Have environmental purity tests gone too far?

According to the Wall Street Journal, the SEC has served subpoeana on various natural gas producers which seek information including the content of the fluids that these companies use for hydrofracking. That's right, the Securities and Exchange Commission is now in the environmental protection business. Has the SEC lost its mind? The SEC has no competence to evaluate fracking fluids. That is a job for the EPA, if anyone. But the SEC, in the guise of securities regulation is now asking about the fracking fluids? What's next? Will the SEC start asking drug companies about the details of their phase III studies of new drugs to supplant the FDA? Will the SEC start determining mileage of new cars rather than leaving that to the agency assigned to that task? What is going on at the SEC.

I know that there are apologists for the SEC who will say that the SEC had to investigate whether or not posible environmental liabilities are properly reflected on the books of these natural gas companies. But we all know the answer to that. Under generally accepted accounting standards, there is no need to reflect events which have not yet happened. Put another way, BP did not have to reflect the possibility of the Gulf oil spill until it happened. If the SEC wants to have the accounting boards change their rules, the SEC can attempt this. But the SEC cannot invent some new way to justify an investigation when there clearly is nothing to support it.