US Chamber of Commerce sues SEC over climate risk disclosure rules

"The final rule makes substantively harmful changes to 50 years of corporate governance precedent that will have implications well beyond this single rule," said Tom Quaadman, executive vice president, U.S. Chamber of Commerce Center for Capital Markets Competitiveness. "The Commission undertakes rulemaking consistent with its authorities and laws governing the administrative process and will vigorously defend the final climate risk disclosure rules in court," a SEC spokesperson said. A major environmental group Sierra Club and Sierra Club Foundation filed a lawsuit on Wednesday in the U.S. Court of Appeals for the D.C. Circuit, arguing that the SEC arbitrarily stripped the final version of the rules.