,,ii #aag? ,,congress #b;d ,session ,s4 #ejjj ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,septemb] #bh1 #bjbb,mr4 ,lee introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,homel& ,security & ,gov]nm5tal ,affairs ,a ,,bill ,to am5d title #e1 ,unit$ ,/ates ,code1 to prohibit inve/m5ts "u ! ,?rift ,sav+s ,plan 9 c]ta9 mutual funds t make inve/m5t decisions bas$ prim>ily on environm5tal1 social1 or gov]nance crit]ia1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,no ,,esg at ,,tsp ,act4 #b4 ,prohibition on c]ta9 mutual funds "u ! ,?rift ,sav+s ,plan 7a7 ,def9itions ,9 ?is section3 7#a7 ,bo>d2 ,executive ,director ,! t]ms ,bo>d & ,executive ,director h ! mean+s giv5 ^? t]ms 9 section #hdja ( title #e1 ,unit$ ,/ates ,code4 7#b7 ,cov]$ sum ,! t]m cov]$ sum means any sum ( ! ,?rift ,sav+s ,fund t is inve/$ 9 a mutual fund1 ex*ange-trad$ fund1 or o!r inve/m5t vehicle describ$ 9 subp>agraph 7,e7 or 7,f7 ( section #hdch7;b77#e7 ( title #e1 ,unit$ ,/ates ,code1 z add$ by subsection 7b74 7#c7 ,mutual fund w9d[ ,! t]m mutual fund w9d[ means ! mutual fund w9d[ add$ by ! ,bo>d pursuant to ! au?orization "u section #hdch7;b77#e7 ( title #e1 ,unit$ ,/ates ,code4 7#d7 ,p>ticipant ,! t]m p>ticipant has ! mean+ giv5 ! t]m 9 section #hdga ( title #e1 ,unit$ ,/ates ,code4 7#e7 ,?rift ,sav+s ,fund ,! t]m ,?rift ,sav+s ,fund means ! fund e/abli%$ "u section #hdcg ( title #e1 ,unit$ ,/ates ,code4 7b7 ,prohibition 7#a7 ,9 g5]al ,section #hdch7;b77#e7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 7,e7 ,! ,bo>d may n (f] ?r\gh ! mutual fund w9d[ any mutual fund1 ex*ange-trad$ fund 7z def9$ 9 section #bgj4f;c-#aa ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation71 or o!r inve/m5t vehicle t inve/s 9 bonds or equities & t makes inve/m5t decisions bas$ on ,,esg crit]ia1 to ! ext5t t ^? crit]ia are unrelat$ to maximiz+ monet>y returns = inve/ors4 7,f7 ,! ,bo>d may n (f] ?r\gh ! mutual fund w9d[ any mutual fund1 ex*ange-trad$ fund 7z def9$ 9 section #bgj4f;c-#aa ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation71 or o!r inve/m5t vehicle t is m>ket$ z mak+ inve/m5t decisions bas$ on ,,esg crit]ia4 7,g7 ,9 ?is p>agraph1 ! t]m ,,esg crit]ia means any ( ! foll[+ crit]ia3 7i7 ,environm5tal crit]ia1 includ+-- 7,i7 emissions1 climate *ange1 su/a9ability1 environm5tal ju/ice1 pollution1 or cons]vation2 or 7,,ii7 :e!r a company is engag$ 9 ! exploration1 production1 utilization1 transportation1 sale1 or manufactur+ ( fossil fuel-bas$ en]gy4 7ii7 ,social crit]ia1 includ+-- 7,i7 div]sity crit]ia1 includ+-- 7aa7 ! sex1 race1 e?nicity1 g5d] id5tity1 sexual ori5tation1 or socioeconomic /atus ( ! own]s1 bo>d memb]s1 employees1 or cu/om]s ( companies2 or 7bb7 :e!r ! bo>d memb]s1 employees1 or cu/om]s describ$ 9 item 7aa7 are memb]s ( a labor organization 7z t t]m is def9$ 9 section #b ( ! ,national ,labor ,relations ,act 7#bi ,u4,s4,c4 #aeb772 or 7,,ii7 :e!r a company is engag$ 9 ! manufacture1 transportation1 or sale ( fire>ms1 fire>ms accessories1 or ammunition4 7iii7 ,political crit]ia1 includ+ ! p]ceiv$ or actual political affiliations1 donations1 or associations ( companies4 7iv7 ,crit]ia = corporate gov]nance /&>ds t diff] f ! applicable /&>ds requir$ "u ,/ate & ,f$]al law1 z 9 effect on ! date ( enactm5t ( ?is subp>agraph4 4 7#b7 ,review & removal ,! ,executive ,director %all e/abli% a process ?r\gh :i*1 dur+ ! p]iod beg9n+ on ! date ( enactm5t ( ?is ,act & end+ on ! effective date describ$ 9 subsection 7c71 memb]s ( ! ,bo>d %all-- 7,a7 id5tify inve/m5t vehicles t-- 7i7 7 add$ to ! mutual fund w9d[ pursuant to ! rule entitl$ ,mutual ,fund ,w9d[ 7#hg ,f$4 ,reg4 #bgiag 7effective ,june #a1 #bjbb772 & 7ii7 w\ld violate subp>agraph 7,e7 or 7,f7 ( section #hdch7;b77#e7 ( title #e1 ,unit$ ,/ates ,code1 z add$ by p>agraph 7#a72 & 7,b7 remove f ! mutual fund w9d[ all inve/m5t vehicles id5tifi$ "u subp>agraph 7,a74 7#c7 ,exi/+ inve/m5ts 9 imp]missible mutual funds 7,a7 ,notice ,n lat] ?an #cj days aft] ! effective date describ$ 9 subsection 7c71 ! ,executive ,director %all notify ea* p>ticipant ( ! option to make an election "u subp>agraph 7,b74 7,b7 ,election ,dur+ ! #ij-;day p]iod beg9n+ on ! day aft] ! date on :i* ! #cj-;day p]iod describ$ 9 subp>agraph 7,a7 ends1 a p>ticipant may elect to h any cov]$ sums cr$it$ to ! acc\nt ( t individual 9 ! ,?rift ,sav+s ,fund re9ve/$ 9 accordance ) section #hdch ( title #e1 ,unit$ ,/ates ,code1 z am5d$ by p>agraph 7#a74 7,c7 ,m&atory re9ve/m5t ,beg9n+ on ! day aft] ! date on :i* ! #ij-;day p]iod describ$ 9 subp>agraph 7,b7 ends1 ! ,bo>d %all ensure t all cov]$ sums ) respect to :i* elections h n be5 made "u t subp>agraph are inve/$ 9 ! ,gov]nm5t ,securities ,inve/m5t ,fund e/abli%$ "u section #hdch7;b77#a77;,a7 ( title #e1 ,unit$ ,/ates ,code4 7#d7 ,en=cem5t ,section #hdgg7;e77#c7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7,a7 9 subp>agraph 7,b77iii71 by /rik+ or at ! end2 7,b7 9 subp>agraph 7,c77ii71 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7,c7 by add+ at ! end ! foll[+3 7,d7 by any p>ticipant or b5efici>y aga9/ ! ,bo>d-- 7i7 to obta9 any appropriate equitable relief to r$ress a violation ( subp>agraph 7,e7 or 7,f7 ( section #hdch7;b77#e72 7ii7 to enjo9 any act or practice :i* violates subp>agraph 7,e7 or 7,f7 ( section #hdch7;b77#e72 or 7iii7 to obta9 actual or comp5satory damages to r$ress a violation ( subp>agraph 7,e7 or 7,f7 ( section #hdch7;b77#e74 4 7c7 ,effective date ,! am5dm5ts made by p>agraphs 7#a7 & 7#d7 ( subsection 7b7 %all take effect on ! date t is #a ye> aft] ! date ( enactm5t ( ?is ,act4