HUTCHINSON, Kan. — First District Rep. Tracey Mann joined 117 colleagues in sending a letter to the Securities and Exchange Commission (SEC), expressing their concerns with a new proposed rule that he says would have a negative impact on U.S. agricultural producers.
The proposed rule, “Enhanced and Standardization of Climate-Related Disclosures for Investors,” would mandate that all public companies issue extensive climate disclosures, including detailed reports for every company in their supply chain. While farm and ranch operations are not public companies, they could still be obligated to track and report data on their greenhouse gas emissions because of their prevalence in the supply chain.
"The SEC was established to oversee capital markets and protect investors, not to scrutinize the day-to-day activities of farmers and ranchers in the name of climate protection," Mann said. "This proposed rule goes way beyond the SEC’s statutory authority, buries producers in even more onerous regulations, and infringes upon the privacy of the men and women who feed, fuel, and clothe the world. Farmers and ranchers are the original conservationists. They shouldn’t be subject to overreaching climate regulations from the SEC."
Mann says the proposed rule poses significant privacy, liability, and compliance concerns for Kansas farmers and ranchers, adding most do not have the resources necessary to gather all the information required by the proposal, or the team of attorneys necessary to ensure compliance with SEC regulations. If finalized, this rule could restrict small producers from selling their products to certain buyers and force consolidation.
CLICK HERE to download the Hutch Post mobile app.
CLICK HERE to sign up for the daily Hutch Post email news update.