,,ii  #aafth ,,congress  #ast ,session  
,s4 #adfj  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #ad1      
#bjai,mr4 ,merkley introduced the       
following bill2 which was read twice and
 referred to the ,committee on ,homeland
 ,security and ,governmental ,affairs   
,a ,,bill  ,to amend title #e1 ,united  
,states ,code1 to provide for an        
investment option under the ,thrift     
,savings ,plan that does not include    
investment in any fossil fuel companies4
  #a4 ,short title ,this ,act may be    
cited as the ,retirement ,investments   
for a ,sustainable ,economy ,act of     
#bjai or the ,,rise ,act of #bjai4  #b4 
,sense of ,congress ,it is the sense of 
,congress that-- 7#a7 continued inaction
 by the ,federal ,government with       
respect to addressing climate change    
poses a significant threat to the growth
 and stability of the economy and       
population of the ,united ,states2  7#b7
 pension and retirement funds are       
vulnerable to distinct risks relating to

 climate change1 including--  7,a7      
climate impact risks1 including sea     
level rise1 heat waves1 desertification1
 ocean acidification1 flooding1 drought1
 extreme weather1 and wildfires2  7,b7  
carbon-constrained demand risks1        
including stranded carbon assets1 which 
financial institutions have estimated as
 having a value of #ajj1jjj1jjj1jjj1jjj2
 and  7,c7 climate liability risks1     
including from evolving interpretations 
of fiduciary and tortious duties of     
care2 and  7#c7 assessing the potential 
impact of climate-related risks on      
national and international financial    
systems1 including retirement savings   
accounts and pensions1 is an urgent     
concern4  #c4 ,climate ,choice ,stock   
,index ,fund ,section #hdch of title #e1
 ,united ,states ,code1 is amended--    
7#a7 in subsection 7a7--  7,a7 by       
redesignating paragraphs 7#d7 through   
7#aj7 as paragraphs 7#g7 through 7#ac71 
respectively2  7,b7 by redesignating    
paragraphs 7#a71 7#b71 and 7#c7 as      

paragraphs 7#b71 7#d71 and 7#e71        
respectively2  7,c7 by inserting before 
paragraph 7#b71 as so redesignated1 the 
following3  7#a7 the term ,climate      
,choice ,stock ,index ,fund means the   
,climate ,choice ,stock ,index ,fund    
established under subsection            
7b77#a77;,g72  2  7,d7 by inserting     
after paragraph 7#b71 as so             
redesignated1 the following3  7#c7 the  
term entity means any sole              
proprietorship1 organization1           
association1 corporation1 partnership1  
joint venture1 limited partnership1     
limited liability partnership1 limited  
liability company1 or other business    
association1 including any wholly owned 
subsidiary1 majority-owned subsidiary1  
parent-country national1 or affiliate of
 the business association1 that exists  
for the purpose of making profit2  2 and
  7,e7 by inserting after paragraph     
7#e71 as so redesignated1 the following3
  7#f7 the term fossil fuel entity means
 any entity--  7,a7 with proven carbon  

reserves2 or  7,b7 that explores for1   
extracts1 processes1 refines1 or        
transmits coal1 oil1 gas1 oil shale1 or 
tar sands2  2 and  7#b7 in subsection   
7b7-- 7,a7 in paragraph 7#a7--  7i7 in  
subparagraph 7,e71 by striking and at   
the end2  7ii7 in subparagraph 7,f71 by 
striking the period at the end and      
inserting 2 and2 and  7iii7 by adding at
 the end the following3  7,g7 a ,climate
 ,choice ,stock ,index ,fund as provided
 in paragraph 7#f74  2 and  7,b7 by     
adding at the end the following3  7#f7  
7,a7 ,the ,board shall select an index  
which is a commonly recognized index    
comprised of common stock4  7,b7 ,the   
historical performance of the index     
selected under subparagraph 7,a7 shall  
be comparable to that of the other      
investment funds and options available  
under this subsection4  7,c7 ,the       
,climate ,choice ,stock ,index ,fund    
shall be invested in a portfolio that is
 designed-- 7i7 to replicate the        
performance of the index selected under 

subparagraph 7,a72  7ii7 such that1 to  
the extent practicable1 the percentage  
of the ,climate ,choice ,stock ,index   
,fund that is invested in each stock is 
the same as the percentage determined by
 dividing the aggregate market value of 
all shares of that stock by the         
aggregate market value of all shares of 
all stocks included in the index        
selected under subparagraph 7,a72 and   
7iii7 to ensure that no investment in   
the portfolio is an investment with     
respect to a fossil fuel entity4  4