The House Financial Services Committee, chaired by Patrick McHenry, convened a hearing titled 'Beyond Scope: How the SEC’s Climate Rule Threatens American Markets,' focusing on the criticisms against the SEC's climate disclosure rule. Critics, including committee Republicans and Chairman McHenry, argue the rule oversteps the SEC's authority, imposes unnecessary burdens on producers, and threatens the competitiveness of American markets, potentially having catastrophic effects on job creation and capital market competitiveness. Supporters, including Rep. Al Green and Rep. Juan Vargas, argue the rule is crucial for transparency in climate-related financial risks, highlighting the potential costs of climate change to the economy, estimated at $178 TRILLION over the next half-century, and the importance of investor access to such information, with companies already spending $500,000 a year on average to evaluate these risks. The SEC has stayed the rule's implementation pending litigation, indicating the controversy and legal challenges it faces.