Its proposed climate-change-disclosures rule will likely be vacated by the courts. The Securities and Exchange Commission (SEC) was established by an act of Congress in 1934. You'd think that a regulatory agency would take care to remain within the parameters set by the legislative act that established it, and the constitutional limitations ...

It should junk its proposed disclosure rule, which is clearly unconstitutional as per West Virginia v. EPA. The Supreme Court’s June decision in West Virginia v. Environmental Protection Agency was a shot across the bow of the administrative state. The decision implicates many executive and independent agencies’ rulemakings, but perhaps none ...

There is no evidence that the proposed disclosures are material to investors, and a reviewing court would likely end up vacating most if not all of them. 'Materiality has been the hallmark of the Securities and Exchange Commission's disclosure regime since the Supreme Court's 1976 decision in TSC v. Northway. Materiality limits disclosures ...