A bill to prohibit the enforcement of a climate change interpretive guidance issued by the Securities and Exchange Commission, and for other purposes.
Maintaining Agency Direction on Financial Fraud Act - Prohibits any interpretive guidance issued by the Securities and Exchange Commission (SEC) which relates to "Commission Guidance Regarding Disclosure Related to Climate Change" from taking effect with respect to any person on or after February 2, 2010.
Prohibits the SEC from issuing interpretive guidance: (1) with respect to disclosures related to climate change after this Act's effective date; and (2) 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 SEC after such date.
Prohibits the SEC from initiating any civil or administrative action or proceeding pertaining to disclosures related to climate change after this Act's enactment and terminates any such actions or proceedings that are pending.
Prohibits this Act from being construed to: (1) prohibit the SEC 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.
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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