CRS Insight: Overview of the SEC Climate Risk Disclosure Proposed Rule, May 17, 2022 “On March 21, 2022, the Securities and Exchange Commission (SEC) voted 3-1 to issue sweeping proposed climate-related disclosure rules for public companies. In issuing the proposed rules, the SEC cited its existing statutory authorities under the federal securities laws— specifically, the Securities Act of 1933 (P.L. 73-22) and the Securities Exchange Act of 1934 (P.L. 73-291). The proposal represents a more prescriptive and detailed approach to climate-related disclosures relative to the existing broad, principles-based climate-related disclosure regime embodied in the SEC’s 2010 “Guidance Regarding Disclosure Related to Climate Change.” Among other things, it would require all public companies, as a growing number voluntarily do, to report on their direct greenhouse gas (GHG) emissions and under certain circumstances their upstream and downstream GHG emissions.”