This legislation proposes an amendment to the Securities Exchange Act of 1934 , aiming to modify the regulatory powers of the Securities and Exchange Commission. Its central objective is to prevent the Commission from imposing certain climate-related reporting obligations on companies. The bill specifically prohibits the SEC from requiring an issuer to provide climate-related disclosures unless such information is determined to be material to investors . This provision intends to narrow the scope of mandatory environmental reporting, ensuring that only financially significant climate data is compelled from public companies.