SEC Climate Disclosure Rules Shaped By Global Warming Skeptics

February 1, 2010

From PRNewswire:

SEC Climate Disclosure Rules Shaped By Global Warming Skeptics; Defunct Conservative Activist Mutual Fund Makes Lasting Impact on Climate Debate

WASHINGTON, Feb. 1 /PRNewswire-USNewswire/ — Though it no longer exists, the impact of the Free Enterprise Action Fund on the global warming debate was concretized last week when the Securities and Exchange Commission decided to require that publicly-owned companies disclose the risks of global warming laws and regulation.

“The Free Enterprise Action Fund turned the tables on the green activists and the U.S. Climate Action Partnership (USCAP) companies that were seeking to use the SEC to advance the global warming agenda,” said Steve Milloy, who along with Tom Borelli, co-managed the Free Enterprise Action Fund.

“Rather than forcing publicly-owned companies into helping make climate change regulation inevitable as the greens tried to do, our efforts have resulted in the SEC requiring companies to expose the business-killing nature of junk science-fueled climate regulation,” Milloy added.

One month after green groups petitioned the SEC to require publicly-owned companies to disclose the physical risks of climate change — in hopes pressuring companies to come to terms with green groups on climate regulation — the Free Enterprise Action Fund petitioned the SEC to require companies to disclose the financial risks to themselves of global warming regulation. The Fund’s petition placed pressure on the greens to modify their demands to include a call for disclosure of the financial risks of regulation.

Last week, the SEC announced that it would issue guidance to publicly-owned corporations requiring disclosure of climate-related risks.

“It’s clear from the SEC’s press release that the Fund’s call for financial disclosure of the risks of regulation outweighed in the Commission’s mind the call for disclosure of the physical risks of climate change,” said Milloy.

“This is significant going forward since companies lobbying for global warming regulation, like the USCAP companies, will be loathe to disclose the risks of such regulation to their bottom lines,” said Milloy.

Milloy says we should watch for support for climate regulation from publicly-owned companies to be on the wane. “USCAP companies will no longer be able to say that they must have climate regulation to avoid hypothetical physical risks without also disclosing that climate regulation imposes on them much greater and more certain financial risks.”

“Add in Climategate, glaciergate and the general unraveling of global warming alarmism, and publicly-owned companies oughtn’t want to touch climate regulation with a ten-foot pole,” Milloy concluded.

The Free Enterprise Action Fund was a publicly traded mutual fund from March 2005 until July 2009, at which time it was merged with the Congressional Effect Fund.

The Free Enterprise Action Fund October 2007 petition to the SEC may be viewed at: http://www.sec.gov/rules/petitions/2007/petn4-549.pdf.
SOURCE Free Enterprise Action Fund

5 Responses to “SEC Climate Disclosure Rules Shaped By Global Warming Skeptics”

  1. jlue Says:

    After this last month of record breaking snow storms, a lady from Maryland said a local announcer remarked that “It won’t stop snowing until Al Gore cries ‘uncle’.”

  2. twawki Says:

    OT but important

    Al Gore trying to make sure your future superannuation is in his pockets and not yours

    http://twawki.com/2010/02/03/warning-future-cataclsym/

  3. bobrgeologist Says:

    I have always thought that the CO2 climate alarmists claim of runaway temperatures is rediculous. There is no geologic evidence of overheating due to known concentrations of CO2 more than 10 X that in todays air in some ancient climates. Life thrived and evolved during the age of the dinosaurs when it was warmer than today. Global temps started downward 50 million yrs ago due to Plate tectonics blocking of a long established equatorial warm current. 14 my ago ice formed at our poles. Only 1.75 my ago the Pleistocene Ice Ages began with 5 continental ice sheets on N. America totalling over 500,000 yrs, interrupted with over a million years of interglacial periods. We are 12,000 years into our 5th interglacial (Holocene). The weather in our present interglacial has had 4 warm periods, warmer than today, with intervening cold spells during the last 10,000+ years. We have been recovering from our latest cold spell since 1300 AD (Little ice age). Human progress was advanced during each of the warm periods, our latest the Industrial Revolution beginning around 1850. Man has proved through the ages that he thrives in warmer climates and struggles in the cold. I understand that as long as we have ice in our polar regions we will be in a glacial climate. Our Greens have a lot of explaining why they prefer a very dangerous climate to one in which mankind thrives. The only thing protecting us now from an ice ball earth is a robust greenhouse gas.

  4. welder4 Says:

    We must not let our guard down an inch for they are set to push it through at the behest of Obama, he said in his state of the onion address he will expect the senate to pass the cap an trade bill that the congress passed . they have not given up. with people like Reid ,Pelosi and Franks in there we stand to get smacked hard with a law we do not want, we must still write and call our elected reps or we will see both of these bills will be passed . We have miles to go before we sleep.


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