,,ib ,union ,cal5d> ,no4 #bb #aag? ,,congress #a/ ,session ,h4 ,r4 #begj ,report ,no4 #aag-ci ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,april #ae1 #bjba,mr4 ,ca/5 7= himself1 ,mr4 ,c>twright1 ,mr4 ,fo/]1 ,mr4 ,l[5?al1 ,ms4 ,b>ragn1 ,mr4 ,neguse1 & ,mr4 ,lev9 ( ,cali=nia7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,may #bj1 #bjba;,additional sponsors3 ,ms4 ,br[nley1 ,ms4 ,velzquez1 ,mr4 ,phillips1 ,mr4 ,%]man1 ,mr4 ,grijalva1 ,mr4 ,g>ca ( ,ill9ois1 ,ms4 ,pressley1 & ,mr4 ,huffman ,may #bj1 #bjba,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be printed,strike out all aft] ! enact+ clause & ins]t ! "p pr9t$ 9 italic,for text ( introduc$ bill1 see copy ( bill z introduc$ on ,april #ae1 #bjba ,a ,,bill ,to am5d ! ,securities ,ex*ange ,act ( #aicd to require c]ta9 disclosures relat+ to climate *ange1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,climate ,risk ,disclosure ,act ( #bjba4 #b4 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 climate *ange poses a significant & increas+ ?reat to ! gr[? & /ability ( ! economy ( ! ,unit$ ,/ates2 7#b7 _m sectors ( ! economy ( ! ,unit$ ,/ates & _m ,am]ican bus9esses are expos$ to climate-relat$ risk1 :i* may include exposure to-- 7,a7 ! physical impacts ( climate *ange1 includ+ ! rise ( ! av]age global temp]ature1 accel]at+ sea-level rise1 des]tification1 ocean acidification1 int5sification ( /orms1 increase 9 heavy precipitation1 m frequ5t & int5se temp]ature extremes1 m sev]e dr\ghts1 & long] wildfire seasons2 7,b7 ! economic disruptions & security ?reats t result f ! physical impacts describ$ 9 subp>agraph 7,a7 includ+ conflicts ov] sc>ce res\rces1 conditions conducive to viol5t extremism1 ! spread ( infecti\s diseases1 & =c$ migration2 7,c7 ! transition impacts t result z ! global economy transitions to a clean & r5ewable en]gy1 l[-emissions economy1 includ+ f9ancial impacts z climate *ange fossil fuel assets becom+ /r&$ & x becomes uneconomic = companies to develop fossil fuel assets z policymak]s act to limit ! wor/ impacts ( climate *ange by keep+ ! rise 9 av]age global temp]ature to #a4e degrees ,celsius above pre-indu/rial levels2 & 7,d7 actions by ,f$]al1 ,/ate1 ,tribal1 t]ritorial1 & local gov]nm5ts to limit ! wor/ effects ( climate *ange by enact+ policies t keep ! global av]age surface temp]ature rise to #a4e degrees ,celsius above pre-indu/rial levels2 7#c7 assess+ ! pot5tial impact ( climate-relat$ risks on national & int]national f9ancial sy/ems is an urg5t conc]n2 7#d7 companies h a duty to disclose f9ancial risks t climate *ange pres5ts to _! inve/ors1 l5d]s1 & insur]s2 7#e7 ! ,securities & ,ex*ange ,commission has a duty to promote a risk-in=m$ securities m>ket t is wor?y ( ! tru/ ( ! public z families inve/ = _! futures2 7#f7 inve/ors1 l5d]s1 & insur]s are increas+ly dem&+ climate risk in=mation t is consi/5t1 comp>able1 reliable1 & cle>2 7#g7 includ+ /&>diz$1 mat]ial climate *ange risk & opportunity disclosure t is useful = decision mak]s 9 annual reports to ! ,commission w increase transp>5cy ) respect to risk accumulation & exposure 9 f9ancial m>kets2 7#h7 requir+ companies to disclose climate-relat$ risk exposure & risk managem5t /rategies w enc\rage a smoo!r transition to a clean & r5ewable en]gy1 l[-emissions economy & guide capital allocation to mitigate1 & adapt to1 ! effects ( climate *ange & limit damages associat$ ) climate-relat$ ev5ts & disa/]s2 & 7#i7 a critical compon5t 9 fight+ climate *ange is a transp>5t acc\nt+ ( ! risks t climate *ange pres5ts & ! implications ( cont9u$ inaction ) respect to climate *ange4 #c4 ,disclosures relat+ to climate *ange ,section #ac ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm7 is am5d$ by add+ at ! end ! foll[+3 7s7 ,disclosures relat+ to climate *ange 7#a7 ,def9itions ,9 ?is subsection3 7,a7 #a4e degree sc5>io ,! t]m #a4e degree sc5>io means a sc5>io t aligns ) gre5h\se gas emissions pa?ways t aim to limit global w>m+ to #a4e degrees ,celsius above pre-indu/rial levels4 7,b7 ,appropriate climate pr9cipals ,! t]m appropriate climate pr9cipals means-- 7i7 ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy2 7ii7 ! ,adm9i/rator ( ! ,national ,oceanic & ,atmosph]ic ,adm9i/ration2 7iii7 ! ,director ( ! ,(fice ( ,managem5t & ,budget2 7iv7 ! ,secret>y ( ! ,int]ior2 7v7 ! ,secret>y ( ,en]gy2 & 7vi7 ! head ( any o!r ,f$]al ag5cy1 z det]m9$ appropriate by ! ,commission4 7,c7 ,basel9e sc5>io ,! t]m basel9e sc5>io means a widely-recogniz$ analysis sc5>io 9 :i* levels ( gre5h\se gas emissions1 z ( ! date on :i* ! analysis is p]=m$1 cont9ue to gr[1 result+ 9 an increase 9 ! global av]age temp]ature ( #a4e degrees ,celsius or m above pre-indu/rial levels4 7,d7 ,c>bon dioxide equival5t ,! t]m c>bon dioxide equival5t means ! numb] ( metric tons ( c>bon dioxide emissions ) ! same global w>m+ pot5tial z "o metric ton ( ano!r gre5h\se gas1 z det]m9$ "u table ,a-#a ( subp>t ,a ( "p #ih ( title #dj1 ,code ( ,f$]al ,regulations1 z 9 effect on ! date ( enactm5t ( ?is subsection4 7,e7 ,climate *ange ,! t]m climate *ange means a *ange ( climate t is-- 7i7 attribut$ directly or indirectly to human activity t alt]s ! composition ( ! global atmosph]e2 & 7ii7 9 addition to natural climate v>iability obs]v$ ov] comp>able "t p]iods4 7,f7 ,comm]cial developm5t ( fossil fuels ,! t]m comm]cial developm5t ( fossil fuels includes-- 7i7 exploration1 extraction1 process+1 export+1 transport+1 ref9+1 & any o!r significant action ) respect to oil1 natural gas1 coal1 or any byproduct !re( or any o!r solid or liquid hydroc>bons t are comm]cially produc$2 & 7ii7 acquir+ a lic5se = any activity describ$ 9 clause 7i74 7,g7 ,cov]$ issu] ,! t]m cov]$ issu] means an issu] t is requir$ to file an annual report "u subsection 7a7 or section #ae7;d74 7,h7 ,direct & indirect gre5h\se gas emissions ,! t]m direct & indirect gre5h\se gas emissions includes1 ) respect to a cov]$ issu]-- 7i7 all direct gre5h\se gas emissions releas$ by ! cov]$ issu]2 7ii7 all indirect gre5h\se gas emissions ) respect to electricity1 heat1 or /eam pur*as$ by ! cov]$ issu]2 7iii7 significant indirect emissions1 o!r ?an ! emissions describ$ 9 clause 7ii71 emitt$ 9 ! value *a9 ( ! cov]$ issu]2 & 7iv7 all indirect gre5h\se gas emissions t are attributable to assets own$ or manag$1 includ+ assets t are p>tially own$ or manag$1 by ! cov]$ issu]4 7,i7 ,fossil fuel res]ves ,! t]m fossil fuel res]ves has ! mean+ giv5 ! t]m res]ves "u ! f9al rule ( ! ,commission titl$ ,mod]nization ( ,oil & ,gas ,report+ 7#gd ,f$4 ,reg4 #baeh2 publi%$ ,janu>y #ad1 #bjji74 7,j7 ,gre5h\se gas ,! t]m gre5h\se gas-- 7i7 means c>bon dioxide1 hydr(luoroc>bons1 me?ane1 nitr\s oxide1 p]fluoroc>bons1 sulfur hexafluoride1 nitrog5 trifl\ride1 & *lor(luoroc>bons2 7ii7 includes any o!r an?ropog5ically-emitt$ gas t ! ,adm9i/rator ( ! ,environm5tal ,protection ,ag5cy det]m9es1 aft] notice & comm5t1 to contribute to climate *ange2 & 7iii7 includes any o!r an?ropog5ically-emitt$ gas t ! ,int]gov]nm5tal ,panel on ,climate ,*ange det]m9es to contribute to climate *ange4 7,k7 ,gre5h\se gas emissions ,! t]m gre5h\se gas emissions means ! emissions ( gre5h\se gas1 express$ 9 t]ms ( metric tons ( c>bon dioxide equival5t4 7,l7 ,physical risks ,! t]m physical risks means f9ancial risks to long-liv$ fix$ assets1 locations1 op]ations1 or value *a9s t result f exposure to physical climate-relat$ effects1 includ+-- 7i7 increas$ av]age global temp]atures & increas$ frequ5cy ( temp]ature extremes2 7ii7 increas$ sev]ity & frequ5cy ( extreme wea!r ev5ts2 7iii7 increas$ flood+2 7iv7 sea level rise2 7v7 ocean acidification2 7vi7 increas$ frequ5cy ( wildfires2 7vii7 decreas$ arability ( f>ml&2 7viii7 decreas$ availability ( fre% wat]2 & 7ix7 any o!r f9ancial risks to long-liv$ fix$ assets1 locations1 op]ations1 or value *a9s det]m9$ appropriate by ! ,commission1 9 consultation ) appropriate climate pr9cipals4 7,m7 ,social co/ ( c>bon ,! t]m social co/ ( c>bon means ! social co/ ( c>bon1 z describ$ 9 ! te*nical support docum5t entitl$ ,te*nical ,support ,docum5t3 ,te*nical ,update ( ! ,social ,co/ ( ,c>bon = ,regulatory ,impact ,analysis ,"u ,executive ,ord] #abhff1 publi%$ by ! ,int]ag5cy ,work+ ,gr\p on ,social ,co/ ( ,gre5h\se ,gases1 ,unit$ ,/ates ,gov]nm5t1 9 ,augu/ #bjaf or any successor or sub/antially relat$ e/imate ( ! monetiz$ damages associat$ ) an increm5tal increase 9 c>bon dioxide emissions 9 a giv5 ye>4 7,n7 ,transition risks ,! t]m transition risks means f9ancial risks t are attributable to climate *ange mitigation & adaptation1 includ+ ef=ts to r$uce gre5h\se gas emissions & /r5g!n resili5ce to ! impacts ( climate *ange1 includ+-- 7i7 co/s relat+ to-- 7,i7 int]national treaties & agreem5ts2 7,,ii7 ,f$]al1 ,/ate1 & local policy2 7,,iii7 new te*nologies2 7,,iv7 *ang+ m>kets2 7,v7 reputational impacts relevant to *ang+ consum] behavior2 & 7,,vi7 litigation2 & 7ii7 assets t may lose value or become /r&$ due to any ( ! co/s describ$ 9 subclauses 7,i7 ?r\gh 7,,vi7 ( clause 7i74 7,o7 ,value *a9 ,! t]m value *a9-- 7i7 means ! total lifecycle ( a product or s]vice1 bo? be=e & aft] production ( ! product or s]vice1 z applicable2 & 7ii7 may include ! s\rc+ ( mat]ials1 production1 transportation1 & disposal ) respect to ! product or s]vice describ$ 9 clause 7i74 7#b7 ,f9d+s ,congress f9ds t-- 7,a7 %ort-1 m$ium-1 & long-t]m f9ancial & economic risks & opportunities relat+ to climate *ange1 & ! national & global r$uction ( gre5h\se gas emissions1 con/itute in=mation t issu]s-- 7i7 may reasonably expect to affect %>ehold] decision mak+2 & 7ii7 %\ld regul>ly id5tify1 evaluate1 & disclose2 & 7,b7 ! disclosure ( in=mation describ$ 9 subp>agraph 7,a7 %\ld-- 7i7 id5tify1 & evaluate-- 7,i7 mat]ial physical & transition risks pos$ by climate *ange2 & 7,,ii7 ! pot5tial f9ancial impact ( su* risks2 7ii7 detail any implications su* risks h on corporate /rategy2 7iii7 detail any bo>d-level ov]sight ( mat]ial climate relat$ risks & opportunities2 7iv7 all[ = intra- & cross-indu/ry comp>ison1 to ! ext5t practicable1 ( climate-relat$ risk exposure ?r\gh ! inclusion ( /&>diz$ indu/ry-specific & sector-specific disclosure metrics1 z id5tifi$ by ! ,commission1 9 consultation ) ! appropriate climate pr9cipals2 7v7 all[ = track+ ( p]=mance ov] "t ) respect to mitigat+ climate risk exposure2 & 7vi7 incorporate a price on gre5h\se gas emissions 9 f9ancial analyses t reflects1 at m9imum1 ! social co/ ( c>bon t is attributable to issu]s4 7#c7 ,disclosure ,ea* cov]$ issu]1 9 any annual report fil$ by ! cov]$ issu] "u subsection 7a7 or section #ae7;d71 %all1 9 accordance ) any rules issu$ by ! ,commission pursuant to ?is subsection1 include 9 ea* su* report in=mation reg>d+-- 7,a7 ! id5tification (1 ! evaluation ( pot5tial f9ancial impacts (1 & any risk-managem5t /rategies relat+ to-- 7i7 physical risks pos$ to ! cov]$ issu] by climate *ange2 & 7ii7 transition risks pos$ to ! cov]$ issu] by climate *ange2 7,b7 a description ( any e/abli%$ corporate gov]nance processes & /ructures to id5tify1 assess1 & manage climate-relat$ risks2 7,c7 a description ( specific actions t ! cov]$ issu] is tak+ to mitigate id5tifi$ risks2 7,d7 a description ( ! resili5ce ( any /rategy ! cov]$ issu] has = address+ climate risks :5 diff]+ climate sc5>ios are tak5 into consid]ation2 & 7,e7 a description ( h[ climate risk is incorporat$ into ! ov]all risk managem5t /rategy ( ! cov]$ issu]4 7#d7 ,rule ( con/ruction ,no?+ 9 p>agraph 7#c7 may be con/ru$ z preclud+ a cov]$ issu] f includ+1 9 an annual report submitt$ "u subsection 7a7 or section #ae7;d71 any in=mation n explicitly ref]5c$ 9 su* p>agraph4 7#e7 ,rulemak+ ,! ,commission1 9 consultation ) ! appropriate climate pr9cipals1 %all1 n lat] ?an #b ye>s aft] ! date ( ! enactm5t ( ?is subsection1 issue rules ) respect to ! in=mation t a cov]$ issu] is requir$ to disclose pursuant to ?is subsection & su* rules %all-- 7,a7 e/abli% climate-relat$ risk disclosure rules1 :i* %all-- 7i7 be1 to ! ext5t practicable1 specializ$ = indu/ries )9 specific sectors ( ! economy1 :i* %all include-- 7,i7 ! sectors ( f9ance1 insurance1 transportation1 electric p[]1 m9+1 & non-r5ewable en]gy2 & 7,,ii7 any o!r sector det]m9$ appropriate by ! ,commission1 9 consultation ) ! appropriate climate pr9cipals2 7ii7 include report+ /&>ds = e/imat+ & disclos+ direct & indirect gre5h\se gas emissions by a cov]$ issu]1 & any affiliates ( ! cov]$ issu]1 :i* %all-- 7,i7 disaggregate1 to ! ext5t practicable1 total emissions ( ea* specifi$ gre5h\se gas by ! cov]$ issu]2 & 7,,ii7 include gre5h\se gas emissions by ! cov]$ issu] dur+ ! p]iod cov]$ by ! disclosure2 7iii7 include report+ /&>ds = disclos+1 ) respect to a cov]$ issu]-- 7,i7 ! total am\nt ( fossil fuel-relat$ assets own$ or manag$ by ! cov]$ issu]2 & 7,,ii7 ! p]c5tage ( fossil fuel-relat$ assets z a p]c5tage ( total assets own$ or manag$ by ! cov]$ issu]2 7iv7 specify requirem5ts =1 & ! disclosure (1 input p>amet]s1 assumptions1 & analytical *oices to be us$ 9 climate sc5>io analyses requir$ "u subp>agraph 7,b77i71 includ+-- 7,i7 pres5t value disc\nt rates2 & 7,,ii7 "t frames to consid]1 includ+ #e1 #aj1 & #bj ye> "t frames2 & 7v7 include report+ /&>ds & guidance ) respect to ! in=mation requir$ "u subp>agraph 7,b77iii72 7,b7 require t a cov]$ issu]1 ) respect to a disclosure requir$ "u ?is subsection-- 7i7 incorporate into su* disclosure-- 7,i7 quantitative analysis to support any qualitative /atem5t made by ! cov]$ issu]2 7,,ii7 ! rules e/abli%$ "u subp>agraph 7,a72 7,,iii7 indu/ry-specific metrics t comply ) ! requirem5ts "u subp>agraph 7,a77i72 7,,iv7 specific risk managem5t actions t ! cov]$ issu] is tak+ to address id5tifi$ risks2 7,v7 a discussion ( ! %ort-1 m$ium-1 & long-t]m resili5ce ( any risk managem5t /rategy1 & ! evolution ( applicable risk metrics1 ( ! cov]$ issu] "u ea* sc5>io describ$ 9 clause 7ii72 & 7,,vi7 ! total co/ attributable to ! direct & indirect gre5h\se gas emissions ( ! cov]$ issu]1 us+1 at m9imum1 ! social co/ ( c>bon2 7ii7 consid]1 :5 prep>+ any qualitative or quantitative risk analysis /atem5t conta9$ 9 ! disclosure-- 7,i7 a basel9e sc5>io t includes physical impacts ( climate *ange2 7,,ii7 a #a4e degrees sc5>io2 & 7,,iii7 any additional climate analysis sc5>io consid]$ appropriate by ! ,commission1 9 consultation ) ! appropriate climate pr9cipals2 7iii7 if ! cov]$ issu] engages 9 ! comm]cial developm5t ( fossil fuels1 include 9 ! disclosure-- 7,i7 an e/imate ( ! total & a disaggregat$ am\nt ( direct & indirect gre5h\se gas emissions ( ! cov]$ issu] t are attributable to-- 7aa7 combu/ion2 7bb7 fl>$ hydroc>bons2 7cc7 process emissions2 7dd7 directly v5t$ emissions2 7ee7 fugitive emissions or leaks2 & 7ff7 l& use *anges2 7,,ii7 a description (-- 7aa7 ! s5sitivity ( fossil fuel res]ve levels to future price projection sc5>ios t incorporate ! social co/ ( c>bon2 7bb7 ! p]c5tage ( ! res]ves ( ! cov]$ issu] t w be develop$ "u ! sc5>ios e/abli%$ 9 clause 7ii71 z well z a =eca/ = ! developm5t prospects ( ea* res]ve "u ! sc5>ios e/abli%$ 9 clause 7ii72 7cc7 ! pot5tial am\nt ( direct & indirect gre5h\se gas emissions t are emb$d$ 9 prov$ & probable res]ves1 ) ea* su* calculation pres5t$ z a total & 9 subdivid$ categories by ! type ( res]ve2 7dd7 ! me?odology ( ! cov]$ issu] = detect+ & mitigat+ fugitive me?ane emissions1 :i* %all include ! frequ5cy ) :i* applicable assets ( ! cov]$ issu] are obs]v$ = me?ane leaks1 ! processes & te*nology t ! cov]$ issu] uses to detect me?ane leaks1 ! p]c5tage ( assets ( ! cov]$ issu] t ! cov]$ issu] inspects "u t me?odology1 & quantitative & "t-b\nd r$uction goals ( ! issu] ) respect to me?ane leaks2 7ee7 ! am\nt ( wat] t ! cov]$ issu] )draws f fre%wat] s\rces = use & consumption 9 op]ations ( ! cov]$ issu]2 & 7ff7 ! p]c5tage ( ! wat] describ$ 9 item 7ee7 t comes f regions ( wat] /ress or t face wa/ewat] managem5t *all5ges2 & 7,,iii7 any o!r in=mation t ! ,commission det]m9es is-- 7aa7 necess>y2 7bb7 appropriate to safegu>d ! public int]e/2 or 7cc7 direct$ at ensur+ t inve/ors are in=m$ 9 accordance ) ! f9d+s describ$ 9 p>agraph 7#b72 7,c7 ) respect to a disclosure requir$ "u section #ac7s7 ( ! ,securities ,ex*ange ,act ( #aicd1 require t a cov]$ issu] include 9 su* disclosure any o!r in=mation1 or use any climate-relat$ or gre5h\se gas emissions metric1 t ! ,commission1 9 consultation ) ! appropriate climate pr9cipals1 det]m9es is-- 7i7 necess>y2 7ii7 appropriate to safegu>d ! public int]e/2 or 7iii7 direct$ at ensur+ t inve/ors are in=m$ 9 accordance ) ! f9d+s describ$ 9 p>agraph 7#b72 & 7,d7 ) respect to a disclosure requir$ "u section #ac7s7 ( ! ,securities ,ex*ange ,act ( #aicd1 e/abli% h[ & :]e ! requir$ disclosures %all be address$ 9 ! cov]$ issu]'s annual f9ancial fil+4 7#f7 ,=matt+ ,! ,commission %all require issu]s to disclose in=mation 9 an int]active data =mat & %all develop /&>ds = su* =mat1 :i* %all include electronic tags = in=mation t ! ,commission det]m9es is-- 7,a7 necess>y2 7,b7 appropriate to safegu>d ! public int]e/2 or 7,c7 direct$ at ensur+ t inve/ors are in=m$ 9 accordance ) ! f9d+s describ$ 9 p>agraph 7#b74 7#g7 ,p]iodic update ( rules ,! ,commission %all p]iodically update ! rules issu$ "u ?is subsection4 7#h7 ,compilation ( in=mation disclos$ ,! ,commission %all1 to ! maximum ext5t practicable make a compilation ( ! in=mation disclos$ by issu]s "u ?is subsection publicly available on ! website ( ! ,commission & update su* compilation at lea/ once ea* ye>4 7#i7 ,reports 7,a7 ,report to ,congress ,! ,commission %all-- 7i7 conduct an annual assessm5t reg>d+ ! compliance ( cov]$ issu]s ) ! requirem5ts ( ?is subsection2 7ii7 submit to ! appropriate congressional committees a report t conta9s ! results ( ea* assessm5t conduct$ "u clause 7i72 & 7iii7 make ea* report submitt$ "u clause 7ii7 accessible to ! public4 7,b7 ,,gao report ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all p]iodically evaluate1 & report to ! appropriate congressional committees on1 ! effectiv5ess ( ! ,commission 9 c>ry+ out & en=c+ ?is subsection4 4 #d4 ,back/op ,if1 #b ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission has n issu$ ! rules requir$ "u section #ac7s7 ( ! ,securities ,ex*ange ,act ( #aicd1 & until su* rules are issu$1 a cov]$ issu] 7z def9$ 9 su* section #ac7s77 %all be deem$ 9 compliance ) su* section #ac7s7 if disclosures set =? 9 ! annual report ( su* issu] satisfy ! recomm5dations ( ! ,task ,=ce on ,climate-relat$ ,f9ancial ,disclosures ( ! ,f9ancial ,/ability ,bo>d z report$ 9 ,june1 #bjag1 or any successor report1 & z supplem5t$ or adju/$ by su* rules1 guidance1 or o!r comm5ts f ! ,commission4 #e4 ,au?orization ( appropriations ,!re are au?oriz$ to be appropriat$ to ! ,securities & ,ex*ange ,commission su* sums z may be necess>y to c>ry out ?is ,act & ! am5dm5ts made by ?is ,act4 ,may #bj1 #bjba,report$ ) an am5dm5t1 committ$ to ! ,committee ( ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & ord]$ to be pr9t$