,i #aafth ,,congress #b;d ,session ,h4 ,r4 #hgfj ,,in ,,the ,,house ,,of ,,representatives ,november #ag1 #bjbj,mr4 ,cleaver 7for himself and ,ms4 ,tlaib7 introduced the following bill2 which was referred to the ,committee on ,oversight and ,reform1 and in addition to the ,committee on ,financial ,services1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to require the ,board of ,governors of the ,federal ,reserve ,system and the ,securities and ,exchange ,commission to issue an annual report to the ,congress projecting and accounting for the economic costs directly and indirectly caused by the impacts of climate change1 and to require the ,federal ,retirement ,thrift ,investment ,board to establish a ,federal ,advisory ,panel on the ,economics of ,climate ,change1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,restructuring ,environmentally ,sound ,pensions in ,order to ,negate ,disaster ,act of #bjbj or the ,,respond ,act of #bjbj4 #b4 ,climate change economic cost report ,the ,board of ,governors of the ,federal ,reserve ,system and the ,securities and ,exchange ,commission shall1 jointly1 issue an annual report to the ,congress projecting and accounting for the economic costs directly and indirectly caused by the impacts of climate change1 including the labor market1 economic growth1 property and land damage from rising sea levels and extreme weather1 natural disaster relief and mitigation1 public health1 and other broad areas of the economy4 #c4 ,federal ,advisory ,panel on the ,economics of ,climate ,change ,section #hdch of title #e1 ,united ,states ,code1 is amended by adding at the end the following3 7i7 ,federal ,advisory ,panel on the ,economics of ,climate ,change 7#a7 ,establishment ,the ,board shall establish a panel to be known as the ,federal ,advisory ,panel on the ,economics of ,climate ,change 7the ,advisory ,panel74 7#b7 ,membership 7,a7 ,in general ,the ,advisory ,panel shall consist of #i members1 appointed by the ,board as follows3 7i7 ,three members shall be chosen from among persons generally recognized for their impartiality1 knowledge1 and experience in the field of labor relations and pay policy4 7ii7 ,six members shall be chosen from among persons with expertise in local1 national1 or transnational financing that seeks to support mitigation and adaptation actions to combat climate change4 7,b7 ,limitation ,not more than #c members of the ,advisory ,panel may represent a single employee organization1 council1 federation1 alliance1 association1 or affiliation of employee organizations4 7,c7 ,chair ,the ,board shall appoint one member of the ,advisory ,panel appointed pursuant to subparagraph 7,a77i7 to serve as the ,chair of the ,advisory ,panel4 7,d7 ,compensation 7i7 ,in general ,members of the ,advisory ,council may not receive pay by reason of their service on the ,advisory ,council1 nor shall members who are not otherwise employees of the ,united ,states be considered employees by reason of any such service4 7ii7 ,expenses ,notwithstanding clause 7i7 members of the ,advisory ,panel appointed pursuant to subparagraph 7,a77i7 may be paid expenses in accordance with section #egjc4 7#c7 ,duties ,the ,advisory ,panel shall-- 7,a7 advise the ,board on how1 consistent with their fiduciary duties1 the ,board can further decarbonize their portfolio2 7,b7 identify possible investment opportunities in clean and renewable energy and other emerging industries that would maximize returns2 7,c7 produce a comparative analysis comparing the fiduciary efficacy and responsibility of existing investment practices of the ,board with decarbonized portfolio alternatives2 and 7,d7 advise the ,board on how to identify1 assess1 and manage the investment risks and opportunities of climate change and prepare for a transition to a low-carbon economy4 7#d7 ,examination ,in carrying out the duties described under paragraph 7#c71 the ,advisory ,panel shall examine the following1 and issue a report to the ,board on the results of such examination3 7,a7 ,economic and policy challenges facing the fossil fuel industry over the short1 medium1 and long term4 7,b7 ,quantitative and qualitative analysis and modeling of the economic impact of climate change on ,federal employee retirement programs 7e4g41 diversification of investments1 risk tolerance1 future economic and workforce trends1 new opportunities1 expected losses1 and returns74 7,c7 ,the current state of1 and outlook for1 clean energy1 including possible investment opportunities4 7,d7 ,experience 7including performance analysis7 of other pension funds and investors which have undertaken concerted de-carbonization efforts or strategic divestment from fossil fuel holdings in order to maximize the efficacy and stability of their assets while minimizing their climate-related risk exposure4 7,e7 ,strategic options to address climate-related investment risks through further de-carbonization1 including-- 7i7 transitioning to a low-carbon or carbon-free benchmark index for all public equities2 7ii7 divesting from significant fossil fuel holdings that are not responsible fiduciary investments for beneficiaries2 and 7iii7 exploring the use of organizations to de-risk investments in carbon dependent funds4 7#e7 ,consultation with ,,fema ,the ,advisory ,panel shall1 in preparing the report described under paragraph 7#d71 consult with the ,federal ,emergency ,management ,agency on any matters within the ,agency's jurisdiction4 7#f7 ,results of examination ,if the ,board1 after examining the report issued by the ,advisory ,panel under paragraph 7#d71 determines that pension yields would be both financially profitable and still consistent with the ,board's fiduciary duties if low-carbon investment strategies were implemented1 the ,board shall set a plan in place to transition the ,board's investment practices accordingly4 4