H.J. Res. 127, a joint resolution 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…
H.J. Res. 127 would disapprove a final rule published by the Securities and Exchange Commission (SEC) in March 2024. By invoking a legislative process established in the Congressional Review Act, the resolution would repeal the rule and prohibit the agency from issuing the same or any similar rule in the future.
The rule requires public companies that are subject to the SEC’s reporting requirements to disclose material risks from climate-related effects on the company’s financial condition.
CBO estimates that repealing the rule would have an insignificant effect on the SEC’s costs. Because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the net effect on discretionary spending over the 2024-2029 period would be negligible, assuming appropriation actions consistent with that authority.
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