,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #ccfg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #b1 #bjbj,ms4     
,cortez ,ma/o 7= h]self1 ,ms4 ,smi?1    
,mr4 ,van ,holl51 ,mrs4 ,fe9/e91 ,ms4   
,duckwor?1 ,ms4 ,ros51 & ,ms4 ,klobu*>7 
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to e/abli% a       
,div]sity ,advisory ,gr\p to /udy & make
 recomm5dations on /rategies to increase
 g5d]1 racial1 & e?nic div]sity among ! 
memb]s ( ! bo>d ( directors ( issu]s1 to
 am5d ! ,securities ,ex*ange ,act (     
#aicd to require issu]s to make         
disclosures to %>ehold]s ) respect to   
g5d]1 racial1 & e?nic div]sity1 & = o!r 
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,div]sity 9 ,corporate     
,lead]%ip ,act ( #bjbj4  #b4 ,div]sity  
/udy & disclosures  7a7 ,def9itions ,9  
?is section-- 7#a7 ! t]m ,advisory ,gr\p
 means ! ,div]sity ,advisory ,gr\p      

e/abli%$ "u subsection 7b72  7#b7 ! t]m 
,commission means ! ,securities &       
,ex*ange ,commission2 &  7#c7 ! t]m     
issu] has ! mean+ giv5 ! t]m 9 section  
#c ( ! ,securities ,ex*ange ,act ( #aicd
 7#ae ,u4,s4,c4 #gh;c74  7b7 ,div]sity  
,advisory ,gr\p  7#a7 ,e/abli%m5t ,!    
,commission %all e/abli% a ,div]sity    
,advisory ,gr\p1 :i* %all be compos$ (  
repres5tatives f ! ,f$]al ,gov]nm5t1    
academia1 & ! private sector4  7#b7     
,/udy & recomm5dations ,! ,advisory     
,gr\p %all-- 7,a7 c>ry out a /udy on    
/rategies to increase g5d]1 racial1 &   
e?nic div]sity among ! memb]s ( ! bo>d (
 directors ( issu]s2 &  7,b7 n lat] ?an 
#i mon?s aft] ! e/abli%m5t ( ! ,advisory
 ,gr\p1 issue a report to ! ,commission1
 ! ,committee on ,bank+1 ,h\s+1 & ,urban
 ,affairs ( ! ,s5ate1 & ! ,committee on 
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives conta9+ ! f9d+s &       
det]m9ations made 9 c>ry+ out ! /udy "u 
subp>agraph 7,a71 along ) recomm5dations
 to increase g5d]1 racial1 & e?nic      

div]sity among ! memb]s ( ! bo>d (      
directors ( issu]s4  7#c7 ,annual report
 ,n lat] ?an #a ye> aft] ! date on :i* !
 ,advisory ,gr\p issues ! report "u     
p>agraph 7#b77;,b71 & annually !reaft]1 
! ,commission %all issue a report to !  
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs ( ! ,s5ate & ! ,committee on   
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives on ! /atus ( g5d]1      
racial1 & e?nic div]sity among ! memb]s 
( ! bo>d ( directors ( issu]s4  7#d7    
,public availability ( reports ,!       
,commission %all make all reports ( !   
,advisory ,gr\p available to issu]s & ! 
public1 includ+ on ! website ( !        
,commission4  7c7 ,disclosures ,!       
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;a et seq47 is am5d$ by    
ins]t+ aft] section #ad;,b ! foll[+3    
#ad;,c4 ,div]sity disclosures ,!        
,commission %all1 by rule1 require ea*  
issu] to disclose1 9 any proxy or cons5t
 solicitation mat]ial = an annual meet+ 
( ! %>ehold]s ( ! issu]1 ! g5d]1 racial1

 & e?nic composition ( ! bo>d (         
directors ( ! issu] & nom9ees = ! bo>d (
 directors4  4