,,ii #aaeth ,,congress #b;d ,session ,s4 #cdbd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #f1 #bjah ,mr4 ,merkley introduced the following bill2 which was read twice and referred to the ,committee on ,homeland ,security and ,governmental ,affairs ,a ,,bill ,to amend title #e1 ,united ,states ,code1 to provide for an investment option under the ,thrift ,savings ,plan that does not include investment in any fossil fuel companies4 #a4 ,short title ,this ,act may be cited as the ,retirement ,investments for a ,sustainable ,economy ,act of #bjah or the ,,rise ,act of #bjah4 #b4 ,sense of ,congress ,it is the sense of ,congress that-- 7#a7 continued inaction by the ,federal ,government with respect to addressing climate change poses a significant threat to the growth and stability of the economy and population of the ,united ,states2 7#b7 pension and retirement funds are vulnerable to distinct risks relating to climate change1 including-- 7,a7 climate impact risks1 including sea level rise1 heat waves1 desertification1 ocean acidification1 flooding1 drought1 extreme weather1 and wildfires2 7,b7 carbon-constrained demand risks1 including stranded carbon assets1 which financial institutions have estimated as having a value of #ajj1jjj1jjj1jjj1jjj2 and 7,c7 climate liability risks1 including from evolving interpretations of fiduciary and tortious duties of care2 and 7#c7 assessing the potential impact of climate-related risks on national and international financial systems1 including retirement savings accounts and pensions1 is an urgent concern4 #c4 ,climate ,choice ,stock ,index ,fund ,section #hdch of title #e1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a7-- 7,a7 by redesignating paragraphs 7#d7 through 7#aj7 as paragraphs 7#g7 through 7#ac71 respectively2 7,b7 by redesignating paragraphs 7#a71 7#b71 and 7#c7 as paragraphs 7#b71 7#d71 and 7#e71 respectively2 7,c7 by inserting before paragraph 7#b71 as so redesignated1 the following3 7#a7 the term ,climate ,choice ,stock ,index ,fund means the ,climate ,choice ,stock ,index ,fund established under subsection 7b77#a77;,g72 2 7,d7 by inserting after paragraph 7#b71 as so redesignated1 the following3 7#c7 the term entity means any sole proprietorship1 organization1 association1 corporation1 partnership1 joint venture1 limited partnership1 limited liability partnership1 limited liability company1 or other business association1 including any wholly-owned subsidiary1 majority-owned subsidiary1 parent-country national1 or affiliate of the business association1 that exists for the purpose of making profit2 2 and 7,e7 by inserting after paragraph 7#e71 as so redesignated1 the following3 7#f7 the term fossil fuel entity means any entity-- 7,a7 with proven carbon reserves2 or 7,b7 that explores for1 extracts1 processes1 refines1 or transmits coal1 oil1 gas1 oil shale1 or tar sands2 2 and 7#b7 in subsection 7b7-- 7,a7 in paragraph 7#a7-- 7i7 in subparagraph 7,e71 by striking and at the end2 7ii7 in subparagraph 7,f71 by striking the period at the end and inserting 2 and2 and 7iii7 by adding at the end the following3 7,g7 a ,climate ,choice ,stock ,index ,fund as provided in paragraph 7#f74 2 and 7,b7 by adding at the end the following3 7#f7 7,a7 ,the ,board shall select an index which is a commonly recognized index comprised of common stock4 7,b7 ,the historical performance of the index selected under subparagraph 7,a7 shall be comparable to that of the other investment funds and options available under this subsection4 7,c7 ,the ,climate ,choice ,stock ,index ,fund shall be invested in a portfolio that is designed-- 7i7 to replicate the performance of the index selected under subparagraph 7,a72 7ii7 such that1 to the extent practicable1 the percentage of the ,climate ,choice ,stock ,index ,fund that is invested in each stock is the same as the percentage determined by dividing the aggregate market value of all shares of that stock by the aggregate market value of all shares of all stocks included in the index selected under subparagraph 7,a72 and 7iii7 to ensure that no investment in the portfolio is an investment with respect to a fossil fuel entity4 4 #d4 ,government ,accountability ,office report 7a7 ,definition ,in this section1 the term fossil fuel entity has the meaning given the term in section #hdch7;a7 of title #e1 ,united ,states ,code1 as amended by this ,act4 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to ,congress a report that-- 7#a7 analyzes1 as of that date of enactment-- 7,a7 the proportion of the stocks1 bonds1 and other obligations held by the ,thrift ,savings ,fund that are stocks1 bonds1 or other obligations of a fossil fuel entity2 and 7,b7 the effect on individuals holding accounts in the ,thrift ,savings ,fund of the ,thrift ,savings ,fund holding stocks1 bonds1 or other obligations of fossil fuel entities under the climate policies that would be needed to limit global temperature increase to #b degrees ,celsius1 given technology that is available and economically feasible as of that date of enactment2 and 7#b7 provides a plan and mechanism that would allow the ,federal ,retirement ,thrift ,investment ,board to divest from fossil fuel entities to prevent or mitigate any negative investment risk on individuals holding accounts in the ,thrift ,savings ,fund4