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Washington – A coalition of investor networks managing more than $50 trillion in assets sent a letter to Congressional leadership urging them to reject H.J. Res 127, a Congressional Review Act challenge that would kill the U.S. Securities and Exchange Commission’s (SEC) climate risk disclosure rule. The letter’s signatories, which include the American Sustainable Business Network, Ceres, Impact Investing Alliance, Interfaith Center on Corporate Responsibility, Seventh Generation Interfaith, Inc, and US SIF: Sustainable Investment Forum, reinforced the demand for and necessity of climate risk disclosures for investors to meet their fiduciary duties. 

The coalition also warned that killing the rule exposes American workers saving for retirement to “unnecessary and avoidable economic hardship.” 

“Investors want and need this valuable information to make informed investment choices and meet their fiduciary obligations to the people whose money and retirement savings they manage,” the coalition wrote. “As climate change worsens and continues to cost the global economy, investors want to understand how individual companies are exposed to material climate risks and which companies are prepared to effectively and proactively mitigate those risks.” 

The resolution comes amidst a series of attacks against the rule, including six separate lawsuits filed on behalf of 22 state attorneys general and several special interest groups, despite research showing Americans overwhelmingly and across party lines support the SEC’s rule

You can read the full letter here