Mark Uyeda, acting chair of the Securities and Exchange Commission, said Tuesday the agency will not defend a “deeply flawed” rule enacted by the Biden administration that requires publicly held companies to disclose climate-related risks and, in some cases, the details of their emissions.

“The Rule is deeply flawed and could inflict significant harm on the capital markets and our economy,” Uyeda said in a news release.

Uyeda’s decision follows an Inauguration Day executive order by President Donald Trump that calls for, in part, the head of relevant federal agencies “to revoke or rescind policies that were implemented to advance the International Climate Finance Plan” created during the Biden administration.

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