November 30, 2021

Volume XI, Number 334

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November 30, 2021

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November 29, 2021

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Political Momentum Grows in Support of Mandatory Financial ESG Disclosures

The House of Representatives recently passed a bill--albeit by the narrowest of majorities--that would mandate that companies provide shareholders "information about employee and executive pay, political spending, climate risk and tax reporting." 

Although this bill is highly unlikely to be approved by the Senate, due to the Republican filibuster (and potentially dissenting voices from certain Democratic senators), the very fact that it was approved by the House indicates the increased momentum towards the implementation of a regime of financial ESG disclosures by the Biden Administration. 

Based upon the political popularity of such financial ESG disclosures, as reflected in its embrace by Democratic elected officials, it seems highly likely that the Biden Administration will exercise its authority through the administrative state to implement such regulations, whether by SEC action (as is most likely) or another executive branch agency.

The U.S. House of Representatives on Wednesday narrowly approved a package of bills that would require public companies to disclose environmental, social and governance factors related to their businesses.

 

©1994-2021 Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. All Rights Reserved.National Law Review, Volume XI, Number 172
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About this Author

Jacob Hupart Commercial Attorney Litigation Mintz Levin Cohn Ferris Glovsky and Popeo PC
Member

Jacob has a multifaceted litigation practice that encompasses complex commercial litigation, including cases involving securities, employment, and environmental claims, as well as class action litigation, white-collar criminal defense, and regulatory investigations. He has extensive experience handling all phases of litigation before federal and state courts, managing discovery, and conducting settlement negotiations. Jacob has represented clients in a variety of industries, including financial services, energy, education, and the media.

Prior to joining Mintz, he was an associate...

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