Iowa v. Securities & Exchange Commission

On July 23, 2025, the Securities and Exchange Commission (SEC) filed a status report in the Eighth Circuit Court of Appeals proceedings challenging the SEC’s 2024 climate change disclosure rules. In response to questions posed by the court in an April 24, 2025 order regarding the SEC’s intentions with respect to the rules, the SEC said it did not intend to review or reconsider the rules “at this time” and requested that the Eighth Circuit end the abeyance and decide the case. The SEC stated that if the court upheld the rules, “any reconsideration of them would be subject to Commission deliberation and vote of its members, and the Commission cannot prejudge that action.” (The SEC also stated that prejudging “would not be appropriate.”) In addition, the SEC stated that because the court’s decision “would inform the scope and need for such action,” a decision by the court would “promote an efficient resolution to the dispute between the parties.” The SEC contended that a decision by the court would not be advisory because “[a]n important, live controversy of national policy with critical economic and policy ramifications” remained and that the court’s decision could “conclusively resolve the dispute about the Commission’s power to adopt the mandatory disclosure obligations on climate risk in the Rules.”

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