,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #dfjj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #ac1 #bjbc,mr4  
,b>r introduc$ ! foll[+ bill2 :i* 0     
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,inve/m5t ,advis]s ,act ( #aidj to      
specify requirem5ts conc]n+ !           
consid]ation ( pecuni>y & non-pecuni>y  
factors1 to require ! ,securities &     
,ex*ange ,commission to conduct a /udy  
on climate *ange & o!r environm5tal     
disclosures 9 ! municipal bond m>ket1 & 
to require ! ,securities & ,ex*ange     
,commission to conduct a /udy on !      
solicitation ( municipal securities     
bus9ess4  #a4 ,%ort title ,?is ,act may 
be cit$ z ! ,protect+ ,retail ,inve/ors'
 ,sav+s ,act4  #b4 ,be/ int]e/ bas$ on  
pecuni>y factors  7a7 ,9 g5]al ,section 
#baa7;g7 ( ! ,inve/m5t ,advis]s ,act (  
#aidj 7#ae ,u4,s4,c4 #hj;b-#aa7;g77 is  
am5d$ by add+ at ! end ! foll[+3  7#c7  
,be/ int]e/ bas$ on pecuni>y factors    
7,a7 ,9 g5]al ,= purposes ( p>agraph    

7#a71 ! be/ int]e/ ( a cu/om] %all be   
det]m9$ us+ pecuni>y factors1 :i* may n 
be subord9at$ to or limit$ by           
non-pecuni>y factors1 unless ! cu/om]   
provides in=m$ cons5t1 9 writ+1 t su*   
non-pecuni>y factors be consid]$4  7,b7 
,disclosure ( pecuni>y factors ,if a    
cu/om] provides a brok]1 deal]1 or      
inve/m5t advis] ) ! in=m$ cons5t to     
consid] non-pecuni>y factors describ$ "u
 subp>agraph 7,a71 ! brok]1 deal]1 or   
inve/m5t advis] %all--  7i7 disclose !  
expect$ pecuni>y effects to ! cu/om] ov]
 a "t p]iod select$ by ! cu/om] & n to  
exce$ ?ree ye>s2 &  7ii7 at ! end ( ! "t
 p]iod describ$ 9 clause 7i71 disclose1 
by comp>ison to a reasonably comp>able  
index or basket ( securities select$ by 
! cu/om]1 ! actual pecuni>y effects ( t 
"t p]iod1 includ+ all fees1 co/s1 & o!r 
exp5ses incurr$ to consid] non-pecuni>y 
factors4  7,c7 ,pecuni>y factor def9$ ,9
 ?is p>agraph1 ! t]m pecuni>y factor    
means a factor t a fiduci>y prud5tly    
det]m9es is expect$ to h a mat]ial      

effect on ! risk or return ( an inve/m5t
 bas$ on appropriate inve/m5t horizons4 
4  7b7 ,rulemak+ ,n lat] ?an ! end ( !  
#ab-mon? p]iod beg9n+ on ! date (       
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all revise or     
issue su* rules z may be necess>y to    
implem5t ! am5dm5t made by subsection   
7a74  7c7 ,applicability ,! am5dm5t made
 by subsection 7a7 %all apply to actions
 tak5 by a brok]1 deal]1 or inve/m5t    
advis] beg9n+ on ! date t is #ab mon?s  
aft] ! date ( enactm5t ( ?is ,act4  #c4 
,/udy on climate *ange & o!r            
environm5tal disclosures 9 municipal    
bond m>ket  7a7 ,9 g5]al ,! ,securities 
& ,ex*ange ,commission %all--  7#a7     
conduct a /udy to det]m9e ! ext5t to :i*
 issu]s ( municipal securities 7z su*   
t]m is def9$ 9 section #c7;a77#bi7 ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#bi77 make           
disclosures to inve/ors reg>d+ climate  
*ange & o!r environm5tal matt]s2 &  7#b7
 solicit public comm5t ) respect to su* 

/udy4  7b7 ,cont5ts ,! /udy requir$ "u  
subsection 7a7 %all consid] & analyze-- 
7#a7 ! frequ5cy ) :i* disclosures       
describ$ 9 subsection 7a77#a7 are made2 
7#b7 :e!r su* disclosures made by issu]s
 ( municipal securities 9 connection )  
(f]+s ( securities align ) su*          
disclosures made by issu]s ( municipal  
securities 9 o!r contexts or to audi5ces
 o!r ?an inve/ors2  7#c7 any volunt>y or
 m&atory disclosure /&>ds obs]v$ by     
issu]s ( municipal securities 9 ! c\rse 
( mak+ su* disclosures2  7#d7 ! degree  
to :i* inve/ors consid] su* disclosures 
9 connection ) mak+ an inve/m5t         
decision2 &  7#e7 su* o!r in=mation z ! 
,securities & ,ex*ange ,commission      
det]m9es appropriate4  7c7 ,report ,n   
lat] ?an #a ye> aft] ! date ( ! enactm5t
 ( ?is ,act1 ! ,securities & ,ex*ange   
,commission %all submit to ! ,committee 
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate & ! ,committee on ,f9ancial      
,s]vices ( ! ,h\se ( ,repres5tatives a  
report t includes-- 7#a7 ! results ( !  

/udy requir$ "u ?is section2  7#b7 a    
detail$ discussion ( ! f9ancial risks to
 inve/ors f inve/m5ts 9 municipal       
securities2  7#c7 :e!r su* risks are    
adequately disclos$ to inve/ors2 &  7#d7
 recomm5d$ regulatory or legislative    
/eps to address any conc]ns id5tifi$ 9 !
 /udy4  #d4 ,/udy on solicitation (     
municipal securities bus9ess  7a7 ,9    
g5]al ,! ,securities & ,ex*ange         
,commission %all--  7#a7 conduct a /udy 
on ! effectiv5ess ( ea* cov]$ rule 9    
prev5t+ ! paym5t ( funds to elect$      
(ficials or c&idates = elect$ (fice 9   
ex*ange = ! receipt ( gov]nm5t bus9ess 9
 connection ) ! (f] or sale ( municipal 
securities2 &  7#b7 solicit public      
comm5t ) respect to su* /udy4  7b7      
,cont5ts ,! /udy requir$ "u subsection  
7a7 %all consid] & analyze-- 7#a7 !     
effectiv5ess ( ea* cov]$ rule1 includ+  
:e!r ea* cov]$ rule accompli%es ! int5d$
 effect ( su* cov]$ rule & has any      
un9t5d$ adv]se effects2  7#b7 ! frequ5cy
 & scope ( en=cem5t actions und]tak5    

pursuant to ea* cov]$ rule2  7#c7 !     
degree to :i*--  7,a7 p]sons subject to 
ea* cov]$ rule-- 7i7 h 9 effect policies
 & proc$ures int5d$ to ensure compliance
 ) ea* su* cov]$ rule2 &  7ii7 are      
disadvantag$ f p>ticipat+ 9 ! political 
process g5]ally & 9 relation to p]sons  
:o solicit or receive gov]nm5t bus9ess  
or gov]nm5t lic5ses1 p]mits1 & approvals
 o!r ?an 9 connection ) ! (f] or sale ( 
municipal securities2 &  7,b7 o!r ,/ate 
& ,f$]al laws & regulations impact !    
solicitation ( municipal securities     
bus9ess2 &  7#d7 su* o!r in=mation z !  
,securities & ,ex*ange ,commission      
det]m9es appropriate4  7c7 ,report ,n   
lat] ?an #a ye> aft] ! date ( ! enactm5t
 ( ?is ,act1 ! ,securities & ,ex*ange   
,commission %all submit to ! ,committee 
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate & ! ,committee on ,f9ancial      
,s]vices ( ! ,h\se ( ,repres5tatives a  
report t includes--  7#a7 ! results ( ! 
/udy requir$ "u ?is section2  7#b7 an   
analysis ( ! ext5t to :i* p]sons        

affiliat$ ) small bus9esses1 z well z   
p]sons affiliat$ ) m9ority & wom5 op5$  
bus9esses1 h be5 affect$ by ! cov]$     
rules2 &  7#c7 recomm5d$ regulatory or  
legislative /eps to address any conc]ns 
id5tifi$ 9 ! /udy4  7d7 ,def9itions ,9  
?is section3  7#a7 ,cov]$ rule ,! t]m   
cov]$ rule means-- 7,a7 ,rule ,g-#ch ( !
 ,municipal ,securities ,rulemak+ ,bo>d2
 &  7,b7 ,rule #bjf7d7-e 7#ag ,,cfr     
#bge4bjf7d7-e74  7#b7 ,municipal        
securities ,! t]m municipal securities  
has ! mean+ giv5 ! t]m 9 section        
#c7;a77#bi7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4             
#gh;c7a77#bi774