Federal appeals court blows up Biden's carbon emissions disclosure rule

A federal appeals court paused financial rules issued by the Securities and Exchange Commission that will force private companies to publicly disclose their carbon emissions and risks climate change poses to their business. In a short ruling issued Friday, the U.S. Court of Appeals for the Fifth Circuit paused the SEC's climate disclosure rule, but declined to offer any explanation for the decision.

Under the leadership of Chairman Gary Gensler, whom President Biden appointed to the role, the SEC approved the climate disclosure rules on March 6 in a 3-2 vote after nearly two years of heated deliberations. The SEC said in a statement that the rules reflect "investors’ demand for more consistent, comparable, and reliable information about the financial effects of climate-related risks.

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