Columbus, OH – On Monday, The Buckeye Institute filed an amicus brief in Iowa v. U.S. Securities and Exchange Commission (SEC), calling on the U.S. Court of Appeals for the Eighth Circuit to tell the SEC and the Biden administration that their new rule imposing environmental, social, and governance (ESG) reporting exceeds the SEC’s Congressional authority and will have dire economic consequences for American farmers and families.

“Once again, the Securities and Exchange Commission has used the regulatory process to impose a policy that American consumers do not want, which Congress did not authorize, and which harms Americans,” said David C. Tryon, director of litigation at The Buckeye Institute. “Not only does this rule exceed Congressional authority, but it could also spell disaster for struggling American farmers and families.”

In its research, Net-Zero Climate-Control Policies Will Fail the Farm, The Buckeye Institute extensively examined the effects net-zero policies such as ESG reporting have on Americans, and it urged the court to consider seriously the economic findings Buckeye’s independent research produced. As in its research, The Buckeye Institute’s brief points out that, if implemented, the SEC rule would result in a 34 percent increase in operating expenses for farmers, and families would see a 15 percent—or $1,330—increase in their annual grocery bill. With billions of dollars in increased costs to American farmers and families, Buckeye also argues that the SEC rule is so invasive that it violates the major questions doctrine.

Ohio Bureau of Workers’ Compensation v. SEC and seven other cases were consolidated into Iowa v. SEC.  

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