing and standardizing climate-related disclosures for investors.
- It was introduced as a disapproval resolution under the Congressional Review Act, a mechanism for Congress to reject federal regulations.
- The resolution was placed on the Union Calendar but failed or expired without further legislative action.
['Securities and Exchange Commission (if the rule is not disapproved)', 'Investors seeking standardized climate-related financial information', 'Public companies subject to SEC disclosure requirements', 'Financial sector entities involved in investment and risk assessment']
["The resolution's failure to pass means the SEC rule remains in effect, which may involve compliance costs for companies.", 'The Congressional Review Act process limits the timeframe for disapproval, which can constrain legislative oversight.', 'Lack of detailed bill text and summary limits full assessment of specific provisions and their implications.']
HJRES 127 was introduced in the House during the 118th Congress as part of a broader legislative effort to challenge regulatory actions related to climate change disclosures. The bill's placement on the Union Calendar indicates it was scheduled for consideration but did not advance to passage. The use of the Congressional Review Act reflects a procedural approach to overturning federal regulations within a limited timeframe after their issuance.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Maintaining the SEC rule could lead to increased transparency and potentially influence corporate behavior regarding climate risk disclosures.', 'Disapproval of the rule could reduce regulatory compliance burdens for companies but may limit standardized information available to investors.', 'The legislative attempt may signal ongoing political and regulatory debates around climate-related financial disclosures.']
The absence of a full bill text and official summary limits detailed analysis of specific provisions. The bill's failure to pass leaves the SEC rule in place, maintaining current regulatory requirements. Monitoring future legislative or regulatory developments in this area is advisable due to the evolving nature of climate-related financial disclosure policies.
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