Tom Quaadman, Executive Vice President of the U.S. Chamber’s Center for Capital Markets Competitiveness released the following statement today regarding Securities and Exchange Commission Chairman Gary Gensler’s testimony before the Senate Banking Committee.

“Today’s testimony from Chairman Gensler highlights the fact that the Commission’s proposal on climate disclosures needs significant modification before being issued as a final rule. With thousands of comments filed, it is clear that public companies, investors, and auditors are in agreement that the SEC’s proposed rules are overly complex and fail to provide investors with useful information they can use to make decisions. 

“The business community will continue working with the SEC on a practical approach to climate disclosures that are material and fulfill the Commission’s statutory authority. As with any SEC proposal, we will continue to evaluate this proposal’s potential impact and how best to advance competitive capital markets.”