Senator Manchin Challenges SEC Chair Gensler on ESG Rulemakings

At a hearing before the Senate Appropriations Subcommittee on Financial Services, Senator Joe Manchin (D-WV) challenged SEC Chair Gary Gensler on his intention to move forward on a proposed climate disclosure rule.

In a press release, Senator Manchin argued that the SEC was failing to take into consideration the burdens the proposed rule would have on "small operations and food supply chains." (See also, previous coverage). The Senator stated that "[n]early 90 [percent] of the 500 largest companies already publish sustainability reports," which, he said, casts doubt on the necessity of new requirements.

Senator Manchin also questioned Mr. Gensler regarding the "insufficient time for public comment". He noted that the fast process has been a concern raised by both political parties and "businesses of all sizes." He contrasted the 30-day comment period provided under Mr. Gensler’s tenure as SEC chair, with the 60- to 90-day period historically provided.