H.R. 2603 (112th): Maintaining Agency Direction on Financial Fraud Act

112th Congress, 2011–2013. Text as of Jul 20, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

1st Session

H. R. 2603

IN THE HOUSE OF REPRESENTATIVES

July 20, 2011

(for himself, Mr. Conaway, Mr. Campbell, Mr. Paul, Mr. Westmoreland, Mr. Burton of Indiana, Mr. Broun of Georgia, and Mr. Lamborn) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To prohibit the enforcement of a climate change interpretive guidance issued by the Securities and Exchange Commission, and for other purposes.

1.

Short title

This Act may be cited as the Maintaining Agency Direction on Financial Fraud Act.

2.

Interpretive guidance null and void

Notwithstanding any other provision of law, no interpretive guidance issued by the Securities and Exchange Commission on or after the effective date of this Act relating to Commission Guidance Regarding Disclosure Related to Climate Change, affecting Parts 211, 231, and 249 of title 17, Code of Federal Regulations (as described in Commission Release Nos. 33–9106; 34–61469; FR–82), or any successor thereto, may take effect, and such guidance shall have no force or effect with respect to any person on or after February 2, 2010.

3.

Other SEC action prohibited

(a)

Further guidance related to climate change

The Commission may not issue any interpretive guidance with respect to disclosures related to climate change on or after the effective date of this Act.

(b)

Voluntary submissions

The Commission may not issue any interpretive guidance that would establish any requirements with respect to the content of or format for any disclosures related to climate change voluntarily submitted by any entity to the Commission on or after the effective date of this Act.

(c)

Civil and administrative actions

No civil or administrative action or proceeding pertaining to disclosures related to climate change may be initiated by the Commission on or after the date of the enactment of this Act and any such actions or proceedings pending on such date shall be terminated.

(d)

Rule of construction

Nothing in this section shall be construed as to—

(1)

prohibit the Commission from issuing interpretive guidance with respect to disclosures related to non-anthropogenic or natural climate variability observed over comparable time periods; or

(2)

terminate an administrative action or proceeding pertaining to such disclosures.