,,ii  #aae? ,,congress  #b;d ,session   
,s4 #cdha  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bd1         
#bjah,ms4 ,w>r5 7= h]self1 ,mr4         
,:iteh\se1 ,mr4 ,s*atz1 ,mr4 ,m>key1    
,mr4 ,book]1 ,mr4 ,m]kley1 ,ms4 ,h>ris1 
& ,mrs4 ,gillibr&7 introduc$ ! foll[+   
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
require issu]s to disclose c]ta9        
activities relat+ to climate *ange1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,climate ,risk         
,disclosure ,act ( #bjah4  #b4          
,def9itions  ,9 ?is ,act-- 7#a7 ! t]m   
appropriate climate pr9cipals means--   
7,a7 ! ,adm9i/rator ( ! ,environm5tal   
,protection ,ag5cy2  7,b7 ! ,secret>y ( 
,en]gy2  7,c7 ! ,adm9i/rator ( !        
,national ,oceanic & ,atmosph]ic        
,adm9i/ration2  7,d7 ! ,director ( !    
,(fice ( ,managem5t & ,budget2 &  7,e7 !
 head ( any o!r ,f$]al ag5cy det]m9$    

appropriate by ! ,commission2  7#b7 !   
t]m appropriate congressional committees
 means--  7,a7 ! ,committee on ,bank+1  
,h\s+1 & ,urban ,affairs ( ! ,s5ate2 &  
7,b7 ! ,committee on ,f9ancial ,s]vices 
( ! ,h\se ( ,repres5tatives2  7#c7 ! t]m
 climate *ange means a *ange ( climate t
 is-- 7,a7 attribut$ directly or        
indirectly to human activity t alt]s !  
composition ( ! global atmosph]e2 &     
7,b7 9 addition to natural climate      
v>iability obs]v$ ov] comp>able "t      
p]iods2  7#d7 ! t]m ,commission means ! 
,securities & ,ex*ange ,commission2 &   
7#e7 ! t]m cov]$ issu] has ! mean+ giv5 
! t]m 9 subsection 7s77#a7 ( section #ac
 ( ! ,securities ,ex*ange ,act ( #aicd  
7#ae ,u4,s4,c4 #ghm71 z add$ by section 
#d7;a74  #c4 ,s5se ( ,congress  ,x is ! 
s5se ( ,congress t-- 7#a7 cont9u$       
inaction 9 address+ climate *ange poses 
a significant ?reat to ! gr[? & /ability
 ( ! economy ( ! ,unit$ ,/ates2  7#b7 _m
 sectors ( ! economy ( ! ,unit$ ,/ates  
are expos$ to multiple *annels (        

climate-relat$ risk1 :i* may include    
exposure to--  7,a7 ! physical impacts (
 climate *ange1 includ+ ! rise ( !      
av]age global temp]ature1 sea-level     
rise1 des]tification1 ocean             
acidification1 flood+1 dr\ght1 &        
wildfires2  7,b7 ! economic disruptions 
& security ?reats t result f ! physical 
impacts describ$ 9 subp>agraph 7,a72 &  
7,c7 ! transition impacts t result z !  
global economy transitions to a clean   
en]gy1 l[-emissions economy1 includ+    
f9ancial impacts z fossil fuel assets   
become /r&$ z ! global community acts to
 prev5t ! wor/ impacts ( climate *ange  
by keep+ ! av]age rise 9 global         
temp]ature well bel[ #b degrees ,celsius
 above pre-indu/rial levels2  7#c7      
assess+ ! pot5tial impact (             
climate-relat$ risks on national &      
int]national f9ancial sy/ems is an urg5t
 conc]n2  7#d7 companies h a duty to    
disclose f9ancial risks t climate *ange 
pres5ts2  7#e7 ! ,commission has a duty 
to promote a risk-in=m$ securities m>ket

 t is wor?y ( ! tru/ ( ! public z       
families inve/ = _! futures2  7#f7      
includ+ /&>diz$ climate *ange risk      
disclosure t is useful = decision mak]s 
9 annual reports to ! ,commission w     
increase transp>5cy ) respect to risk   
accumulation & exposure 9 f9ancial      
m>kets2  7#g7 requir+ companies to      
disclose climate-relat$ risk exposure & 
risk managem5t /rategies w enc\rage a   
smoo? transition to a clean en]gy1      
l[-emissions economy & guide capital    
allocation to mitigate1 & adapt to1 !   
effects ( climate *ange2 &  7#h7 a      
critical compon5t 9 fight+ climate *ange
 is a transp>5t acc\nt+ ( ! risks t     
climate *ange pres5ts & ! implications (
 cont9u$ inaction ) respect to climate  
*ange4  #d4 ,disclosure  7a7 ,9 g5]al   
,section #ac ( ! ,securities ,ex*ange   
,act ( #aicd 7#ae ,u4,s4,c4 #ghm7 is    
am5d$ by add+ at ! end ! foll[+3  7s7   
,disclosures relat+ to climate *ange    
7#a7 ,def9itions ,9 ?is subsection--    
7,a7 ! t]m #b degrees or l[] sc5>io     

means a widely recogniz$1 publicly      
available analysis sc5>io 9 :i* human   
int]v5tions to combat global climate    
*ange are likely to prev5t ! global     
av]age temp]ature f rea*+ #b degrees    
,celsius above pre-indu/rial levels2    
7,b7 ! t]ms appropriate climate         
pr9cipals & climate *ange h ! mean+s    
giv5 ^? t]ms 9 section #b ( ! ,climate  
,risk ,disclosure ,act ( #bjah2  7,c7 ! 
t]m basel9e sc5>io means a widely       
recogniz$ analysis sc5>io 9 :i* levels (
 gre5h\se gas emissions1 z ( ! date on  
:i* ! analysis is p]=m$1 cont9ue to gr[1
 result+ 9--  7i7 an increase 9 ! global
 av]age temp]ature ( #b degrees ,celsius
 or m above pre-indu/rial levels2 &     
7ii7 ! realization ( physical risks     
relat+ to global climate *ange2  7,d7 ! 
t]m c>bon dioxide equival5t means !     
quantity ( a gre5h\se gas t has a global
 w>m+ pot5tial equival5t to #a metric   
ton ( c>bon dioxide1 z det]m9$ "u table 
,a-#a ( subp>t ,a ( "p #ih ( title #dj1 
,code ( ,f$]al ,regulations1 z 9 effect 

on ! date ( enactm5t ( ?is subsection2  
7,e7 ! t]m comm]cial developm5t ( fossil
 fuels includes-- 7i7 exploration1      
extraction1 process+1 export+1          
transport+1 & any o!r significant action
 ) respect to oil1 natural gas1 or coal2
 &  7ii7 acquir+ a lic5se = any activity
 describ$ 9 clause 7i72  7,f7 ! t]m     
cov]$ issu] means an issu] t is requir$ 
to file an annual report "u subsection  
7a7 or section #ae7;d72  7,g7 ! t]m     
direct & indirect gre5h\se gas emissions
 includes1 ) respect to a cov]$ issu]-- 
7i7 all direct gre5h\se gas emissions   
releas$ by ! cov]$ issu]2  7ii7 all     
indirect gre5h\se gas emissions )       
respect to electricity1 heat1 or /eam   
pur*as$ by ! cov]$ issu]2  7iii7        
significant indirect emissions1 o!r ?an 
! emissions describ$ 9 clause 7ii71 t   
occur 9 ! value *a9 ( ! cov]$ issu]2 &  
7iv7 all indirect gre5h\se gas emissions
 t are attributable to assets own$ or   
manag$1 includ+ assets t are p>tially   
own$ or manag$1 by ! cov]$ issu]2  7,h7 

! t]m fossil fuel res]ves means all     
produc+ assets1 prov$ res]ves1 unprov$  
res\rces1 & any o!r own]%ip /ake 9      
s\rces ( fossil fuels2  7,i7 ! t]m      
gre5h\se gas-- 7i7 means c>bon dioxide1 
hydrofluoroc>bons1 me?ane1 nitr\s oxide1
 p]fluoroc>bons1 & sulfur hexafluoride2 
&  7ii7 includes any o!r an?ropog5ically
 emitt$ gas or p>ticulate t !           
,adm9i/rator ( ! ,environm5tal          
,protection ,ag5cy det]m9es1 aft] notice
 & comm5t1 to contribute to global w>m+2
  7,j7 ! t]m gre5h\se gas emissions     
means ! emissions ( gre5h\se gas1       
express$ 9 t]ms ( metric tons ( c>bon   
dioxide equival5t2  7,k7 ! t]m physical 
risks means f9ancial risks to long-liv$ 
fix$ assets1 locations1 op]ations1 or   
value *a9s t result f exposure to       
physical climate-relat$ effects1        
includ+--  7i7 increas$ av]age global   
temp]atures2  7ii7 increas$ sev]ity &   
frequ5cy ( extreme wea!r ev5ts2  7iii7  
increas$ flood+2  7iv7 sea level rise2  
7v7 ocean acidification2  7vi7 increas$ 

frequ5cy ( wildfires2  7vii7 decreas$   
arability ( f>ml&2 &  7viii7 decreas$   
availability ( fre% wat]2  7,l7 ! t]m   
social co/ ( c>bon means ! monetiz$     
pres5t value1 disc\nt$ at a #c p]c5t or 
l[] disc\nt rate1 9 doll>s1 p] metric   
ton ( c>bon dioxide 7or c>bon dioxide   
equival5t71 ( ! net global co/s ov] #cjj
 ye>s caus$ by ! emission ( c>bon       
dioxide 7or c>bon dioxide equival5t1 z  
applicable7 t result f--  7i7 *anges 9  
net agricultural productivity2  7ii7    
decreases 9 capital & labor             
productivity2  7iii7 effects on human   
heal?2  7iv7 prop]ty damage f increas$  
sea level rise1 flood+1 wildfires1 &    
frequ5cy & sev]ity ( extreme wea!r      
ev5ts2  7v7 ! value ( ecosy/em s]vices2 
&  7vi7 any o!r type ( economic1 social1
 political1 or natural disruption2  7,m7
 ! t]m transition risks means f9ancial  
risks t are attributable to climate     
*ange mitigation & adaptation1 includ+  
ef=ts to r$uce gre5h\se gas emissions & 
/r5g!n resili5ce to ! impacts ( climate 

*ange1 includ+--  7i7 co/s relat+ to--  
7,i7 int]national treaties & agreem5ts2 
7,,ii7 ,f$]al1 ,/ate1 & local policy2   
7,,iii7 new te*nologies2  7,,iv7 *ang+  
m>kets2  7,v7 reputational impacts      
relevant to *ang+ consum] behavior2 &   
7,,vi7 litigation2 &  7ii7 assets t may 
lose value or become /r&$ due to any ( !
 co/s describ$ 9 subclauses 7,i7 ?r\gh  
7,,vi7 ( clause 7i72 &  7,n7 ! t]m value
 *a9-- 7i7 means ! total lifecycle ( a  
product or s]vice1 bo? be=e & aft]      
production ( ! product or s]vice1 z     
applicable2 &  7ii7 may include ! s\rc+ 
( mat]ials1 production1 & disposal )    
respect to ! product or s]vice describ$ 
9 clause 7i74  7#b7 ,f9d+s ,congress    
f9ds t-- 7,a7 long-t]m f9ancial &       
economic risks & opportunities relat+ to
 climate *ange1 & ! national & global   
r$uction ( gre5h\se gas emissions1      
con/itute in=mation t issu]s--  7i7 may 
reasonably expect to affect %>ehold]    
decisionmak+2 &  7ii7 %\ld regul>ly     
id5tify1 evaluate1 & disclose2 &  7,b7 !

 disclosure ( in=mation describ$ 9      
subp>agraph 7,a7 %\ld-- 7i7 id5tify1 &  
evaluate ! pot5tial f9ancial impact (1  
physical risks & transition risks pos$  
by climate *ange2  7ii7 all[ = intra- & 
cross-indu/ry comp>ison1 to ! ext5t     
practicable1 ( climate-relat$ risk      
exposure ?r\gh ! inclusion ( /&>diz$    
indu/ry-specific & sector-specific      
disclosure metrics1 z id5tifi$ by !     
,commission1 9 consultation ) !         
appropriate climate pr9cipals2  7iii7   
all[ = track+ ( p]=mance ov] "t )       
respect to mitigat+ climate risk        
exposure2 &  7iv7 incorporate a price on
 gre5h\se gas emissions 9 f9ancial      
analyses t reflects1 at m9imum1 ! social
 co/ ( c>bon t is attributable to       
issu]s4  7#c7 ,disclosure ,ea* cov]$    
issu]1 9 any annual report fil$ by !    
cov]$ issu] "u subsection 7a7 or section
 #ae7;d71 %all1 9 accordance ) !        
requirem5ts e/abli%$ "u p>agraphs 7#d7 &
 7#e71 include 9 ea* su* report         
in=mation reg>d+--  7,a7 ! id5tification

 (1 ! evaluation ( pot5tial f9ancial    
impacts (1 & any risk-managem5t         
/rategies relat+ to--  7i7 physical     
risks pos$ to ! cov]$ issu] by climate  
*ange2 &  7ii7 transition risks pos$ to 
! cov]$ issu] by climate *ange2 &  7,b7 
a description ( any e/abli%$ corporate  
gov]nance processes & /ructures to      
id5tify1 assess1 & manage climate-relat$
 risks4  7#d7 ,requirem5ts  7,a7 ,9     
g5]al ,! ,commission1 9 consultation ) !
 appropriate climate pr9cipals1 &       
consi/5t ) subp>agraph 7,b71 %all issue 
f9al rules ) respect to ! in=mation t a 
cov]$ issu] is requir$ to disclose "u   
p>agraph 7#c74  7,b7 ,cont5ts ,9 issu+ !
 f9al rules requir$ "u subp>agraph 7,a71
 ! ,commission %all-- 7i7 e/abli%1 9    
consultation ) ! appropriate climate    
pr9cipals1 climate-relat$ risk          
disclosure metrics & guidance1 :i*      
%all--  7,i7 be1 to ! ext5t practicable1
 specializ$ = indu/ries )9 specific     
sectors ( ! economy1 :i* %all include-- 
7aa7 ! sectors ( f9ance1 insurance1     

transportation1 electric p[]1 &         
non-r5ewable en]gy2 &  7bb7 any o!r     
sector det]m9$ appropriate by !         
,commission1 9 consultation ) !         
appropriate climate pr9cipals2  7,,ii7  
include report+ /&>ds = e/imat+ &       
disclos+ direct & indirect gre5h\se gas 
emissions by a cov]$ issu]1 & any       
affiliates ( ! cov]$ issu]1 :i* %all--  
7aa7 sep>ate1 to ! ext5t practicable1   
total emissions ( ea* specifi$ gre5h\se 
gas by ! cov]$ issu]2 &  7bb7 include   
gre5h\se gas emissions by ! cov]$ issu] 
dur+ ! p]iod cov]$ by ! disclosure2     
7,,iii7 include report+ /&>ds & metrics 
= disclos+1 ) respect to a cov]$ issu]--
  7aa7 ! total am\nt ( fossil           
fuel-relat$ assets own$ or manag$ by !  
cov]$ issu]2 &  7bb7 ! p]c5tage ( fossil
 fuel-relat$ assets z a p]c5tage ( total
 assets own$ or manag$ by ! cov]$ issu]2
  7,,iv7 e/abli% a m9imum social co/ (  
c>bon1 :i*-- 7aa7 %all be consid]$ a    
m9imum price ) respect to co/s associat$
 ) c>bon emissions2 &  7bb7 a cov]$     

issu] %all use 9 prep>+ climate-relat$  
disclosure /atem5ts2  7,v7 n preclude a 
cov]$ issu] f us+ & disclos+1 z comp>$ )
 ! price e/abli%$ "u subclause          
7,,iv77aa71 a high] price ( gre5h\se gas
 emissions2  7,,vi7 specify requirem5ts 
=1 & ! disclosure (1 input p>amet]s1    
assumptions1 & analytical *oices to be  
us$ 9 climate sc5>io analyses requir$ "u
 clause 7ii77,i71 includ+--  7aa7 pres5t
 value disc\nt rates2  7bb7 "t frames to
 consid]1 :i* %all be n %ort] ?an #cj   
ye>s2 &  7cc7 m9imum pric+ ( gre5h\se   
gas emissions1 z e/abli%$ "u subclause  
7,,iv77aa7 & subject to subclause 7,v72 
&  7,,vii7 include1 aft] consultation ) 
! ,secret>y ( ,en]gy1 ! ,secret>y ( !   
,int]ior1 & ! ,secret>y (               
,transportation1 docum5tation /&>ds &   
guidance ) respect to ! in=mation       
requir$ "u clause 7ii77,,iii72  7ii7    
require t a cov]$ issu]1 ) respect to ! 
disclosure requir$ "u p>agraph 7#c7--   
7,i7 incorporate into ! disclosure--    
7aa7 quantitative analysis to support   

any qualitative /atem5t made by ! cov]$ 
issu]2  7bb7 ! metrics & guidance       
e/abli%$ "u clause 7i72  7cc7           
indu/ry-specific metrics t comply ) !   
requirem5ts "u clause 7i77,i72  7dd7 a  
discussion ( ! %ort-1 m$ium-1 & long-t]m
 resili5ce ( any risk managem5t /rategy1
 & ! evolution ( applicable risk        
metrics1 ( ! cov]$ issu] "u ea* sc5>io  
describ$ 9 subclause 7,,ii72 &  7ee7 !  
total social co/ ( c>bon emissions t are
 attributable to ! direct & indirect    
gre5h\se gas emissions ( ! cov]$ issu]2 
7,,ii7 consid]1 :5 prep>+ any           
qualitative or quantitative risk        
analysis /atem5t conta9$ 9 !            
disclosure--  7aa7 a basel9e sc5>io t   
includes physical impacts ( climate     
*ange2  7bb7 a #b degrees or l[] sc5>io2
 &  7cc7 any additional climate analysis
 sc5>io consid]$ appropriate by !       
,commission1 9 consultation ) !         
appropriate climate pr9cipals2  7,,iii7 
if ! cov]$ issu] engages 9 ! comm]cial  
developm5t ( fossil fuels1 include 9 !  

disclosure--  7aa7 an e/imate ( ! am\nt 
( direct & indirect gre5h\se gas        
emissions ( ! cov]$ issu] t are         
attributable to-- 7,,aa7 combu/ion2     
7,,bb7 fl>$ hydroc>bons2 7,,cc7 process 
emissions2 7,,dd7 directly v5t$         
emissions2 7,,ee7 fugitive emissions or 
leaks2 & 7,,ff7 l& use *anges2  7bb7 a  
description (-- 7,,aa7 ! s5sitivity (   
fossil fuel res]ve levels to future     
price projection sc5>ios t incorporate !
 social co/ ( c>bon into hydroc>bon     
pric+2 7,,bb7 ! p]c5tage ( ! res]ves ( !
 cov]$ issu] t w be develop$ "u a #b    
degrees or l[] sc5>io1 z well z a =eca/ 
= ! developm5t prospects ( ea* res]ve "u
 a #b degrees or l[] sc5>io2 7,,cc7 !   
pot5tial am\nt ( direct & indirect      
gre5h\se gas emissions t are emb$d$ 9   
prov$ & probable hydroc>bon res]ves1 )  
ea* su* calculation pres5t$ z a total & 
9 subdivid$ categories by ! type (      
res]ve2 7,,dd7 ! me?odology ( ! cov]$   
issu] = detect+ & mitigat+ fugitive     
me?ane emissions1 :i* %all include !    

frequ5cy ) :i* applicable assets ( !    
cov]$ issu] are obs]v$ = me?ane leaks1 !
 processes & te*nology t ! cov]$ issu]  
uses to detect me?ane leaks1 ! p]c5tage 
( assets ( ! cov]$ issu] t ! cov]$ issu]
 inspects "u t me?odology1 &            
quantitative & "t-b\nd r$uction goals ( 
! issu] ) respect to me?ane leaks2      
7,,ee7 ! am\nt ( wat] t ! cov]$ issu]   
)draws f fre%wat] s\rces = use 9        
op]ations ( ! cov]$ issu]2 & 7,,ff7 !   
p]c5tage ( ! wat] describ$ 9 subitem    
7,,ee7 t comes f regions ( wat] /ress or
 t face wa/ewat] managem5t *all5ges2 &  
7cc7 any o!r in=mation t ! ,commission1 
9 consultation ) ! appropriate climate  
pr9cipals & ! ,secret>y ( ,en]gy1 !     
,secret>y ( ! ,int]ior1 & ! ,secret>y ( 
,transportation1 det]m9es is-- 7,,aa7   
necess>y2 7,,bb7 appropriate to safegu>d
 ! public int]e/2 or 7,,cc7 direct$ at  
ensur+ t inve/ors are in=m$ 9 accordance
 ) ! f9d+s describ$ 9 p>agraph          
7#b77;,b72 &  7iii7 ) respect to !      
disclosure requir$ "u p>agraph 7#c71    

require t ! cov]$ issu] include 9 !     
disclosure any o!r in=mation1 or use any
 climate-relat$ or gre5h\se gas         
emissions metric1 t ! ,commission1 9    
consultation ) ! appropriate climate    
pr9cipals1 det]m9es is--  7,i7 necess>y2
  7,,ii7 appropriate to safegu>d !      
public int]e/2 or  7,,iii7 direct$ at   
ensur+ t inve/ors are in=m$ 9 accordance
 ) ! f9d+s describ$ 9 p>agraph          
7#b77;,b74  7#e7 ,=matt+  7,a7 ,9 g5]al 
,any in=mation includ$ pursuant to !    
requirem5ts ( ?is subsection by a cov]$ 
issu] 9 an annual report submitt$ "u    
subsection 7a7 or section #ae7;d7 %all  
be submitt$ 9 an int]active data =mat4  
7,b7 ,e/abli%m5t by ,commission ,!      
,commission %all develop /&>ds = !      
int]active data =mat describ$ 9         
subp>agraph 7,a71 :i* %all include      
electronic tags = in=mation t !         
,commission det]m9es is--  7i7 necess>y2
  7ii7 appropriate to safegu>d ! public 
int]e/2 or  7iii7 direct$ at ensur+ t   
inve/ors are in=m$ 9 accordance ) !     

f9d+s describ$ 9 p>agraph 7#b77;,b74    
7#f7 ,public availability ,! ,commission
 %all1 to ! maximum ext5t practicable1  
make a compilation ( ! in=mation        
submitt$ by cov]$ issu]s "u ?is         
subsection publicly available on !      
website ( ! ,commission4  7#g7 ,rule (  
con/ruction ,no?+ 9 p>agraph 7#c7 or    
7#d7 may be con/ru$ z preclud+ a cov]$  
issu] f includ+1 9 an annual report     
submitt$ "u subsection 7a7 or section   
#ae7;d71 any in=mation n explicitly     
ref]5c$ 9 ^? p>agraphs4  4  7b7         
,regulations  7#a7 ,9 g5]al ,n lat] ?an 
#a ye> aft] ! date ( enactm5t ( ?is     
,act1 ! ,commission1 9 consultation ) ! 
appropriate climate pr9cipals1 %all     
issue f9al rules to e/abli% appropriate 
docum5tation /&>ds1 metrics =           
calculations requir$1 & guidance )      
respect to ! disclosure requirem5ts "u  
subsection 7s7 ( section #ac ( !        
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghm71 z add$ by subsection   
7a7 ( ?is section4  7#b7 ,p]iodic       

updates ,! ,commission %all p]iodically 
update ! rules issu$ "u p>agraph 7#a7 to
 ensure t ^? rules fur!r ! purposes     
describ$ 9 subsection 7s77#b77;,b7 (    
section #ac ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #ghm71 z    
add$ by subsection 7a7 ( ?is section4   
#e4 ,reports  7a7 ,securities & ,ex*ange
 ,commission ,! ,commission %all-- 7#a7 
conduct an annual assessm5t reg>d+ !    
compliance ( cov]$ issu]s ) !           
requirem5ts ( subsection 7s7 ( section  
#ac ( ! ,securities ,ex*ange ,act (     
#aicd 7#ae ,u4,s4,c4 #ghm71 z add$ by   
section #d7;a72  7#b7 submit to !       
appropriate congressional committees a  
report t conta9s ! results ( ea*        
assessm5t conduct$ "u p>agraph 7#a72 &  
7#c7 make ea* report submitt$ "u        
p>agraph 7#b7 accessible to ! public4   
7b7 ,gov]nm5t ,acc\ntability ,(fice ,!  
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all p]iodically evaluate1 & report to !
 appropriate congressional committees   
on1 ! effectiv5ess ( ! ,commission 9    

c>ry+ out & en=c+ subsection 7s7 (      
section #ac ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #ghm71 z    
add$ by section #d7;a74  #f4            
,sev]ability  ,if any provision ( ?is   
,act1 an am5dm5t made by ?is ,act1 or ! 
application ( ?is ,act 7or an am5dm5t   
made by ?is ,act7 to any p]son or       
circum/ance is held to be invalid1 t    
hold+ %all h no effect ) respect to--   
7#a7 ! rema9d] ( ?is ,act2 &  7#b7 !    
application ( ! provision or am5dm5t1 z 
applicable1 to any o!r p]son or         
circum/ance4  #g4 ,au?orization (       
appropriations ,!re are au?oriz$ to be  
appropriat$ to ! ,commission su* sums z 
may be necess>y to c>ry out ?is ,act4