The SEC's Misguided Climate Disclosure Rule Proposal
GWU Legal Studies Research Paper No. 61, 2022
GWU Law School Public Law Research Paper No. 61, 2022
Virginia Law and Economics Research Paper No. 2022-27
41 Banking & Financial Services Policy Report 1, 2022
Northwestern Law & Econ Research Paper No. 22-17
Stanford University Graduate School of Business Research Paper No. 4256724
14 Pages Posted: 27 Oct 2022 Last revised: 9 Nov 2022
Lawrence A. Cunningham
University of Delaware
Stephen M. Bainbridge
University of California, Los Angeles (UCLA) - School of Law
Jonathan Berk
Stanford Graduate School of Business; National Bureau of Economic Research (NBER)
Sanjai Bhagat
University of Colorado at Boulder - Department of Finance
Bernard S. Black
Northwestern University - Pritzker School of Law; European Corporate Governance Institute (ECGI)
William J. Carney
Emory University School of Law
David J. Denis
University of Pittsburgh
Diane K. Denis
University of Pittsburgh - Katz School of Business
Charles M. Elson
University of Delaware - John L. Weinberg Center for Corporate Governance
Jesse M. Fried
Harvard Law School; European Corporate Governance Institute (ECGI)
Sean J. Griffith
Fordham University School of Law; European Corporate Governance Institute (ECGI)
Jonathan M. Karpoff
University of Washington - Michael G. Foster School of Business; European Corporate Governance Institute (ECGI)
F. Scott Kieff
George Washington University - Law School
Edmund W. Kitch
University of Virginia School of Law
Kate Litvak
Northwestern University - Pritzker School of Law
Julia D. Mahoney
University of Virginia School of Law
Paul G. Mahoney
University of Virginia School of Law
Adam C. Pritchard
University of Michigan Law School
Dale A. Oesterle
Ohio State University (OSU) - Michael E. Moritz College of Law
Roberta Romano
Yale Law School; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)
Christina Parajon Skinner
University of Pennsylvania - The Wharton School; European Corporate Governance Institute (ECGI)
Todd J. Zywicki
George Mason University - Antonin Scalia Law School; PERC - Property and Environment Research Center
Date Written: October 24, 2022
Abstract
The following article adapts and consolidates two comment letters submitted last spring by a group of twenty-two professors of finance and law on the SEC’s proposed climate change disclosure rules. The professors reiterate their recommendation that the SEC withdraw its proposal as legally misguided, while outlining some of the issues that the proposal will face when challenged in court.
Keywords: SEC authority, climate disclosure, ESG, institutional investors, individual investors, information economics, government policy, financial markets, government power
JEL Classification: G18, G38, H11, K20
Suggested Citation: Suggested Citation
Lawrence A. Cunningham (Contact Author)
University of Delaware ( email )
Stephen Mark Bainbridge
University of California, Los Angeles (UCLA) - School of Law ( email )
385 Charles E. Young Dr. East
Room 1242
Los Angeles, CA 90095-1476
United States
310-206-1599 (Phone)
310-825-6023 (Fax)
HOME PAGE: http://www.professorbainbridge.com
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Sanjai Bhagat
University of Colorado at Boulder - Department of Finance ( email )
Campus Box 419
Boulder, CO 80309
United States
303-492-7821 (Phone)
Bernard S. Black

Northwestern University - Pritzker School of Law ( email )
375 E. Chicago Ave
Chicago, IL 60611
United States
312-503-2784 (Phone)
William J. Carney

Emory University School of Law ( email )
1221 Fairview Road, N.E.
Atlanta, GA 30322
United States
404-373-7198 (Phone)
n/a (Fax)
David J. Denis
University of Pittsburgh ( email )
Katz Graduate School of Business
Pittsburgh, PA 15260
United States
412-648-1708 (Phone)
Diane K. Denis
University of Pittsburgh - Katz School of Business ( email )
368B Mervis Hall
Pittsburgh, PA 15260
United States
412-624-0296 (Phone)
Charles M. Elson
University of Delaware - John L. Weinberg Center for Corporate Governance ( email )
Alfred Lerner Hall, Room 104
Newark, DE 19716
United States
302-831-6157 (Phone)
Jesse M. Fried

Harvard Law School ( email )
1575 Massachusetts
Griswold Hall 506
Cambridge, MA 02138
United States
617-384-8158 (Phone)
HOME PAGE: http://www.law.harvard.edu/faculty/directory/10289/Fried

European Corporate Governance Institute (ECGI) ( email )
c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium
Sean J. Griffith
Fordham University School of Law ( email )
150 West 62nd Street
New York, NY 10023
United States

European Corporate Governance Institute (ECGI) ( email )
c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium
Jonathan M. Karpoff
University of Washington - Michael G. Foster School of Business ( email )
Box 353226
Seattle, WA 98195-3200
United States
206-685-4954 (Phone)
206-221-6856 (Fax)

European Corporate Governance Institute (ECGI) ( email )
c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium
F. Scott Kieff

George Washington University - Law School ( email )
2000 H Street, N.W.
Washington, DC 20052
United States
202-994-4644 (Phone)
Edmund W. Kitch

University of Virginia School of Law ( email )
580 Massie Road
Charlottesville, VA 22903
United States
804-924-7047 (Phone)
804-924-7536 (Fax)
Kate Litvak

Northwestern University - Pritzker School of Law ( email )
375 E. Chicago Ave
Chicago, IL 60611
United States
Julia D. Mahoney

University of Virginia School of Law ( email )
580 Massie Road
Charlottesville, VA 22903
United States
434-924-3942 (Phone)
Paul G. Mahoney

University of Virginia School of Law ( email )
580 Massie Road
Charlottesville, VA 22903
United States
434-924-7121 (Phone)
434-924-7536 (Fax)
Adam C. Pritchard

University of Michigan Law School ( email )
625 South State Street
Ann Arbor, MI 48109-1215
United States
734-647-4048 (Phone)
734-647-7349 (Fax)
Dale A. Oesterle

Ohio State University (OSU) - Michael E. Moritz College of Law ( email )
55 West 12th Avenue
Columbus, OH 43210
United States
Roberta Romano

Yale Law School ( email )
P.O. Box 208215
New Haven, CT 06520-8215
United States
203-432-4965 (Phone)
203-432-4871 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States

European Corporate Governance Institute (ECGI)
c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Christina Parajon Skinner

University of Pennsylvania - The Wharton School ( email )
3641 Locust Walk
Philadelphia, PA 19104-6365
United States

European Corporate Governance Institute (ECGI) ( email )
c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium
Todd J. Zywicki

George Mason University - Antonin Scalia Law School ( email )
3301 Fairfax Drive
Arlington, VA 22201
United States
703-993-8091 (Phone)
703-993-8088 (Fax)
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