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Sean D. Reyes
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AG Reyes Writes The SEC Opposing ESG Disclosures on Investments

August 17, 2022

Today, Utah Attorney General Sean D. Reyes signed a letter to the Securities and Exchange Commission opposing the Commission’s proposed rule, “Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social and Governance Investment Practices.”  A total of 21 attorneys general also signed the letter.

The letter calls the scope of the proposed disclosures “illegal, misguided, extensive,” and “onerous.”  The letter states that the Commission does not have the statutory authority to issue it, that it violates the First Amendment’s free-speech guarantees and does not reflect reasoned decision-making, and would fail arbitrary and capricious review.

The attorneys general write that the SEC should “instead table to Proposed Rule (and similar recent proposed rules) and return to the important but focused work of regulating with an eye towards financial concerns.”

Read the letter here.