This article summarizes the argument of the author’s more technical article, “What’s ‘Controversial’ About ESG? A Theory of Compelled Commercial Speech under the First Amendment.” The SEC is on the cusp of enacting rules to compel companies to disclose “climate risk.” Commentators have critiqued the rules as misguided and beyond the SEC’s statutory authority. But the proposed rules have a more fundamental flaw that will doom them when the inevitable court challenges are filed. The … [Read more...]