McCarthy: SEC Climate Rule ‘Could Be the Biggest Long-Term Damage’ Biden Does

On Monday’s broadcast of the Fox Business Network’s “Kudlow,” House Minority Leader Rep. Kevin McCarthy (R-CA) argued that the proposed climate rule by the Securities and Exchange Commission (SEC) requiring public companies to report their carbon emissions could do the “biggest long-term damage” of any Biden policy because it will massively increase costs, spawn large amounts of lawsuits, and decrease American competitiveness against China.

McCarthy said, “We have a separation of branches of government. But what he’s doing, this SEC could be the biggest long-term damage there is. They’re saying not only your business, you have to rate it, who you do business with in some other countries. You can’t score that, but everyone’s going to get sued over it. What do you think that’s going to cost? What do you think the regulations are there? And it’s going to make us less competitive against China. This is the problem with this administration, they have no solutions.”

Follow Ian Hanchett on Twitter @IanHanchett