H.R.4790 GUARDRAIL Act (SEC Climate Disclosures)
GUARDRAIL Act — limits the SEC from requiring companies to disclose climate-related financial risks to investors (118th Congress)
View on Congress.govLegal & Constitutional Grounding
SEC has disclosure authority under 15 USC 78m; 4,000+ organizations recognize climate risk as material to investors.
- SEC Climate Risk Disclosure Rule (2024): requires disclosure of material climate-related financial risks
- TCFD (2023): 4,000+ organizations support climate risk disclosure as material to investors
Bill activity
Introduced Jul 20, 2023 by Bill Huizenga (R-MI) with 3 original cosponsors. Passed the House Sep 19, 2024, 215-203.
- Reached the House floor after the House Committee on Financial Services reported it (H. Rept. 118-336), under a special rule from the Rules Committee (H.Res.1455).
- IntroducedJul 20, 2023
- Passed HouseSep 19, 2024
- Passed Senate
- To President
- Became Law
Latest action Sep 23, 2024: Received in the Senate and Read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs.
Sponsor Bill Huizenga (R-MI)
3 original cosponsors:
- Alexander X. Mooney (R-WV)
- Daniel Meuser (R-PA)
- Frank D. Lucas (R-OK)
Cosponsorship closed Dec 22, 2023 (118th Congress): the House Financial Services Committee reported the bill.
Activity log
- Introduced in House
- Referred to the House Committee on Financial Services.
3 original cosponsors on the day of introduction
- Alexander X. Mooney R-WV, original
- Daniel Meuser R-PA, original
- Frank D. Lucas R-OK, original
- Committee Consideration and Mark-up Session HeldHouse
- Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 21.House
- Reported (Amended) by the House Committee on Financial Services. H. Rept. 118-336.
- Placed on the Union Calendar, Calendar No. 275.House
- Rules Committee Resolution H. Res. 1455 Reported to House.
House floor day: motion to recommit, passage (10 steps)
- Considered under the provisions of rule H. Res. 1455.
- Rule provides for consideration of H.R. 3724, H.R. 4790, H.R. 5179, H.R. 5339, H.R. 5717, H.R. 7909 and H.J. Res. 136. The resolution provides for consideration of H.R. 3724 and H.R. 5717 under a structured rule and H.R. 4790,...
- DEBATE - The House proceeded with one hour of debate on H.R. 4790.
- The previous question was ordered pursuant to the rule.
- Mr. Casten moved to recommit to the House Committee on Financial Services.
- The previous question on the motion to recommit was ordered pursuant to clause 2(b) of rule XIX.
- POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 4790, the Chair put the question on the motion to recommit and by voice vote, announced that the ayes had prevailed. Mr. Huizenga demanded the yeas and nays and the...
- Considered as unfinished business.
- On motion to recommit Failed by the Yeas and Nays: 206 - 211 (Roll no. 434).
- On passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)
- House vote: Passage of the billCounted in grades
Passed, 215-203
Of 3 cosponsors: 3 voted yea, 0 voted nay.
Member breakdown · Official House roll call 435 - Motion to reconsider laid on the table Agreed to without objection.House
- Received in the Senate and Read twice and referred to the Senate Committee on Banking, Housing, and Urban Affairs.
Votes on this bill
4 votes: 4 recorded roll calls and 0 decided without a recorded vote, 0 of them on amendments. Showing 1 below; 3 procedural votes are behind "Show all 4 votes". Votes counted in grades are marked.
Sep 18, 20241:59 pmHouseVote to end debate on the rule (ordering the previous question)
H.Res.1455On ordering the previous question Agreed to by the Yeas and Nays: 206 - 196 (Roll no. 420).Agreed to206-196Nay
| Party | Yea | Nay | Present | Not voting |
|---|---|---|---|---|
| Democratic | 0 | 196 | 0 | 15 |
| Republican | 206 | 0 | 0 | 14 |
| Independent | 0 | 0 | 0 | 0 |
| Total | 206 | 196 | 0 | 29 |
Sep 18, 20242:05 pmHouseVote on the rule (H.Res.1455)On agreeing to the resolution Agreed to by recorded vote: 214 - 200 (Roll no. 421).Agreed to214-200Nay
| Party | Yea | Nay | Present | Not voting |
|---|---|---|---|---|
| Democratic | 0 | 200 | 0 | 11 |
| Republican | 214 | 0 | 0 | 6 |
| Independent | 0 | 0 | 0 | 0 |
| Total | 214 | 200 | 0 | 17 |
Sep 19, 20244:24 pmHouseMotion to recommit (send the bill back to committee)On motion to recommit Failed by the Yeas and Nays: 206 - 211 (Roll no. 434).Failed206-211Not voting
| Party | Yea | Nay | Present | Not voting |
|---|---|---|---|---|
| Democratic | 206 | 0 | 0 | 5 |
| Republican | 0 | 211 | 0 | 9 |
| Independent | 0 | 0 | 0 | 0 |
| Total | 206 | 211 | 0 | 14 |
Sep 19, 20244:31 pmHousePassage of the billCounted in gradesOn passage Passed by the Yeas and Nays: 215 - 203, 1 Present (Roll no. 435). (text of amendment in the nature of a substitute: CR H5477-5486)Passed215-203Not voting
Counted in grades
Of 3 cosponsors: 3 voted yea, 0 voted nay. Question voted on: Passage of the bill
| Party | Yea | Nay | Present | Not voting |
|---|---|---|---|---|
| Democratic | 3 | 203 | 0 | 5 |
| Republican | 212 | 0 | 1 | 7 |
| Independent | 0 | 0 | 0 | 0 |
| Total | 215 | 203 | 1 | 12 |
Amendments
1 amendment: 1 agreed to.
Agreed to (1)
Substitute text adopted under the rule (H.Res.1455)
Official text
Pursuant to the provisions of H. Res. 1455, in lieu of the amendment in the nature of a substitute recommended by the Committee on the Financial Services, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 118-48, modified by the amendment printed in Part B is considerated adopted.GUARDRAIL Act — limits SEC climate risk disclosure requirements. The bill reduces the scope of mandatory climate disclosure by allowing issuers to self-determine materiality, undermining investor access to documented climate-related financial risks.