On August 15, 2024, the Knight Institute filed an amicus brief on behalf of 17 prominent First Amendment scholars in Iowa v. Securities Exchange Commission, and other consolidated cases, in which the U.S. Court of Appeals for the Eighth Circuit is hearing challenges to the SEC’s new climate disclosure rule.

The rule would require companies to disclose certain information about climate-related financial risks and metrics associated with securities that are sold to the public. The Knight Institute’s amicus brief, filed in support of the rule, makes four arguments. First, securities disclosure requirements that inform and protect investors do not ordinarily raise First Amendment concerns. Second, the climate disclosure rule falls within this longstanding tradition of securities disclosure requirements. Third, at most, the rule should be evaluated under the framework that the Supreme Court established in Zauderer v. Office of Disciplinary Counsel of the Supreme Court of Ohio, 471 U.S. 626 (1985). Finally, the rule survives Zauderer scrutiny.

Status: On August 15, 2024, the Knight Institute submitted its amicus brief in support of respondent.

Case Information: Iowa v. Securities Exchange Commission, No. 24-1522, and all consolidated cases: Nos. 24-1624, 24-1626, 24-1627, 24-1628, 24-1631, 24-1634, 24-1685, and 24-2173 (8th Cir.)