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36 Wm. Mitchell L. Rev. 1014 (2009-2010)
Canary in the Coal Mine: Can the Campaign for Mandatory Climate Risk Disclosure Withstand the Municipal Bond Market's Resistance to Regulatory Reform

handle is hein.journals/wmitch36 and id is 1020 raw text is: CANARY IN THE COAL MINE: CAN THE CAMPAIGN FOR
MANDATORY CLIMATE RISK DISCLOSURE WITHSTAND
THE MUNICIPAL BOND MARKET'S RESISTANCE TO
REGULATORY REFORM?
Lisa Anne Hamilton, JDt
I.  INTRODUCTION     .................................................................... 1015
II. BACKGROUND AND OVERVIEW OF THE MUNICIPAL
SECURITIES M   ARKET   ............................................................ 1017
A. Description of Municipal Securities Market ....................... 1017
B. Inching Toward Regulatory Reform .................................. 1020
C.   M SRB  Enforcement ......................................................... 1023
D. Enforcement Under the Antifraud Provisions .................... 1025
E.   Voluntary Disclosure Regime ............................................ 1027
F.   Resisting Emerging Definitions of Material Information .... 1031
III. THE CAMPAIGN FOR CORPORATE CLIMATE RISK
D ISCLO SU RE  ......................................................................... 1032
A. Defining Material Climate Risk ....................................... 1033
1.  Physical R isk ............................................................. 1033
2. Regulatory and Policy Risk ......................................... 1034
a. New York State Attorney General .......................... 1036
b. Congressional Initiatives ..................................... 1038
c. Executive Branch Initiatives EPA CO2
Endangerment Findings ...................................... 1040
3.  Litigation  Risk  .......................................................... 1044
B.   Private Initiatives to Address Climate Risk ...................... 1046
1. Voluntary Disclosure Initiatives .................................. 1046
2. Shareholder Resolutions and New SEC Proxy Rules ..... 1048
t   Lisa Anne Hamilton has provided research and analysis to environmental
activists and coalition partners on the utilization of the municipal bond market by
electric cooperatives to finance the construction of coal-fired power plants. She has a
B.A. in Government from Cornell University's College of Arts & Sciences and aJ.D.
from Howard University School of Law. The author expresses her appreciation to
Laura Bartlow, Wyatt Partridge and the editorial staff of the William Mitchell Law
Review and the support of Larry Shapiro of the Rockefeller Family Fund's Power
Plant Finance Project.

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