,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hgfj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,novemb] #ag1         
#bjbj,mr4 ,cleav] 7= himself & ,ms4     
,tlaib7 introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,ov]sight &   
,re=m1 & 9 addition to ! ,committee on  
,f9ancial ,s]vices1 = a p]iod to be     
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to require ! ,bo>d 
( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & 
! ,securities & ,ex*ange ,commission to 
issue an annual report to ! ,congress   
project+ & acc\nt+ = ! economic co/s    
directly & indirectly caus$ by ! impacts
 ( climate *ange1 & to require ! ,f$]al 
,retirem5t ,?rift ,inve/m5t ,bo>d to    
e/abli% a ,f$]al ,advisory ,panel on !  
,economics ( ,climate ,*ange1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,re/ructur+ ,environm5tally
 ,s\nd ,p5sions 9 ,ord] to ,negate      
,disa/] ,act ( #bjbj or ! ,,respond ,act

 ( #bjbj4  #b4 ,climate *ange economic  
co/ report ,! ,bo>d ( ,gov]nors ( !     
,f$]al ,res]ve ,sy/em & ! ,securities & 
,ex*ange ,commission %all1 jo9tly1 issue
 an annual report to ! ,congress        
project+ & acc\nt+ = ! economic co/s    
directly & indirectly caus$ by ! impacts
 ( climate *ange1 includ+ ! labor m>ket1
 economic gr[?1 prop]ty & l& damage f   
ris+ sea levels & extreme wea!r1 natural
 disa/] relief & mitigation1 public     
heal?1 & o!r broad areas ( ! economy4   
#c4 ,f$]al ,advisory ,panel on !        
,economics ( ,climate ,*ange ,section   
#hdch ( title #e1 ,unit$ ,/ates ,code1  
is am5d$ by add+ at ! end ! foll[+3  7i7
 ,f$]al ,advisory ,panel on ! ,economics
 ( ,climate ,*ange  7#a7 ,e/abli%m5t ,! 
,bo>d %all e/abli% a panel to be kn[n z 
! ,f$]al ,advisory ,panel on !          
,economics ( ,climate ,*ange 7!         
,advisory ,panel74  7#b7 ,memb]%ip  7,a7
 ,9 g5]al ,! ,advisory ,panel %all      
consi/ ( #i memb]s1 appo9t$ by ! ,bo>d z
 foll[s3 7i7 ,?ree memb]s %all be *os5 f

 among p]sons g5]ally recogniz$ = _!    
imp>tiality1 k1 & exp]i5ce 9 ! field (  
labor relations & pay policy4  7ii7 ,six
 memb]s %all be *os5 f among p]sons )   
exp]tise 9 local1 national1 or          
transnational f9anc+ t seeks to support 
mitigation & adaptation actions to      
combat climate *ange4  7,b7 ,limitation 
,n m ?an #c memb]s ( ! ,advisory ,panel 
may repres5t a s+le employee            
organization1 c\ncil1 f$]ation1         
alliance1 association1 or affiliation ( 
employee organizations4  7,c7 ,*air ,!  
,bo>d %all appo9t "o memb] ( ! ,advisory
 ,panel appo9t$ pursuant to subp>agraph 
7,a77i7 to s]ve z ! ,*air ( ! ,advisory 
,panel4  7,d7 ,comp5sation  7i7 ,9 g5]al
 ,memb]s ( ! ,advisory ,c\ncil may n    
receive pay by reason ( _! s]vice on !  
,advisory ,c\ncil1 nor %all memb]s :o   
are n o!rwise employees ( ! ,unit$      
,/ates be consid]$ employees by reason (
 any su* s]vice4  7ii7 ,exp5ses ,not)/&+
 clause 7i7 memb]s ( ! ,advisory ,panel 
appo9t$ pursuant to subp>agraph 7,a77i7 

may be paid exp5ses 9 accordance )      
section #egjc4  7#c7 ,duties ,!         
,advisory ,panel %all-- 7,a7 advise !   
,bo>d on h[1 consi/5t ) _! fiduci>y     
duties1 ! ,bo>d c fur!r dec>bonize _!   
portfolio2  7,b7 id5tify possible       
inve/m5t opportunities 9 clean &        
r5ewable en]gy & o!r em]g+ indu/ries t  
w\ld maximize returns2  7,c7 produce a  
comp>ative analysis comp>+ ! fiduci>y   
efficacy & responsibility ( exi/+       
inve/m5t practices ( ! ,bo>d )          
dec>boniz$ portfolio alt]natives2 &     
7,d7 advise ! ,bo>d on h[ to id5tify1   
assess1 & manage ! inve/m5t risks &     
opportunities ( climate *ange & prep>e =
 a transition to a l[-c>bon economy4    
7#d7 ,exam9ation ,9 c>ry+ out ! duties  
describ$ "u p>agraph 7#c71 ! ,advisory  
,panel %all exam9e ! foll[+1 & issue a  
report to ! ,bo>d on ! results ( su*    
exam9ation3 7,a7 ,economic & policy     
*all5ges fac+ ! fossil fuel indu/ry ov] 
! %ort1 m$ium1 & long t]m4  7,b7        
,quantitative & qualitative analysis &  

model+ ( ! economic impact ( climate    
*ange on ,f$]al employee retirem5t      
programs 7e4g41 div]sification (        
inve/m5ts1 risk tol]ance1 future        
economic & work=ce tr5ds1 new           
opportunities1 expect$ losses1 &        
returns74  7,c7 ,! curr5t /ate (1 &     
outlook =1 clean en]gy1 includ+ possible
 inve/m5t opportunities4  7,d7 ,exp]i5ce
 7includ+ p]=mance analysis7 ( o!r      
p5sion funds & inve/ors :i* h und]tak5  
conc]t$ de-c>bonization ef=ts or        
/rategic dive/m5t f fossil fuel hold+s 9
 ord] to maximize ! efficacy & /ability 
( _! assets :ile m9imiz+ _!             
climate-relat$ risk exposure4  7,e7     
,/rategic options to address            
climate-relat$ inve/m5t risks ?r\gh     
fur!r de-c>bonization1 includ+-- 7i7    
transition+ to a l[-c>bon or c>bon-free 
b5*m>k index = all public equities2     
7ii7 dive/+ f significant fossil fuel   
hold+s t are n responsible fiduci>y     
inve/m5ts = b5efici>ies2 &  7iii7       
explor+ ! use ( organizations to de-risk

 inve/m5ts 9 c>bon dep5d5t funds4  7#e7 
,consultation ) ,,fema ,! ,advisory     
,panel %all1 9 prep>+ ! report describ$ 
"u p>agraph 7#d71 consult ) ! ,f$]al    
,em]g5cy ,managem5t ,ag5cy on any matt]s
 )9 ! ,ag5cy's jurisdiction4  7#f7      
,results ( exam9ation ,if ! ,bo>d1 aft] 
exam9+ ! report issu$ by ! ,advisory    
,panel "u p>agraph 7#d71 det]m9es t     
p5sion yields w\ld be bo? f9ancially    
pr(itable & /ill consi/5t ) ! ,bo>d's   
fiduci>y duties if l[-c>bon inve/m5t    
/rategies 7 implem5t$1 ! ,bo>d %all set 
a plan 9 place to transition ! ,bo>d's  
inve/m5t practices accord+ly4  4