On February 11, 2025, Acting Chairman of the U.S. Securities and Exchange Commission (the “Commission”) Mark Uyeda issued a statement directing the Commission staff to request that the U.S. Court of Appeals for the Eighth Circuit (the “Eighth Circuit”) delay scheduling oral arguments in the litigation involving The Enhancement and Standardization of Climate-Related Disclosures for Investors rule (the “Climate-Related Disclosure Rule”). The Climate-Related Disclosure Rule faced multiple immediate legal challenges after its adoption in March 2024, which were consolidated in the Eighth Circuit. In April 2024, the Commission stayed the Climate-Related Disclosure Rule while the litigation remained pending but continued litigating in support of the rule. In support of his direction to the Commission staff, Acting Chairman Uyeda states, among other things, that he questions the statutory authority of the Commission to adopt the Climate-Related Disclosure Rule, the need for the rule, and the cost-benefit analysis that the Commission engaged in before adopting the rule. The staff subsequently submitted a letter to the court noting the Acting Chairman’s directives, stating that the staff would provide a status report no later than 45 days from the date of the letter, and requesting that the court not take action to schedule oral argument prior to receiving the status report.
