After years of delay, the Securities and Exchange Commission is set to vote on whether to adopt new climate-risk reporting requirements Wednesday. After fierce criticism from the business community, the costliest part of the original proposal has been eliminated, but the new mandates are still an unnecessary burden, fall outside the scope of the SEC’s jurisdiction, and should be rejected outright.

If a company wishes to raise capital by issuing stock, it must register its securities under the Securities Act of 1933 and it must file periodic reports to the SEC pursuant to the Securities Exchange Act of 1934. The purpose of both these laws is to ensure that investors can make informed investment and voting decisions.