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26 U. Pa. J. Const. L. Online 1 (2023-2024)

handle is hein.journals/jclon26 and id is 1 raw text is: 
















COMPELLED CLIMATE SPEECH


                                  Michael  Cschokke*


                                     ABSTRACT


    Climale hag /ehrea/en<, inearlyieve; rorner ofhuman 1Filand may v/rucurally rhanwe Ihglobhalfnancial .yv/em.
    Inves/orv inieasingy deman <nin linnaiion aboul how <limale change may impaar |heir inves/mnev. In response,
    |he U.S. Seu rinie and! Eranige Commivvon, zvvue| a   ropone rul h  wd  gi   wnlanies /0
    divrlose rer/ain <rlma/e -rla/ed informa/ion in /heir req-s/ra/o s/a/emntv and| annual reorv. Bu/ some crl/cs
    argue /hai v | rps ed rule is unconsilulional under /he Supreme Courv rurren/ doc/rine on compelled and
    commercial speech.


    Thi  , <ocr in  mivundermiand» s  I iri  nAmenmen/.  W iaen coioriaions eingage in peech /ha/ poive.ves
    mmeunial and non- ommercial hara://ih , /he Courlv binar;. a/egorial unrep/i|on of/heonmelled speech
    doc/rine di.orcesfrom /he <ons/i|ulional v alus /  /he Firvi Amndnu 7o  Ti pape idn/f/ien /hose
    v alues,. analy;e~v / |C(ourv < uni do/<:|ne /hnroughi /he le n v   of elled lima/e|peerh. and ropseuv an
    al/eri na/ive di<<ne /ha/| be||/er underv/and v  ufoin  , /he naiuialpevo; wi whom /hey n/era</, and|| /
    cons/i/u/ional rights shaped by those in/eractions.


                                  INTRODUCTION


    On   March 15, 2021, Allison Herren Lee, acting chair of the U.S.

Securities  and  Exchange Commission, announced that the agency intended

to solicit public comments on potential future regulations that would compel

registered  companies to disclose certain information about environmental,

social, and  governance issues.1 A year later, the SEC issued a proposed rule

that would   require  publicly  traded  companies to disclose certain information

related  to their  climate  risk.2  Registrants   would   be  compelled   to  disclose,

among other things, greenhouse-gas emissions from sources that the




     Law clerk to the Hon. Danny J. Boggs, U.S. Court of Appeals for the Sixth Circuit
     J.D., University of Pennsylvania Law School; B.A., Boston College. I am grateful to Elizabeth
     Pollman for helpful comments on earlier drafts. Any errors are mine.
1    Press Release, Allison Herren Lee, Acting Chair, U.S. Sec. & Exch. Comm'n, A Climate for
     Change: Meeting Investor Demand for Climate and ESG Information at the SEC (Mar. 15, 2021),
     https://www.sec.gov/news/speech/lee-climate-change [perma.cc/B866-ZQZM].
2    See The Enhancement and Standardization of Climate-Related Disclosures for Investors, 87 Fed.
     Reg. 21,334, 21,334 (proposed Apr. 11, 2022) (to be codified at 17 C.F.R. 210, 229, 232, 239, 249)
     (The proposed rules would require information about a registrants climate-related risks that are
     reasonably likely to have a material impact on its business, results of operations, or financial
     condition.).


I

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