H.J. Res. 127, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to “The Enhancement and Standardization of Climate-Related Disclosures for Investors”
Cost Estimate
As ordered reported by the House Committee on Financial Services on April 17, 2024
H.J. Res. 127, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to “The Enhancement and Standardization of Climate-Related Disclosures for Investors”
As ordered reported by the House Committee on Financial Services on April 17, 2024
By Fiscal Year, Millions of Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
0
0
0
Revenues
*
*
*
Increase or Decrease (-) in the Deficit
*
*
*
Spending Subject to Appropriation (Outlays)
*
*
*
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
No
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
*
Contains intergovernmental mandate?
No
Contains private-sector mandate?
No
* = between -$500,000 and $500,000.
Summary
H.J. Res. 127 would disapprove a final rule published by the Securities and Exchange Commission (SEC) in March 2024. By invoking a legislative process established in the Congressional Review Act, the resolution would repeal the rule and prohibit the agency from issuing the same or any similar rule in the future.
The rule requires public companies that are subject to the SEC’s reporting requirements to disclose material risks from climate-related effects on the company’s financial condition.
CBO estimates that repealing the rule would have an insignificant effect on the SEC’s costs. Because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the net effect on discretionary spending over the 2024-2029 period would be negligible, assuming appropriation actions consistent with that authority.
