Sen. John Barrasso (R-WY) Wednesday introduced legislation that would block the Securities and Exchange Commission’s (SEC) new requirement that companies disclose the impacts of climate change on their businesses.

The legislation would seek to thwart the new requirement, which the SEC approved in January, for companies to publicly disclose the impact of climate change on their businesses, including the effects of new regulations and/or legislation they face in the United States or overseas and potential economic and physical risks.

“For years the SEC missed all of the clues about Bernie Madoff’s Ponzi scheme,” Barrasso said, referring to the disgraced New York City financier. “In the aftermath of this historic failure, it’s clear that the SEC should focus on its core mission of protecting American investors and maintaining fair markets. Instead, the SEC now wants to devote time and resources to climate change. This is absurd.”

The SEC’s action would require the agency to conduct “burdensome and expensive climate analysis,” he noted.

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