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John Pendergrass, vice president for programs and publications at the Environmental Law Institute, a D.C.-based nonprofit, told Financial Advisor the court's EPA ruling makes it unclear that the SEC's proposed rule is legal.

“Although the court’s decision in West Virginia v. EPA doesn’t directly affect the SEC climate disclosure rule, it certainly suggests the SEC, as well as every other agency, needs to emphasize the clear statutory basis for any new rule," Pendergrass said.

Under the "major questions" doctrine, an executive branch agency must have clear statutory authorization from Congress before it can regulate issues that have a broad impact on society. Chief Justice John Roberts cited this doctrine in his majority opinion finding that the EPA did not have the power to require coal-based power plants to switch to fossil fuel alternatives.

"The basis for the decision is essentially applicable across all the regulatory agencies, and we'd expect many actions by the SEC and other financial federal regulators to quickly become bullseyes for corporate America," Dennis Kelleher, CEO of Better Markets, told Reuters. He said the SEC's proposed rule was "an obvious potential early target" for further legal challenges after the EPA decision.

Still, some believe it is within the SEC's power to require companies to disclose emissions information.

Former SEC attorney Walé Oriola, counsel at Faegre Drinker, told Financial Advisor that "under the principle leaned on by the high court in the EPA case, the SEC should be cautious as it approaches finishing its climate disclosure rules. I think the EPA ruling would influence what requirements makes it into the final version of the rulemaking.”

But since the proposed disclosure rules are still related to financial information, Oriola said the Supreme Court would defer to the SEC's interpretation of its own regulatory authority under the "Chevron deference" legal doctrine. Congress "gave the agency authority to promulgate disclosure requirements that are 'necessary or appropriate in the public interest or for the protection of investors,’” Oriola said.

This view was shared by climate change activists and shareholder advocates. "We do not think yesterday’s SCOTUS rule on EPA Clean Air Act will have an impact on any court challenge to the SEC proposed rule on climate disclosure,” said Andrew Behar, CEO of As You Sow, a California-based shareholder advocacy group that promotes "environmental and social corporate responsibility."

“The new SEC rule that will require corporate disclosure be accurate, verified, and included in the audit is the most basic requirement of good governance and commerce. It simply ensures trust between companies and their shareowners,” Behar said.

However, opponents of the SEC's rule are expected to cite the Supreme Court's EPA decision in their legal challenges.

“Even before, it was clear that the SEC might have had a difficult time escaping judicial skepticism about the scope of agency authority to act in the climate area,” Howard Fischer, a partner at Moses & Singer and former SEC attorney, told Reuters. “The SEC’s argument that climate risk is finance risk is not likely to find a sympathetic ear at the Supreme Court."

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Great Simmering Anger! Trump Doubles Down on DOJ and FBI Attacks After Mar-a-Lago Raid

PAUL J. RICHARDS/AFP via Getty Images

Six days after the raid at Mar-a-Lago, former President Donald Trump is continuing to rage on his platform Truth Social, adding to the increasing criticism of the FBI and Justice Department since Monday.

The search warrant and inventory list from the former president’s estate were revealed to the public on Friday, showing that Trump could find himself in serious trouble, being investigated for multiple federal charges, including the Espionage Act. On Saturday, it was unearthed that a Trump lawyer signed a statement for the DOJ assuring that all classified material had been returned, two months before those documents were seized from Mar-a-Lago.

Since the raid, Trump has used Truth Social to express his outrage at the FBI and DOJ, inspiring many others to do the same while making seemingly endless excuses for the search and seizure.

On Sunday, Trump doubled down on his attacks against federal law enforcement agencies, claiming that the FBI seized boxes of “privileged attorney-client material,” and “executive privileged material,” arguing that they “should not have been taken,” from the estate.

“By copy of this TRUTH,” Trump continued, “I respectfully request that these documents be immediately returned.”

Later in the day, the former president posted that while in attendance at a “large gathering,” all anyone could talk about was “the complete and total stranglehold that the Radical Left Democrats have over the DOJ & FBI,” invoking claims he has made this week that federal law enforcement is increasingly political.

Trump claimed that there is a “double standard,” because “nobody goes after BLM, ANTIFA, or the rest.”

“It is all so out of control,” concluded Trump, “great simmering anger!”

There has reportedly been an uptick in threats against federal law enforcement individuals after Trump and his Republican allies directed their criticism against the FBI and DOJ. An Ohio man attacked an FBI field office in Cincinnati, while FBI Director Christopher Wray, who was appointed by Trump in 2017, had to come out in order to condemn the violent trend.

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