WASHINGTON (December 1, 2022) – Today, the National Cattlemen’s Beef Association (NCBA) announced support for the Senate version of the Protect Farmers from the SEC Act, a companion bill to legislation that was previously introduced in the House of Representatives by Rep. Frank Lucas (R-OK).
“The Securities and Exchange Commission’s overly broad rulemaking has the potential to increase burdens on cattle producers by requiring data that is impossible to provide,” said NCBA Chief Counsel Mary-Thomas Hart. “NCBA is proud to support the Protect Farmers from the SEC Act because it ensures that federal regulators do not overstep their jurisdiction and it protects cattle producers from additional government red tape. We thank Senators Boozman and Braun for their focus on this issue.”
The Protect Farmers from the SEC Act excludes agriculture from reporting scope 3, or supply chain, greenhouse gas emissions under the Securities and Exchange Commission’s proposed climate disclosure rule. While the rule is aimed at large publicly traded companies, agricultural operations could be subjected to additional reporting as part of the supply chain for public restaurants and retailers.