On May 29, the SEC announced the proposed rescission of the climate-related disclosure rules adopted by the agency in March 2024, which, though never taking effect, would have required registrants to provide certain climate-related information in their registration statements and annual reports, including detailed disclosures about greenhouse gas emissions, management of climate-related risks, and the financial statement effects of severe weather events. According to the Federal Register proposal, the SEC stayed the original rules in April 2024 pending completion of consolidated litigation in the U.S. Court of Appeals for the 8th Circuit. In the proposal, the SEC noted that it voted to end its defense of the rules in March 2025 and that the 8th Circuit subsequently held the consolidated petitions for review in abeyance on September 12, 2025, until the SEC either reconsidered the rules through notice-and-comment rulemaking or renewed its defense.

The SEC characterized the rules as “a dramatic overreach of the Commission’s statutory authority and, independently, unsound as a matter of policy.” It estimated that rescinding the rules could generate annualized savings of approximately $4.9 billion per year over the next 10 years for all affected registrants. Comments on the proposed rescission must be submitted by August 3.