May. 10, 2022
Dear Sir or Madam: Rule 33-11061 is a burden to business and is not amplifying any law of the United States of America and should not be approved. Rules must implement laws passed by the United States Congress and signed into law by the President. Agencies cannot promulgate Rules that do not support law. Hence, the SEC is attempting to create its own law in violation of Federal Code. This proposal as written, is a massive expansion of government intrusion into private companies that the SEC has no legal authority to make. The SEC exists to regulate commerce, no part of the SEC mission has anything to do with pollution or climate change. The SEC has no legal authority to implement a rule like this given its mission. Rules must be promulgated that are in line with the mission of the Agency as prescribed by law, not wishful thinking, and must support and amplify an existing law. Rule Proposal 33-11061 fails on both of these critical counts. The Rule is also extremely burdensome to public companies, having to calculate theoretical information that will obviously be used against them by certain Left Wing investors and activist anti-capitalist groups. There is a tremendous cost to this proposal, and the way the rule is proposed, it would be more speculation than fact based, companies do not track this type of information nor are they required to under the law. By forcing public companies to invent this data and publish it, it is only inviting action that will adversely affect its value, and that is not within the perview of the SEC. The Rule essentially guarantees activists to protest, force companies to act not in their best interests, and creates a double standard of forced investing that the SEC is not by law allowed to achieve. This Rule should not be promulgated for the reasons mentioned. If the SEC wanted these powers, they should ask the Congress to grant them, and then the Rule would be legal. Absent these important factors, the Commission is working outside of its authority and dangerously so, putting companies at risk of be devalued due without legitimate reason. Jim Trakas Independence, Ohio