Coming on the heels of a February 8 news report that the Securities and Exchange Commission (SEC) was delayed in its rule-making on climate-change disclosures, Senator Elizabeth Warren demanded, in a letter sent the next day to the SEC’s chairman, that he speed up the process of pushing a new climate-change disclosure rule out the door. The tone of her letter showed a shocking lack of respect, given that Senator Warren has no authority to demand anything of the SEC, which is an independent rule-making authority of the federal government. Even more shocking, especially coming from a former member of the Harvard law faculty, her letter showed a lack of understanding of something elemental to SEC rule-making: any new rule on climate-change disclosures must conform to statutory law and judicial precedent.
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