Proposed SEC rule could mean more paperwork for farmers

Photo courtesy of Disibility:IN

From staff reports

Agriculture organizations are collaborating on asking the Securities Exchange Commission for a 180-day extension on a comment period regarding the SEC’s release of the “Enhancement Standardization of Climate Related Disclosures for Investments rule.” This proposed rule would require farm operations to report data about their entire supply chain. SEC says that they are trying to protect investors in publicly traded companies. SEC has given a 39-day comment period on the 510-page report with and has over 1,000 footnotes included in it. 

Zippy Duvall, president of the American Farm Bureau Federation, says that the proposed rule is an SEC overreach and creates more work for producers. In a news release he states, “Nearly every farmer’s and rancher’s products eventually touch a publicly traded company, meaning that farmers and ranchers could be forced to report personal information and business-related data.” AFBF is one of 120 organizations that signed onto a letter for the public comment period extension. 

“Farmers and ranchers are already heavily regulated by multiple agencies at the local, state and the federal level,” he said. “New SEC reporting requirements will no doubt make an already complicated patchwork of regulations even more cumbersome,” according to Duvall.

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