,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hiei  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #ad1         
#bjbj,mr4 ,lev9 ( ,mi*igan 7= himself1  
,mr4 ,br5dan ,f4 ,boyle ( ,p5nsylvania1 
,mrs4 ,axne1 & ,mr4 ,g>ca ( ,ill9ois7   
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,education & ,labor  ,a
 ,,bill  ,to am5d ! ,employee ,retirem5t
 ,income ,security ,act ( #aigd to      
require retirem5t plans to e/abli%      
,su/a9able ,inve/m5t ,policies4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,retirees ,su/a9able ,inve/m5t ,policies
 ,act ( #bjbj4  #b4 ,f9d+s ,! ,congress 
f9ds ! foll[+3 7#a7 ,fiduci>ies =       
retirem5t plans %\ld-- 7,a7 incorporate 
all relevant factors1 includ+           
environm5tal1 social1 & gov]nance       
7h]e9aft] 9 ?is ,act ref]r$ to z ,,esg7 
factors1 into inve/m5t analysis &       
decision-mak+ processes1 consi/5t ) !   
inve/m5t "t horizons ( plan p>ticipants 
& b5efici>ies2  7,b7 enc\rage ! adoption
 ( be/ practices = ,,esg p]=mance 9 !   

companies or o!r entities 9 :i* !y      
inve/2  7,c7 consid] plan p>ticipants' &
 b5efici>ies' su/a9ability-relat$       
int]e/s & pref]5ces :5 mak+ inve/m5t    
decisions2  7,d7 consid] ! impact ( plan
 inve/m5ts on ! /ability & resili5ce ( !
 f9ancial sy/em2 &  7,e7 disclose h[ !y 
h implem5t$ ^! commitm5ts4  7#b7 ,!re is
 n[ incontrov]tible evid5ce t ,,esg     
factors are f9ancially mat]ial to       
inve/ors & relevant to inve/m5t         
decisionmak+4  #c4 ,purpose ,! purpose (
 ?is ,act is to require retirem5t &     
welf>e b5efit plans t are cov]$ by !    
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajja et    
seq471 to adopt & implem5t policies 9   
consid]ation ( ,,esg factors :5 mak+    
inve/m5t decisions1 because consid]+    
,,esg factors is relevant to ! fiduci>y 
duty ( prud5ce1 z su* factors help      
ensure inve/m5ts' long-t]m su/a9ability4
  #d4 ,am5dm5ts to ! ,employee          
,retirem5t ,income ,security ,act (     
#aigd  7a7 ,disclosure ( su/a9able      

inve/m5t policies ,section #ajb ( !     
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajbb7 is   
am5d$ 9 subsection 7b71 by ins]t+ !     
su/a9able inve/m5t policy ( ! plan 7z   
e/abli%$ "u section #djb7;b77#e772 aft] 
collective b>ga9+ agreem5t24  7b7       
,e/abli%m5t ( su/a9able inve/m5t policy 
,section #djb ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajb7 is am5d$-- 7#a7 9      
subsection 7b7-- 7,a7 9 p>agraph 7#c71  
by /rik+ &2  7,b7 9 p>agraph 7#d71 by   
/rik+ ! p]iod & ins]t 1 &2 &  7,c7 by   
ins]t+ aft] p>agraph 7#d7 ! foll[+3     
7#e7 provide a su/a9able inve/m5t policy
 ( ! plan 9 accordance ) subp>agraph 7d7
 unless ! plan elects to rely on !      
su/a9able inve/m5t policies ( ! plan's  
fiduci>ies z def9$ by section #c7ch7  2 
&  7#b7 by add+ aft] subsection 7c7 !   
foll[+3  7d7 7#a7 ,a su/a9able inve/m5t 
policy "u subsection 7b77#e7 %all       
include guidel9es ) respect to-- 7,a7   
corporate gov]nance practices by        

entities 9 :i* ! plan inve/s1 includ+   
executive comp5sation1 bo>d div]sity1 ! 
indep5d5ce ( bo>d *airs1 political sp5d+
 & lobby+ disclosure2  7,b7 *>act]i/ics 
( work=ces employ$ by entities 9 :i* !  
plan inve/s1 includ+ comp5sation &      
b5efits1 heal? & safety1 div]sity &     
demographics1 skills & tra9+1 ret5tion &
 turnov]1 full-"t & "p-"t employm5t1 & !
 use ( indep5d5t contractors2  7,c7     
labor & human rights compliance by      
entities 9 :i* ! plan inve/s1 includ+   
work]s' fre$om ( association1 ! "r to   
collectively b>ga91 & ! prev5tion (     
employm5t discrim9ation1 *ild labor1 &  
=c$ labor 9 company op]ations & supply  
*a9s2  7,d7 ! implem5tation1 to ! ext5t 
practicable1 ( practices :i* enhance    
div]sity & inclusion p]=mance )9 !      
work=ce1 s5ior lead]%ip1 bus9ess        
procurem5t1 philan?ropy1 &_/or bo>d (   
directors2  7,e7 environm5tal risks to !
 assets & prop]ties ( entities inve/$ 9 
by ! plan & relat$ disclosures1         
includ+-- 7i7 climate risks &           

contributions2  7ii7 environm5tal risks 
t may n be relat$ to climate1 su* z     
indu/rial pollution1 habitat de/ruction1
 & o!r =ms ( environm5tal degradation2  
7iii7 impact to species endang]m5t &    
ext9ction2 &  7iv7 pollution ( l&1 air1 
& wat] relat$ to ! op]ation ( ! entities
 inve/$ 9 by ! plan2  7,f7 due dilig5ce 
& practices reg>d+ supply *a9 managem5t1
 includ+ environm5tal1 human rights1 &  
work] comp5sation consid]ations2 &  7,g7
 tax practices ( entities 9 :i* ! plan  
inve/s1 includ+ int]national tax        
avoidance /rategies & tax paym5t        
disclosure4  7#b7 ,a plan subject to !  
requirem5ts ( section #djb7;d77#a7 %all 
conduct a review ( ! su/a9able inve/m5t 
policy "u subsection 7b77#e7 on an      
annual basis4  7#c7 ,section #djd7;a7   
%all n be con/ru$ to prohibit a plan    
fiduci>y f do+ ! foll[+3 7,a7 ,9 *oos+  
among inve/m5ts ) comm5surate degrees ( 
risk & rates ( return1 to select "o or m
 su* inve/m5ts bas$ on environm5tal1    
social1 & gov]nance consid]ations4  7,b7

 ,to monitor or dispose ( a plan        
inve/m5t alt]native bas$ on             
consid]ations t include environm5tal1   
social1 & gov]nance consid]ations4  7,c7
 ,vote proxies 9 accordance ) ! plan's  
proxy vot+ guidel9es4  4  7c7 ,qualifi$ 
inve/m5t alt]natives ,section           
#djd7;c77#e7 ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd7;c77#e77 is am5d$ by    
add+ at ! end ! foll[+3  7#e7 ,a        
qualifi$ default inve/m5t alt]native 7z 
def9$ 9 section #beej4djd;c-#e7;e7 (    
title #bi1 ,code ( ,f$]al ,regulations1 
or a successor regulation7 may include  
an inve/m5t alt]native-- 7,a7 ) an      
environm5tal1 social1 & gov]nance       
inve/m5t m&ate2 or  7,b7 t 0 select$1 9 
"p1 on ! basis ( an environm5tal1       
social1 & gov]nance consid]ation4  4