[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1393 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1393

 To prohibit the enforcement of a climate change interpretive guidance 
    issued by the Securities and Exchange Commission, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                July 20 (legislative day, July 19), 2011

 Mr. Barrasso introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To prohibit the enforcement of a climate change interpretive guidance 
    issued by the Securities and Exchange Commission, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Maintaining Agency Direction on 
Financial Fraud Act''.

SEC. 2. INTERPRETIVE GUIDANCE NULL AND VOID.

    Notwithstanding any other provision of law, no interpretive 
guidance issued by the Securities and Exchange Commission on or after 
the effective date of this Act relating to ``Commission Guidance 
Regarding Disclosure Related to Climate Change'', affecting Parts 211, 
231, and 249 of title 17, Code of Federal Regulations (as described in 
Commission Release Nos. 33-9106; 34-61469; FR-82), or any successor 
thereto, may take effect, and such guidance shall have no force or 
effect with respect to any person on or after February 2, 2010.

SEC. 3. OTHER SEC ACTION PROHIBITED.

    (a) Further Guidance Related to Climate Change.--The Commission may 
not issue any interpretive guidance with respect to disclosures related 
to climate change on or after the effective date of this Act.
    (b) Voluntary Submissions.--The Commission may not issue any 
interpretive guidance that would establish any requirements with 
respect to the content of or format for any disclosures related to 
climate change voluntarily submitted by any entity to the Commission on 
or after the effective date of this Act.
    (c) Civil and Administrative Actions.--No civil or administrative 
action or proceeding pertaining to disclosures related to climate 
change may be initiated by the Commission on or after the date of the 
enactment of this Act and any such actions or proceedings pending on 
such date shall be terminated.
    (d) Rule of Construction.--Nothing in this section shall be 
construed to--
            (1) prohibit the Commission from issuing interpretive 
        guidance with respect to disclosures related to non-
        anthropogenic or natural climate variability observed over 
        comparable time periods; or
            (2) terminate an administrative action or proceeding 
        pertaining to such disclosures.
                                 <all>