Hickory Sun

North Carolina State Representative Patrick McHenry has criticized the Securities and Exchange Commission (SEC) for overstepping its mandate by attempting to enforce climate policies through financial regulations. He stated that the SEC is not a climate regulator and argued that the proposed rule does not serve the best interests of job creators, workers, and American families.

"The Securities and Exchange Commission is not a climate regulator," said Rep. Patrick T. McHenry, according to X. "The @SECGov is overstepping its jurisdiction to force far-left climate policy through financial regulation. This rule is not in the best interest of job creators, workers, and American families."

Under the leadership of Chairman McHenry, the House Financial Services Committee convened a hearing on April 10, 2024. The meeting was held to address the SEC's contentious climate risk disclosure final rule. According to a press release by the Financial Services Committee, Republicans aimed to scrutinize the potential repercussions of this rule. They argued that it surpasses the SEC's jurisdiction, poses threats to the economy, and inundates investors with non-economic data.

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The SEC is an independent federal agency established under the Securities Exchange Act of 1934. It is overseen by a five-member commission appointed by the president and confirmed by the Senate. As outlined on its About webpage, the SEC's broad mandate includes engaging with investors through various platforms, overseeing trillions of dollars in equity and fixed-income markets, reviewing disclosures of thousands of listed companies, regulating numerous registered entities and securities exchanges, and providing vital market information through technological systems like EDGAR.

McHenry represents North Carolina's 10th Congressional District which encompasses parts of nine counties in the state. Currently serving his tenth term, he holds the position of Chairman of the House Financial Services Committee in the 118th Congress where he advocates for solutions to enhance banking services and credit accessibility. Prior to this role, McHenry served as Republican Leader and Vice Chairman of this committee according to House.gov.