OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

ESG Disclosure Simplification Act of 2021

Floor Speech

Date: June 16, 2021
Location: Washington, DC
Issues: Business and Consumers

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Mr. FITZGERALD. Mr. Speaker, I rise today in opposition to H.R. 1187. This legislation would impose unnecessary and expensive compliance costs on publicly traded companies.

Publicly traded companies are already subject to extensive disclosures regarding various risk factors under Federal law. These existing disclosures must already reflect material climate change information, such as compliance with greenhouse gas emissions and carbon offsets.

I am concerned this bill would do little to provide information on how climate change would affect a particular investment, but would instead be used by activist shareholders with no real duty to a company or its shareholders to impose progressive political views on that company.

The burden of these costs would fall largely on smaller public companies with fewer resources. The burden of these costs would, again, I think, put this entire issue off in a different direction than where it should be.

Mr. Speaker, I urge a ``no'' vote on the bill. It would only benefit large incumbent corporations while others may avoid going public altogether, limiting their growth.

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