Monday, June 27, 2022

OFFICIAL STATEMENT: Secretary Michael Watson Against SEC's New Climate-Related Disclosures for Investors

As Mississippi’s State Securities Regulator, I am proud to stand with West Virginia Auditor John McCuskey against President Biden’s attempt to weaponize The Securities and Exchange Commission (SEC). The SEC recently proposed burdensome, climate-related reporting requirements for companies issuing securities regardless of their environmental impact.

The rules even go as far as requiring reports based on subjective judgments about social issues instead of focusing on material facts-- which would damage the integrity of the SEC entirely. The environmental component deserves its own conversation, but my opposition to this proposal is aimed at the SEC’s lack of authority to enact these rules without congressional approval. Bureaucratic overreach like this is the exact reason the EPA found itself sued by West Virginia.

The parameters set forth by Congress strictly limit the SEC’s authority, and this proposal is a blatant attempt to circumvent the legislative process and push a political agenda. I remain committed to ensuring the neutrality and integrity of securities regulation and our securities markets from bureaucratic overreach.

Click here to view our official public comment submission.

 Michael Watson
Secretary of State
State of Mississippi

Click here to download Secretary Watson's official headshot.