On May 21, in an open virtual meeting the SEC’s 23-member Investor Advisory Committee debated and endorsed the Investor as Owner Subcommittee’s long-awaited recommendations that the Commission begin in earnest an effort to update the reporting requirements of Issuers to include material, decision-useful, environmental, social and governance (ESG) factors. That same day, BlackRock shareholders debated in a virtual annual meeting whether the world’s largest asset manager is living up to CEO Larry Fink’s much ballyhooed commitment to sustainability as BlackRock’s new standard of investing and investment stewardship (as previously detailed in this blogpost). While the path forward on possible new principles-based SEC disclosure rules around ESG factors may be long and uncertain, the Subcommittee’s recommendations offer useful considerations for companies in preparing currently required SEC filings and voluntary sustainability reports. Continue Reading
National Security Tariff Investigation of Steel-Based Components of Electrical Transformers: Comment Dates Set
As described in an earlier post to this blog, the Commerce Department initiated an investigation under Section 232 of the Trade Expansion Act of 1962 into whether “laminations for stacked cores for incorporation into transformers, stacked and wound cores for incorporation into transformers, electrical transformers, and transformer regulators are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security.” Continue Reading
Six Highlights of EPA’s Proposal to Expand Reform of Guidance Documents
EPA on May 19 released a proposed rule that would put in place a set of regulations governing EPA’s issuance, modification, and withdrawal of guidance documents. This proposal implements portions of Executive Order 13891, and builds on EPA’s previous efforts to create a comprehensive portal of guidance documents earlier this year. Generally speaking, the stated purpose of the rule is to allow for increased transparency and public involvement in EPA’s guidance-formulation process, but the proposal also contains several key limitations. Continue Reading
DOE Proposes to Stop Evaluating Environmental Impacts of LNG Exports
The Department of Energy proposes to no longer subject LNG exports to evaluation under the National Environmental Policy Act (NEPA). According to a recent Notice of Proposed Rulemaking (NOPR), DOE says that the only source of potential environmental impacts within its authority to review are those associated with transporting natural gas by ship, and those shipments qualify for categorical exclusion from NEPA review. Continue Reading
National Security Tariff Investigation Targets Steel-Based Components of Electrical Transformers
The Commerce Department on May 4, 2020, announced a new investigation under Section 232 of the Trade Expansion Act of 1962, examining whether “laminations for stacked cores for incorporation into transformers, stacked and wound cores for incorporation into transformers, electrical transformers, and transformer regulators are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security.”
Top 5 Takeaways From EPA’s New Policy on Expediting COVID-19 Disinfectant Approvals
EPA on May 12 announced a new framework for reviewing and approving products for use against the novel coronavirus. EPA’s framework explains which new product and existing product amendment requests will be expedited, and provides approximate timelines for EPA review and approval. Because of continued high demand for disinfectant products, companies seeking to launch new products or amend existing registrations should take care to ensure that their requests will receive expedited treatment. Seeking expedited treatment is particularly important given the concerns some companies have about making significant investments into EPA product registration, in light of the sometimes lengthy EPA-approval process. Continue Reading
President Signs Executive Order on Securing Bulk Power System Equipment
On May 1, President Trump signed an executive order on “Securing the United States Bulk-Power System” (the “Order”) that gives the Department of Energy new authorities under the International Emergency Economic Powers Act to block or mitigate certain transactions involving bulk-power system electric equipment designed, developed, manufactured or supplied by a “foreign adversary.” The Order declares a national emergency with respect to “the unrestricted foreign supply of bulk-power system electric equipment” and asserts federal oversight over private utility purchases of certain equipment from suppliers deemed to be controlled or influenced by foreign adversaries. Continue Reading
SCOTUS Has Spoken: Kinda Sorta Direct Discharges Need A Permit
On April 23 the Supreme Court announced its decision in County of Maui v. Hawaii Wildlife Fund (No. 18-260), which addressed the fundamental issue of what is a discharge to navigable waters requiring a permit under the Clean Water Act. The case arose in the context of the County’s discharges of wastewater to wells that traveled through groundwater to the Pacific Ocean. Justice Breyer’s opinion for the Court held that a permit is needed when there is the “functional equivalent” of a direct discharge. Continue Reading
EPA and CDC Urge Employers to Establish Disinfection Plans as Part of COVID-19 Reopening
EPA and the CDC on April 29 provided updated guidance on steps employers and businesses should take to disinfect their premises, as part of the “Guidelines for Opening Up America Again.” This provides important guidance for businesses to protect employees and members of the public, and to minimize potential liability arising out of coronavirus exposure in the workplace. Continue Reading
FERC Carbon Pricing Conference Urged
A diverse group of stakeholders filed a request with the Federal Energy Regulatory Commission (FERC) to convene a public conference to discuss integrating carbon pricing into U.S. organized regional wholesale electricity energy markets. The group says it is not asking FERC to direct carbon pricing but instead to gather a wide range of stakeholders to discuss the technical and implementation issues raised by incorporating carbon pricing policies into the organized wholesale markets operated by Regional Transmission Organizations (RTOs). Continue Reading
