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S. 391: Protect Farmers from the SEC Act

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The text of the bill below is as of Feb 13, 2023 (Introduced).

II

118th CONGRESS

1st Session

S. 391

IN THE SENATE OF THE UNITED STATES

February 13, 2023

(for himself and Mr. Braun) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To amend the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission from requiring an issuer to disclose information relating to certain greenhouse gas emissions, and for other purposes.

1.

Short title

This Act may be cited as the Protect Farmers from the SEC Act.

2.

Prohibition on requiring an issuer to disclose information relating to certain greenhouse gas emissions

Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following:

(e)

Prohibition on requiring an issuer To disclose information relating to certain greenhouse gas emissions

(1)

Definitions

In this subsection:

(A)

Agricultural product

The term agricultural product has the meaning given the term in section 207 of the Agricultural Marketing Act of 1946 (7 U.S.C. 1626).

(B)

Downstream activities

The term downstream activities includes activities that relate to processing materials into a finished product and delivering that product or providing a service to the end user.

(C)

Greenhouse gas

The term greenhouse gas means—

(i)

carbon dioxide;

(ii)

methane;

(iii)

nitrous oxide;

(iv)

nitrogen trifluoride;

(v)

hydrofluorocarbons;

(vi)

perfluorocarbons; or

(vii)

sulfur hexafluoride.

(D)

Upstream activities

The term upstream activities includes activities that relate to the initial stages of producing a good or service.

(2)

Prohibition

The Commission may not require an issuer to disclose greenhouse gas emissions from upstream activities or downstream activities in the value chain of the issuer from the production, manufacturing, or harvesting of an agricultural product.

(3)

Nonapplicability of exemptive authority

Section 36 shall not apply to this subsection.

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