,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #cfje  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #bh1 #bjba,mr4   
,lev9 ( ,mi*igan 7= himself1 ,mrs4      
,axne1 ,mr4 ,br5dan ,f4 ,boyle (        
,p5nsylvania1 & ,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 enable consid]ation &   
promote disclosure & transp>5cy (       
su/a9able inve/m5t policies by l>ge     
asset manag]s1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,su/a9able ,inve/m5t ,policies ,act (   
#bjba4  #b4 ,f9d+s ,! ,congress f9ds !  
foll[+3 7#a7 ,environm5tal1 social1 &   
gov]nance 79 ?is ,act ref]r$ to z ,,esg7
 include ! pot5tial = economic b5efits1 
su* z local job creation & economic     
developm5t1 9 addition to inve/m5t      
returns1 z provid$ by inve/m5ts         
sometimes ref]r$ to z ,economically     
,t>get$ ,inve/m5ts or ,e,t,is4  7#b7    
,!re is n[ incontrov]tible evid5ce t    

,,esg factors c h sub/antial effects on 
inve/m5t p]=mance & are important to _m 
inve/ors & t inve/ors h a significant   
int]e/ 9 su* f9d+s4  7#c7 ,inve/or f9d+s
 %[ a dramatic int]e/ 9 inve/m5ts t     
consid] ,,esg factors4  7#d7 ,decades ( 
policy int]pretations f ! ,dep>tm5t (   
,labor & ! ,securities & ,ex*ange       
,commission h creat$ confusion z to !   
obligations ( a fiduci>y ) reg>d to     
,,esg int]gration4  7#e7 ,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 ,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[+ new    
subsection3  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 su* p]son-- 7,a7 files a 
su/a9able inve/m5t policy ) !           
,commission2 &  7,b7 complies ) su*     

policy 9 c>ry+ out ! duties ( an        
inve/m5t advis]4  7#b7 ,cont5ts ,a      
su/a9able inve/m5t policy describ$ "u   
p>agraph 7#a77;,a7 %all include !       
policies ( ! p]son ) respect to !       
foll[+3 7,a7 ,environm5tal conc]ns1     
includ+ environm5tal risks to ! assets &
 prop]ties ( entities 9 :i* ! funds     
inve/1 includ+-- 7i7 climate risks &    
contributions2  7ii7 associat$          
environm5tal risks1 includ+-- 7,i7      
indu/rial pollution2  7,,ii7 habitat    
de/ruction2  7,,iii7 de=e/ation2 &      
7,,iv7 o!r =ms ( environm5tal           
degradation2 &  7iii7 pollution ( l&1   
air1 or wat] relat$ to ! op]ation ( !   
entities 9 :i* fund inve/s4  7,b7       
,social consid]ations1 includ+-- 7i7    
*>act]i/ics ( work=ces employ$ by       
entities 9 :i* ! fund inve/s1 includ+-- 
7,i7 comp5sation & b5efits2  7,,ii7     
heal? & safety2  7,,iii7 div]sity &     
demographics2  7,,iv7 skills & tra9+2   
7,v7 ret5tion & turnov]2  7,,vi7 full-"t
 & "p-"t employm5t2 &  7,,vii7 ! use (  

indep5d5t contractors2  7ii7 labor &    
human rights compliance by entities 9   
:i* ! fund inve/s1 includ+-- 7,i7       
work]s' fre$om ( association2  7,,ii7 ! 
"r to collectively b>ga92 &  7,,iii7 !  
prev5tion ( employm5t discrim9ation1    
*ild labor1 & =c$ labor 9 ! op]ations & 
supply *a9s ( ! entity2  7iii7 !        
implem5tation ( practices :i* enhance   
div]sity & inclusion p]=mance )9 !      
work=ce1 s5ior lead]%ip1 bus9ess        
procurem5t1 philan?ropy1 & ! bo>d (     
directors2  7iv7 due dilig5ce &         
practices reg>d+ supply *a9 managem5t1  
includ+-- 7,i7 environm5tal             
consid]ations2  7,,ii7 human rights2 &  
7,,iii7 work]s' comp5sation             
consid]ations2 &  7v7 ! pot5tial =      
a*iev+ economic b5efits 9 addition to   
inve/m5t returns4  7,c7 ,gov]nance      
consid]ations1 includ+-- 7i7 corporate  
gov]nance practices by entities 9 :i* ! 
fund inve/s2 &  7ii7 tax practices (    
entities 9 :i* ! fund inve/s1 includ+   
int]national tax avoidance /rategies &  

tax paym5t disclosure4  7,d7 ,o!r       
relevant economically t>get$ inve/m5t1  
or environm5tal1 social1 & gov]nance    
consid]ations & factors4  7#c7          
,compliance audit  7,a7 ,9 g5]al ,n less
 ?an annually1 ea* regi/]$ inve/m5t     
advis] %all contract ) an auditor to    
p]=m an audit ( ! 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,c7 ,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