,,ib ,union ,cal5d> ,no4 #bij #aaf?     
,,congress  #b;d ,session  ,h4 ,r4 #dcbi
 ,report ,no4 #aaf-cfe ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,septemb] #ac1    
#bjai,mr4 ,v>gas 7= himself & ,mr4 ,g>ca
 ( ,ill9ois7 introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,janu>y #g1         
#bjbj,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be printed,strike
 out all aft] ! enact+ clause & ins]t ! 
"p pr9t$ 9 italic,for text ( introduc$  
bill1 see copy ( bill z introduc$ on    
,septemb] #ac1 #bjai  ,a ,,bill  ,to    
provide = disclosure ( additional       
mat]ial in=mation ab\t public companies 
& e/abli% a ,su/a9able ,f9ance ,advisory
 ,committee1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,,esg ,disclosure ,simplification ,act (
 #bjai4  #b4 ,,esg disclosures  7a7 ,9  
g5]al ,section #ad ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghn7 is am5d$ by add+ at ! end !       

foll[+3  7k7 ,,esg disclosures  7#a7 ,9 
g5]al ,ea* issu] ! securities ( :i* are 
regi/]$ "u section #ab or t is requir$  
to file annual reports "u section       
#ae7;d7 %all disclose 9 any proxy or    
cons5t solicitation mat]ial = an annual 
meet+ ( ! %>ehold]s--  7,a7 a cle>      
description ( ! views ( ! issu] ab\t !  
l9k betwe5 ,,esg metrics & ! long-t]m   
bus9ess /rategy ( ! issu]2 &  7,b7 a    
description ( any process ! issu] uses  
to det]m9e ! impact ( ,,esg metrics on !
 long-t]m bus9ess /rategy ( ! issu]4    
7#b7 ,,esg metrics def9$ ,9 ?is         
subsection1 ! t]m ,,esg metrics has !   
mean+ giv5 ! t]m 9 "p #baj ( title #ag1 
,code ( ,f$]al ,regulations z am5d$     
pursuant to subsection 7b7 ( ! ,,esg    
,disclosure ,simplification ,act (      
#bjai4  4  7b7 ,rulemak+  7#a7 ,9 g5]al 
,! ,securities & ,ex*ange ,commission 79
 ?is ,act ref]r$ to z ! ,commission7    
%all am5d "p #baj ( title #ag1 ,code (  
,f$]al ,regulations 7or any successor   
!reto7 to-- 7,a7 require ea* issu]1 9   

any fil+ ( ! issu] describ$ 9 su* "p t  
requires audit$ f9ancial /atem5ts1 to   
disclose environm5tal1 social1 &        
gov]nance metrics 79 ?is ,act ref]r$ to 
z ,,esg metrics72 &  7,b7 def9e ,,esg   
metrics4  7#b7 ,su/a9able ,f9ance       
,advisory ,committee ,! ,su/a9able      
,f9ance ,advisory ,committee e/abli%$   
pursuant to section #d7k7 ( !           
,securities & ,ex*ange ,act ( #aicd     
%all1 n lat] ?an #ahj days aft] ! date (
 ! fir/ meet+ ( su* ,committee1 submit  
to ! ,commission recomm5dations ab\t :at
 ,,esg metrics ! ,commission %\ld       
require issu]s to disclose4  7#c7       
,mat]iality ,x is ! s5se ( ,congress t  
,,esg metrics1 z su* t]m is def9$ by !  
,commission pursuant to p>agraph 7#b71  
are de facto mat]ial = ! purposes (     
disclosures "u ! ,securities ,ex*ange   
,act ( #aicd & ! ,securities ,act (     
#aicc4  7#d7 ,incorporation (           
int]national /&>ds ,:5 am5d+ "p #baj (  
title #ag1 ,code ( ,f$]al ,regulations  
7or any successor !reto7 pursuant to    

p>agraph 7#a71 ! ,commission may1 z !   
,commission det]m9es appropriate1       
incorporate any int]nationally          
recogniz$1 indep5d5t1 multi-/akehold]   
environm5tal1 social1 & gov]nance       
disclosure /&>ds4  7#e7 ,location (     
disclosure ,any disclosure requir$ by   
p>agraph 7#a7 may be includ$ 9 a notes  
section ( ! fil+4  7#f7 ,delay = small  
issu]s ,! ,commission may use a phas$   
approa* :5 apply+ any am5dm5ts made     
pursuant to p>agraph 7#a7 to small      
issu]s & may det]m9e ! crit]ia by :i* an
 issu] qualifies z a small issu] =      
purposes ( su* phas$ approa*4  #c4      
,su/a9able ,f9ance ,advisory ,committee 
,section #d ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #gh;d7 is   
am5d$ by add+ at ! end ! foll[+3  7k7   
,su/a9able ,f9ance ,advisory ,committee 
7#a7 ,e/abli%m5t ,! ,securities &       
,ex*ange ,commission 79 ?is subsection  
ref]r$ to z ! ,commission7 %all e/abli% 
a p]man5t advisory committee to be call$
 ! ,su/a9able ,f9ance ,advisory         

,committee 79 ?is subsection ref]r$ to z
 ! ,committee74  7#b7 ,duties (         
,committee ,! ,committee %all--  7,a7   
submit a report to ! ,securities &      
,ex*ange ,commission n lat] ?an #ah     
mon?s aft] ! date ( ! fir/ meet+ ( !    
,committee t--  7i7 id5tifies ! *all5ges
 & opportunities = inve/ors associat$ ) 
su/a9able f9ance2 &  7ii7 recomm5ds     
policy *anges to facilitate ! fl[ (     
capital t[>ds su/a9able inve/m5ts1 9    
p>ticul> environm5tally su/a9able       
inve/m5ts2  7,b7 :5 solicit$1 advise !  
,commission on su/a9able f9ance2 &  7,c7
 communicate ) individuals & entities ) 
an int]e/ 9 su/a9able f9ance4  7#c7     
,memb]%ip  7,a7 ,memb]s  7i7 ,9 g5]al ,!
 ,committee %all consi/ ( no m ?an #bj  
memb]s :o %all ea* s]ve = "o f\r-ye>    
t]m4  7ii7 ,repres5tation ,ea* memb]    
%all repres5t individuals & entities )  
an int]e/ 9 su/a9able f9ance1 su* z--   
7,i7 exp]ts on su/a9able f9ance2  7,,ii7
 op]ators ( f9ancial infra/ructure2     
7,,iii7 entities t provide analysis1    

data1 or me?odologies t facilitate      
su/a9able f9ance2  7,,iv7 insurance     
companies1 p5sion funds1 asset manag]s1 
depository in/itutions1 or cr$it unions2
 or  7,v7 o!r f9ancial in/itutions t    
int]m$iate inve/m5ts 9 su/a9able f9ance 
or manage risks relat$ to su/a9able     
developm5t4  7iii7 ,repres5tation (     
int]e/s ,a memb] may n repres5t a s+le  
individual or entity & %all repres5t    
types ( individuals & entities ) simil> 
int]e/s 9 su/a9able f9ance4  7,b7       
,selection  7i7 ,9 g5]al ,! ,commission 
%all-- 7,i7 publi% crit]ia = selection (
 memb]s on ! website ( ! ,commission & 9
 ! ,f$]al ,regi/]2 &  7,,ii7 solicit    
applications = memb]%ip on ! website ( !
 ,commission & 9 ! ,f$]al ,regi/]4  7ii7
 ,equal %>e ,f ! individuals :o submit  
applications = memb]%ip1 ea*            
,commission] ( ! ,commission %all select
 an equal numb] ( ! memb]s ( !          
,committee4  7,c7 ,pay ,memb]s may n    
receive pay by reason ( _! s]vice on !  
,committee b may receive travel or      

transportation exp5ses 9 accordance )   
applicable provisions "u sub*apt] ,i (  
*apt] #eg ( title #e1 ,unit$ ,/ates     
,code4  7,d7 ,memb] transp>5cy ,! "n (  
ea* memb] & ! types ( individuals &     
entities t su* memb] repres5ts %all be  
publi%$ on ! website ( ! ,commission4   
7,e7 ,/aff ,! ,committee %all be        
support$ by /aff f ! ,(fice ( ! ,inve/or
 ,advocate ( ! ,commission t are d$icat$
 to environm5tal1 social & gov]nance 79 
?is subsection ref]r$ to z ,,esg7       
issues4  7,f7 ,au?orization (           
appropriation ,!re are au?oriz$ to be   
appropriat$ su* sums z are necess>y to  
f9ance co/s associat$ ) /aff d$icat$ to 
,,esg issues 9 ! ,(fice ( ! ,inve/or    
,advocate ( ! ,commission4  7#d7        
,su/a9able f9ance ,= ! purposes ( ?is   
subsection1 ! t]m su/a9able f9ance means
 ! provision ( f9ance ) respect to      
inve/m5ts tak+ into acc\nt environm5tal1
 social1 & gov]nance consid]ations4     
7#e7 ,,sec ,response ,! ,commission     
%all1 n lat] ?an #f mon?s aft] ! date on

 :i* ! ,committee submits a report to ! 
,commission pursuant to p>agraph        
7#b77;,a71 publi% a response to su*     
report4  4  ,janu>y #g1 #bjbj,report$ ) 
an am5dm5t1 committ$ to ! ,committee ( !
 ,:ole ,h\se on ! ,/ate ( ! ,union1 &   
ord]$ to be pr9t$