José E. Serrano: “I am not trying to be funny here, but I am trying to figure out what political climate issues are. Maybe it is Democrats…”

“I am not trying to be funny here, but I am trying to figure out what political climate issues are. Maybe it is Democrats manipulate the weather so it only hurts certain people. I don't know what it means. Mr. Chairman, indeed, this amendment would prevent the SEC from enforcing or codifying into law its 2010 interpretive guidance to public companies intended to provide greater transparency to investors on the material risks--and opportunities--of those companies to climate change. This guidance was put forth after nearly 100 investors, representing $7 trillion in wealth management, specifically petitioned the SEC for this clarity. Additionally, the guidance doesn't create new climate change regulatory frameworks or mandates. Instead, it simply provides clarity on what companies should view as a ``material'' risk or opportunity that ought to be disclosed to investors. Given that Hurricane Sandy caused $70 billion in damage, it is difficult to say that climate change doesn't have an impact on business, unless you deny the existence of climate change in the first place. Democrats support efforts by the SEC to modernize public company disclosures so that investors are appropriately apprised of the material risks, including the risks of climate change. H.R.…”