,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hifj  ,,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 ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,inve/m5t ,advis]s   
,act ( #aidj to require l>ge asset      
manag]s to e/abli% ,su/a9able ,inve/m5t 
,policies4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,su/a9able ,inve/m5t    
,policies ,act ( #bjbj4  #b4 ,f9d+s ,!  
,congress f9ds ! foll[+3 7#a7 ,!re is n[
 incontrov]tible evid5ce t ,,esg factors
 are f9ancially mat]ial4  7#b7 ,decades 
( policy int]pretations f ! ,dep>tm5t ( 
,labor & ,securities & ,ex*ange         
,commission h creat$ confusion z to     
fiduci>ies' obligations ) reg>d to ,,esg
 integration4  7#c7 ,rec5t policies ( ! 
,securities & ,ex*ange ,commission h _h 
a *ill+ effect on ,,esg integration &   
active own]%ip ) a view t[>d advanc+ a  

su/a9able economy4  #c4 ,purpose ,!     
purpose ( ?is ,act is to require l>ge   
inve/m5t advisors to adopt & implem5t   
policies to consid] ,environm5tal1      
,social1 & ,gov]nance 7,,esg7 factors :5
 mak+ inve/m5ts4  #d4 ,su/a9able        
inve/m5t policy ( inve/m5t advis]s      
,section #bjc ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#c7 is
 am5d$ by add+ at ! end ! foll[+3  7o7  
,su/a9able inve/m5t policy  7#a7 ,9     
g5]al ,no p]son may be regi/]$ z an     
inve/m5t advis] "u ?is section unless ! 
p]son files a su/a9able inve/m5t policy 
) ! ,commission t su* p]son foll[s 9    
c>ry+ out ! duties ( an inve/m5t advis]4
  7#b7 ,cont5ts  7,a7 ,9 g5]al ,a       
su/a9able inve/m5t policy describ$ "u   
p>agraph 7#a7 %all include policies ( ! 
p]son1 ) respect to-- 7i7 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  7ii7 *>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  7iii7 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  7iv7 ! implem5tation1 to ! ext5t 
practicable1 ( practices :i* enhance    
div]sity & inclusion p]=mance )9 !      
work=ce1 s5ior lead]%ip1 bus9ess        
procurem5t1 philan?ropy &_/or bo>d (    
directors2  7v7 environm5tal risks to ! 
assets & prop]ties ( entities 9 :i* !   
funds advis$ by ! p]son inve/1 includ+--
 7,i7 climate risks & contributions2    
7,,ii7 environm5tal risks t are n relat$
 to climate1 su* z indu/rial pollution1 
habitat de/ruction1 & o!r =ms (         
environm5tal degradation2  7,,iii7      

impact to species endang]m5t &          
ext9ction2 &  7,,iv7 pollution ( l&1    
air1 & wat] relat$ to ! op]ation ( !    
entities inve/$ 9 by ! plan2 pollution (
 l&1 air & wat] relat$ to ! op]ation ( !
 entities 9 :i* funds advis$ by ! p]son 
inve/2  7vi7 due dilig5ce & practices   
reg>d+ supply *a9 managem5t1 includ+    
environm5tal1 human rights1 & work]     
comp5sation consid]ations2 &  7vii7 tax 
practices ( entities 9 :i* ! plan       
inve/s1 includ+ int]national tax        
avoidance /rategies & tax paym5t        
disclosure4  7#c7 ,compliance audit     
7,a7 ,9 g5]al ,ea* regi/]$ inve/m5t     
advis] %all contract ) an auditor 7z    
describ$ 9 rule #b-aj ( section #baj4ja 
( title #ag1 ,code ( ,f$]al             
,regulations7 to p]=m an annual         
evaluation ( ! advis]'s compliance ) !  
su/a9able inve/m5t policy fil$ ) !      
,commission4  7,b7 ,report ,an auditor  
p]=m+ an evaluation "u subp>agraph 7,a7 
%all file1 & make publicly available1 a 
report on su* evaluation to ! advis] & !

 ,commission4  7#d7 ,fiduci>y safe h>bor
 ,! ,commission may1 by ord]1 det]m9e t 
an inve/m5t advis] has n brea*$ its     
fiduci>y duty ) respect to consid]ation 
( factors outl9$ "u ?is subsection if ! 
inve/m5t advis] is 9 compliance ) ?is   
subsection4  4