Republican Rep. Bill Huizenga of Michigan questioned Securities and Exchange Commission (SEC) Chairman Gary Gensler over “unacceptable” responses to requests for information on the SEC’s climate disclosure rule at a House Financial Services Committee hearing on Tuesday.
The rule requires companies to release climate-related financial data in addition to traditional data, which is overstepping the SEC’s jurisdiction, according to a letter by Huizenga, Rep. Patrick McHenry of North Carolina and Sen. Tim Scott of South Carolina. The congressmen requested documents and information relating to the costs of the rule but did not receive them.
“Other than a couple of emails that were private, you have produced only publicly available documents in response to that request,” Huizenga said at the hearing entitled “Oversight of the Securities and Exchange Commission.”
He said Gensler sent “a copy of the public comment file on the rule … a copy of the rule itself — twice … a copy of your testimony the last time you appeared before this committee … a copy of your public calendar … copies of public speeches, testimony and press releases from you and your fellow commissioners … a copy of a public FSOC report from 2021.”
One instance stood out to Huizenga.
“The most interesting and frankly dumbest example of this that we received to date was a letter that myself and Chairman McHenry sent you congratulating you as being confirmed as chair in 2021 … so frankly it’s insufficient and unacceptable what has been going on,” Huizenga stated. “I think it’s an embarrassment to you and to your team that you sent me a copy of the letter I sent you.”
Gensler did not address Huizenga’s allegations, but declared, “We’re not a climate regulator.”
“Amen to that. We understand that,” Huizenga replied.
Huizenga attempted to get a yes or no response to whether Gensler would send the requested information, but Gensler did not oblige him. He said, “I believe in Congressional oversight” before he was cut off.
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