Cattle Raisers Applaud Bill to Curtail SEC Climate Reporting RequirementsMon, 01 Aug 2022 10:57:50 CDT
The Texas & Southwestern Cattle Raisers Association applauded Texas Congressman Troy Nehls (R-Richmond) for introducing crucial bipartisan legislation to prevent the Securities and Exchange Commission from requiring that companies report greenhouse gas emissions from their supply chain.
The Scope 3 Act has multiple co-sponsors from Texas, including Reps. Henry Cuellar (D-Laredo), Jake Ellzey (R-Midlothian), Vicente Gonzalez (D-McAllen), Ronny Jackson (R-Amarillo), Pete Sessions (R-Waco), Randy Weber (R-Alvin) and Roger Williams (R-Austin).
The legislation stems from an SEC rule proposal earlier this year that would mandate publicly traded companies report their greenhouse gas emissions. The rule requires these companies to disclose not just direct and energy-related emissions but also those of every downstream supplier, known as Scope 3 Emissions. If allowed to proceed, the requirement would significantly burden farmers and ranchers who fall into the supply chains of many publicly traded companies, restaurants and retailers.
The federal government has already acknowledged that collecting data will be nearly impossible. There is also no agreed-upon method for measuring agricultural GHG emissions, particularly from livestock in a pasture.
“We thank Congressman Nehls and his many bipartisan co-sponsors for introducing this much-needed legislation to curb SEC climate activism,” said Arthur Uhl, Texas & Southwestern Cattle Raisers Association president. “It is beyond reckless for the SEC to impose yet another unnecessary, unattainable and overreaching regulation on American cattle producers, especially as we face inflation, input shortages and other threats to the nation’s food supply.”
“The SEC should be responsible for regulating major publicly traded companies, not family farms and ranches,” Uhl concluded.
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