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Photo: John Gress/Getty Images

The Securities and Exchange Commission is dropping its two-year investigation of ExxonMobil, about whether it misled its investors with regard to the risks greenhouse-gas regulations pose to the company.

Why it matters: This is a significant victory for the oil giant, which is still facing pressure from multiple attorneys general investigations and lawsuits related to its actions and climate change. The news also bodes well for the industry writ large, given any affirmative action by the SEC in this case could have had broad implications.

Between the lines: While some may see this as the Trump administration giving Exxon a pass, the SEC is an independent government agency, so the influence of politics and the White House should be much less -- nonexistent, ostensibly -- than if it were a Cabinet agency.

ExxonMobil said in a statement to Axios:

 On August 2, the United States Securities and Exchange Commission informed ExxonMobil that it has concluded its investigation of the company’s climate change disclosures, impairments, and reserves and does not intend to recommend an enforcement action against the company. The SEC initiated its investigation in January 2016, and ExxonMobil cooperated fully with the inquiry, ultimately producing more than 4.2 million pages of documents. After a thorough investigation, including a review of these documents, the SEC issued its closure letter.
As we have said all along, the SEC is the appropriate entity to examine issues related to impairment, reserves and other communications important to investors. We are confident our financial reporting meets all legal and accounting requirements. 

Go deeper: Coverage by The WSJ and Bloomberg

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget after several senators voiced opposition and concern about her qualifications and past combative tweets, President Biden announced Tuesday.

Why it matters: Tanden’s decision to pull her nomination marks Biden's first setback in filling out his Cabinet with a thin Democratic majority in the Senate.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

3 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.