C. Boyden Gray published an editorial in The Washington Post on August 15, 2021, arguing that President Biden should not misuse the SEC to regulate climate matters. He writes,
The SEC’s congressional mandates do not include regulating the climate. The Biden administration is taking an explicit “whole of government” approach to climate, yet Justice Ruth Bader Ginsburg once observed, in a case involving the Clean Air Act, that “Congress designated an expert agency, here, EPA, as best suited to serve as primary regulator of greenhouse gas emissions.” The SEC should also recall that Justice Antonin Scalia once cautioned, “When an agency claims to discover in a long-extant statute an unheralded power to regulate,” the Supreme Court will “typically greet its announcement with a measure of skepticism.”
Climate change is hardly the only “green” related risk. Gray writes,
If the political risk of increased regulations for climate is material, then so is the political risk of decreased “green” subsidies. Electric-vehicle, wind and solar businesses are heavily dependent on public money, but the SEC has rightly abstained from letting them speculate on how their businesses may prosper in light of future politics.
To read the full editorial, visit The Washington Post.