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This is CBSI in the world. I'm John Bachelor.

I read from a document of the Securities Exchange Commission most recently, 2022.

We are proposing, said the SEC, to require registrants to provide certain climate-related information.

In their registration statements and annual reports, including certain information about climate-related financial risks and climate-related financial metrics in their financial statements.

The disclosure of this information would provide consistent, comparable and reliable, and therefore decision useful information to investors to enable them to make informed decisions about the impact of climate-related risks on current and potential investments.

I welcome Professor Richard Epstein, senior fellow of the Hoover Institution, teaches law at NYU in the University of Chicago.

Writing most recently at defining ideas, I welcome everyone to read it. It's at the Hoover site about the SEC's proposed climate-related authorization.

Richard, a very good evening to you. Your remarks about this, taking me to a case that I very much enjoyed reading about, 1889, dairy versus peak.

This is about a company that boasted it had the right to use steam or mechanical mode of power instead of horses on a part of the public transportation route.

That was a false claim. How does that inform the climate-related regulation the SEC is proposing? Good evening to you.

Well, the first thing we have to figure out is what is it that the SEC is supposed to be doing? And the general reason why this commission has survived better than some of the other Roosevelt convictions is this was not designed to support cartels.

It was designed to support efficient capital markets by making sure that people didn't mark why on their statements.

And so what happens is when you wish you perspective, this is the major business, the company typically has knowledge about its own activities which are not had by people buying on the other side.

And so what happens is in order to even the claim field, what they say is you have to disclose material risks of what are going on in your business so they could have an accurate statement of the way in which things are going.

And this word material is slightly mystical, but what it means on the one hand is you don't have to make in your registration statements discloses of things that are so utterly remote and implausible that there's no reason to take them into account.

And you don't have to tell people things that they already know is not a general situation.

So you're constantly looking for informational asymmetries, something that the company knows that something that the investors when they're trying together cannot find.

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