Bill Posey: “My amendment would prohibit the Securities and Exchange Commission from using funds under this act to pursue a political…”

“My amendment would prohibit the Securities and Exchange Commission from using funds under this act to pursue a political agenda on climate change and, instead, return its focus to their three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. My amendment relates to the SEC's 2010 interpretive guidance for companies to disclose the impact that global climate change may have on their businesses. My amendment is necessary and timely, given the SEC's recent regulation S-K Concept Release that suggests the SEC is moving toward further action on this issue. It is even more important, in light of a campaign by several States' attorneys general, to impede the First Amendment rights of those who dare question the accuracy of climate change science. More and more, we have seen the Federal securities laws and disclosure system abused for political purposes--from the median pay ratio disclosure requirement of Dodd-Frank to conflict minerals, to climate change. These politically motivated and mandated disclosures are not about protecting investors, they are about shaming companies, or at least attempting to shame companies, into adopting their agenda. It is a waste of resources for the companies, for their shareholders, and for the SEC. Publicly traded companies are already required to disclose all material information.…”