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Photo: Kena Betancur/VIEWpress

Financial regulators are getting an earful from powerful interests looking to influence new federal climate disclosure requirements.

Why it matters: Interest from Wall Street, K Street, Congress and beyond signals the topic's growing salience within the Biden administration.

Driving the news: The comment period just closed on the Securities and Exchange Commission's call for preliminary input on how companies should disclose climate-relevant information. Here are a few viewpoints...

  • Democratic Sens. Brian Schatz and Sheldon Whitehouse call for detailed banking industry reporting. They say disclosure of "financed emissions" — that is, business with fossil fuel companies — should include "off-balance sheet activities like equity and debt underwriting, as well as advisory work."
  • The American Petroleum Institute cautions against an overly expansive definition of "material" disclosures. It also urges consideration of compliance costs to small- and mid-sized companies, and it says the SEC should provide liability protections typically afforded to businesses' forward-looking statements.
  • The National Association of Manufacturers says reporting requirements should focus on metrics that are "financially material to the investors in a specific business."
  • Asset manager BlackRock says the SEC should take its cues from existing efforts like the Task Force on Climate-related Financial Disclosures. It also says reporting on emissions from the use of companies' products in the economy (called "Scope 3") and certain other quantitative disclosures "may require a phased approach."
  • Friends of the Earth, Amazon Watch and the Rainforest Action Network, in joint comments, urge the SEC requirements to cover "risks associated with deforestation and unsustainable land use."

Zoom in: Check out many filings on this page. It also lists SEC staff meetings with parties like the U.S. Chamber of Commerce, Shell, JPMorgan Chase and more.

What's next: The SEC plans to begin formal rule-making later this year.

Go deeper

2 hours ago - Sports

The new faces of NBC's Olympics coverage

Photo illustration: Aïda Amer/Axios. Photo: Cy Cyr/PGA Tour via Getty Images

A new(ish) face will be leading NBCUniversal's prime-time coverage of the 2021 Tokyo Olympic Games: veteran sportscaster Mike Tirico.

Why it matters: It's Tirico's first run as prime-time host for the Summer Olympics. Legendary broadcaster Bob Costas hosted 12 Olympic Games between 1988 and 2016 for NBC before handing over the prime-time spot to Tirico in 2018.

Ina Fried, author of Login
2 hours ago - Sports

Behind the scenes at the COVID Olympics

Photo illustration: Brendan Lynch/Axios, Photo: Steph Chambers/Getty Images

TOKYO — The COVID rule-breaking was obvious at Friday's opening ceremony, when athletes were clearly visible on TV with masks below their noses, but an athlete tells Axios that the rule-breaking has been going on well before that.

  • It's been happening at least since athletes arrived in the Olympic Village, where masks were dropped below noses and different teams were forced to share buses.
2 hours ago - Sports

Axios AM Deep Dive: The Covid Olympics

Illustration: Annelise Capossela/Axios

Welcome to our Axios AM Deep Dive behind the scenes of the Tokyo Olympics detailing the impact of the COVID pandemic, led by Ina Fried, who's on the ground in Tokyo, plus Kendall Baker, who's covering the Games every day in his Axios Sports newsletter.