,,iv  #aah? ,,congress  #a/ ,session    
,h4 ,,res4 #cb  ,,9 ,,! ,,h\se ,,(      
,,repres5tatives  ,janu>y #ab1 #bjbc,mr4
 ,joyce ( ,ohio 7= himself1 ,mr4 ,/eil1 
,mr4 ,/ew>t1 ,mr4 ,johnson ( ,s\?       
,dakota1 ,mr4 ,duncan1 & ,mr4 ,gro?man7 
submitt$ ! foll[+ resolution2 :i* 0     
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,,resolution  ,support+ !     
curr5t def9ition ( mat]iality 9 !       
securities laws & oppos+ new disclosure 
requirem5ts outside ! core mission ( !  
,securities & ,ex*ange ,commission4     
,:]eas c]ta9 policymak]s h demon/rat$   
increas$ int]e/ 9 evaluat+ companies    
bas$ on environm5tal1 social1 &         
gov]nance or ,,esg p]=mance metrics2    
,:]eas c]ta9 policymak]s h call$ =      
,f$]al ag5cies1 includ+ ! ,securities & 
,ex*ange ,commission 7,,sec71 to require
 public companies to disclose m         
,,esg-relat$ in=mation2 ,:]eas !        
securities disclosure regime ( ! ,,sec  
has = decades be5 guid$ by a /&>d (     
mat]iality fir/ e/abli%$ by !           

,securities ,act ( #aicc & affirm$      
sev]al times by ! ,supreme ,c\rt1       
includ+ ! decision ,,tsc ,indu/ries     
,inc4 v4 ,nor?way ,inc4 7#dbf ,u4,s4    
#dch 7#aigf771 :i* held t in=mation is  
mat]ial 7& subject to disclosure7 if !re
 is a sub/antial likelihood t a         
reasonable %>ehold] w\ld consid] x      
important 9 decid+ h[ to vote2 ,:]eas   
mat]iality dep5ds ^u :e!r in=mation is  
important to an inve/or at any "t1 mak+ 
x a durable /&>d :i* provides a         
framework = address+ new issues & ignor+
 issues :i* h lo/ importance2 ,:]eas !  
mat]iality /&>d has be5 ! b$rock        
pr9ciple gov]n+ ,f$]al securities       
disclosure law = ov] eight decades2     
,:]eas ! mat]iality /&>d fo/]s /rong    
capital m>kets t create a competitive   
advantage = ! ,unit$ ,/ates by enabl+ ! 
effici5t fl[ ( capital & labor2 ,:]eas !
 mat]iality /&>d is critical = ma9ta9+  
effici5t disclosure regimes t limit     
burd5some requirem5ts1 filt] unimportant
 in=mation1 & prev5t confus+ in=mation  

ov]load = inve/ors2 ,:]eas1 9 #aigf1    
,ju/ice ,?urgood ,m>%all writ+ = !      
majority 9 ! ,,tsc ,indu/ries ,inc4 v4  
,nor?way ,inc4 decision not$ t "s       
in=mation is ( su* dubi\s significance t
 insi/5ce on its disclosure may         
accompli% m h>m ?an good2 ,:]eas c]ta9  
policymak]s int5d to reori5t !          
securities disclosure regime to require 
disclosure ( immat]ial in=mation to     
a*ieve social & political goals2 ,:]eas 
! ,,sec is n task$ ) or capable (       
=mulat+ environm5tal or social policy2  
its core mission is to protect inve/ors2
 ma9ta9 fair1 ord]ly1 & effici5t m>kets2
 & facilitate capital =mation2 ,:]eas to
 ! ext5t t climate risks become mat]ial 
= a p>ticul> public company1 disclosure 
( ^? risks is already requir$2 ,:]eas   
,,sec rules curr5tly make explicitly    
cle> t mat]ial effects ( climate *ange  
to ! bus9ess mu/ be disclos$ 7#ag       
,c4,f4,r4 #baa1 #bca1 & #bda72 ,:]eas   
additional ,,sec climate disclosure     
regulations ?reat5 to impose exp5sive   

compliance co/s & less5 inve/or         
en?usiasm = ,am]ican en]gy companies2 & 
,:]eas capital m>kets regulations %\ld n
 disc\rage inve/m5ts :i* w\ld fur!r     
,unit$ ,/ates en]gy indep5d5ce3 ,n[1    
!re=e1 be x ,t ! ,h\se (                
,repres5tatives-- 7#a7 supports curr5t  
law t def9es mat]iality & has guid$ !   
securities disclosure regime = decades2 
&  7#b7 opposes new disclosure          
requirem5ts outside ! core mission ( !  
,securities & ,ex*ange ,commission1 :i* 
burd5 ,unit$ ,/ates bus9esses & h>m     
inve/ors ) in=mation ov]load4