,,ii  #aah? ,,congress  #b;d ,session   
,s4 #cibb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ab1 #bjbd,mr4    
,m]kley introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,homel& ,security & ,gov]nm5tal ,affairs
  ,a ,,bill  ,to require ! ,bo>d (      
,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! 
,securities & ,ex*ange ,commission to   
issue an annual report to ,congress     
project+ & acc\nt+ = ! economic co/s    
directly & indirectly caus$ by ! impacts
 ( climate *ange1 to require ! ,f$]al   
,retirem5t ,?rift ,inve/m5t ,bo>d to    
e/abli% a ,f$]al ,advisory ,panel on !  
,economics ( ,climate ,*ange1 & = o!r   
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,re/ructur+ ,environm5tally
 ,s\nd ,p5sions 9 ,ord] to ,negate      
,disa/] ,act ( #bjbd or ! ,,respond ,act
 ( #bjbd4  #b4 ,climate *ange economic  
co/ report ,n lat] ?an #a ye> aft] !    
date ( enactm5t ( ?is ,act1 & annually  
!reaft]1 ! ,bo>d ( ,gov]nors ( ! ,f$]al 
,res]ve ,sy/em & ! ,securities &        

,ex*ange ,commission %all jo9tly submit 
to ,congress a report t projects &      
acc\nts = ! economic co/s directly &    
indirectly caus$ by ! impacts ( climate 
*ange1 :i* %all include an analysis (-- 
7#a7 ! effects t climate *ange has on ! 
labor m>ket1 economic gr[?1 public      
heal?1 & o!r broad areas ( ! economy ( !
 ,unit$ ,/ates2  7#b7 prop]ty & l&      
damage f ris+ sea levels & extreme      
wea!r2 &  7#c7 ! co/s associat$ )       
natural disa/] relief & mitigation4  #c4
 ,f$]al advisory panel on ! economics ( 
climate *ange  7a7 ,e/abli%m5t ,! ,f$]al
 ,retirem5t ,?rift ,inve/m5t ,bo>d      
7ref]r$ to 9 ?is section z ! ,bo>d7 %all
 e/abli% a panel to be kn[n z ! ,f$]al  
,advisory ,panel on ! ,economics (      
,climate ,*ange 7ref]r$ to 9 ?is section
 z ! ,advisory ,panel74  7b7 ,memb]%ip  
7#a7 ,9 g5]al ,! ,advisory ,panel %all  
consi/ ( #i memb]s1 appo9t$ by ! ,bo>d z
 foll[s3 7,a7 #c memb]s %all be *os5 f  
among individuals g5]ally recogniz$ =   
imp>tiality1 k1 & exp]i5ce 9 ! field (  

labor relations & pay policy4  7,b7 #f  
memb]s %all be *os5 f among individuals 
) exp]tise 9 local1 national1 or        
transnational f9anc+ t seeks to insulate
 f9ancial hold+s f climate-relat$ risks 
& losses4  7#b7 ,limitation ,n m ?an #c 
memb]s ( ! ,advisory ,panel may repres5t
 a s+le employee organization1 c\ncil1  
f$]ation1 alliance1 association1 or     
affiliation ( employee organizations4   
7#c7 ,*air ,! ,bo>d %all select a memb] 
( ! ,advisory ,panel appo9t$ "u p>agraph
 7#a77;,a7 to s]ve z ! ,*air ( !        
,advisory ,panel4  7#d7 ,comp5sation    
7,a7 ,9 g5]al ,a memb] ( ! ,advisory    
,panel-- 7i7 may n receive pay by reason
 ( ! s]vice ( ! memb] on ! ,advisory    
,panel2 &  7ii7 %all n be consid]$ to be
 an employee ( ! ,f$]al ,gov]nm5t solely
 because ( ! s]vice ( ! memb] on !      
,advisory ,panel4  7,b7 ,exp5ses        
,not)/&+ subp>agraph 7,a71 a memb] ( !  
,advisory ,panel appo9t$ "u p>agraph    
7#a77;,a7 may be paid exp5ses 9         
accordance ) section #egjc ( title #e1  

,unit$ ,/ates ,code4  7c7 ,duties ,!    
,advisory ,panel %all-- 7#a7 advise !   
,bo>d on h[1 consi/5t ) ! fiduci>y      
duties ( ! ,bo>d1 ! ,bo>d c implem5t    
inve/m5t /rategies 9 a mann] t aligns ) 
! goal ( ! ,unit$ ,/ates to a*ieve net  
z]o gre5h\se gas emissions n lat] ?an   
#bjej2  7#b7 id5tify possible inve/m5t  
opportunities 9 clean & r5ewable en]gy &
 o!r em]g+ indu/ries t w\ld maximize    
returns2  7#c7 produce a comp>ative     
analysis comp>+ ! fiduci>y efficacy &   
responsibility ( exi/+ inve/m5t         
practices ( ! ,bo>d ) ! inve/m5t        
/rategies describ$ 9 p>agraph 7#a72 &   
7#d7 advise ! ,bo>d on h[ to id5tify1   
assess1 & manage ! inve/m5t risks &     
opportunities ( climate *ange & prep>e =
 a transition to a l[-c>bon economy4    
7d7 ,exam9ation  7#a7 ,9 g5]al ,9 c>ry+ 
out ! duties ( ! ,advisory ,panel "u    
subsection 7c71 ! ,advisory ,panel %all 
exam9e ! foll[+3 7,a7 ,economic & policy
 *all5ges fac+ ! fossil fuel indu/ry ov]
 ! %ort1 m$ium1 & long t]m4  7,b7       

,quantitative & qualitative analysis &  
model+ ( ! economic impact ( climate    
*ange on ,f$]al employee retirem5t      
programs1 includ+ div]sification (      
inve/m5ts1 risk tol]ance1 future        
economic & work=ce tr5ds1 new           
opportunities1 expect$ losses1 &        
returns4  7,c7 ,! curr5t /ate (1 &      
outlook =1 l[- & z]o-c>bon inve/m5t     
opportunities4  7,d7 ,! exp]i5ces1      
includ+ p]=mance analyses1 ( o!r p5sion 
funds & inve/ors t h und]tak5 conc]t$   
/rategic ef=ts to dive/ f fossil fuel   
hold+s 9 ord] to maximize ! efficacy &  
/ability ( _! assets :ile m9imiz+ _!    
climate-relat$ risk exposure4  7,e7     
,/rategic options to address            
climate-relat$ inve/m5t risks ?r\gh     
fur!r ef=ts to dive/ f fossil fuel      
hold+s1 includ+-- 7i7 transition+ to a  
l[-c>bon or c>bon-free b5*m>k index =   
all public equities2  7ii7 dive/+ f     
significant fossil fuel hold+s t are n  
responsible fiduci>y inve/m5ts =        
b5efici>ies2 &  7iii7 explor+ ! use (   

organizations to de-risk inve/m5ts 9    
c>bon dep5d5t funds4  7#b7 ,report ,n   
lat] ?an #a ye> aft] ! date ( enactm5t (
 ?is ,act1 ! ,advisory ,panel %all      
submit to ! ,bo>d a report conta9+ !    
f9d+s ( ! ,advisory ,panel1 includ+ !   
results ( ! exam9ations p]=m$ "u        
p>agraph 7#a74  7e7 ,consultation )     
,,fema ,! ,advisory ,panel %all1 9      
prep>+ ! report requir$ "u subsection   
7d77#b71 consult ) ! ,adm9i/rator ( !   
,f$]al ,em]g5cy ,managem5t ,ag5cy on any
 matt]s )9 ! jurisdiction ( ! ,f$]al    
,em]g5cy ,managem5t ,ag5cy4  7f7 ,review
 ( report  7#a7 ,9 g5]al ,if ! ,bo>d1   
aft] review+ ! report submitt$ by !     
,advisory ,panel "u subsection 7d77#b71 
det]m9es t x w\ld be f9ancially         
pr(itable1 & consi/5t ) ! fiduci>y      
duties ( ! ,bo>d1 to implem5t l[-c>bon  
inve/m5t /rategies1 ! ,bo>d %all e/abli%
 a plan to transition ! inve/m5t        
practices ( ! ,bo>d accord+ly4  7#b7    
,report to congress ,! ,bo>d %all submit
 to ,congress1 includ+ to ! ,(fice ( !  

,law ,revision ,c\nsel ( ! ,h\se (      
,repres5tatives1 a report reg>d+ !      
det]m9ation ( ! ,bo>d "u p>agraph 7#a71 
includ+ if ! ,bo>d is unable to det]m9e 
t x w\ld be f9ancially pr(itable1 &     
consi/5t ) ! fiduci>y duties ( ! ,bo>d1 
to implem5t l[-c>bon inve/m5t /rategies4
  7g7 ,t]m9ation ,not)/&+ section #ajac 
( title #e1 ,unit$ ,/ates ,code1 !      
,advisory ,panel %all t]m9ate ^u        
submitt+ ! report requir$ "u subsection 
7d77#b74  7h7 ,au?orization (           
appropriations ,!re are au?oriz$ to be  
appropriat$ n m ?an #ejj1jjj = !        
,advisory ,panel to comply ) !          
requirem5ts ( *apt] #aj ( title #e1     
,unit$ ,/ates ,code1 includ+ by ensur+ t
 ! ,advisory ,panel w h-- 7#a7 adequate 
/aff & qu>t]s2 &  7#b7 funds available  
to meet ! o!r necess>y exp5ses ( !      
,advisory ,panel4  #d4 ,climate ,*oice  
,/ock ,index ,fund  7a7 ,9 g5]al        
,section #hdch ( title #e1 ,unit$ ,/ates
 ,code1 is am5d$-- 7#a7 9 subsection    
7a7-- 7,a7 by r$esignat+ p>agraphs 7#d7 

?r\gh 7#aj7 z p>agraphs 7#g7 ?r\gh      
7#ac71 respectively2  7,b7 by r$esignat+
 p>agraphs 7#a71 7#b71 & 7#c7 z         
p>agraphs 7#b71 7#d71 & 7#e71           
respectively2  7,c7 by ins]t+ be=e      
p>agraph 7#b71 z s r$esignat$1 ! foll[+3
  7#a7 ! t]m ,climate ,*oice ,/ock      
,index ,fund means ! ,climate ,*oice    
,/ock ,index ,fund e/abli%$ "u          
subsection 7b77#a77;,g72  2  7,d7 by    
ins]t+ aft] p>agraph 7#b71 z s          
r$esignat$1 ! foll[+3  7#c7 ! t]m entity
 means any sole proprietor%ip1          
organization1 association1 corporation1 
p>tn]%ip1 jo9t v5ture1 limit$ p>tn]%ip1 
limit$ liability p>tn]%ip1 limit$       
liability company1 or o!r bus9ess       
association1 includ+ any :olly-own$     
subsidi>y1 majority-own$ subsidi>y1     
p>5t-c\ntry national1 or affiliate ( !  
bus9ess association1 t exi/s = ! purpose
 ( mak+ pr(it2  2 &  7,e7 by ins]t+ aft]
 p>agraph 7#e71 z s r$esignat$1 !       
foll[+3  7#f7 ! t]m fossil fuel entity  
means any entity-- 7,a7 ) prov5 c>bon   

res]ves2 or  7,b7 t explores =1         
extracts1 processes1 ref9es1 or         
transmits coal1 oil1 gas1 oil %ale1 or  
t> s&s2  2 &  7#b7 9 subsection 7b7--   
7,a7 9 p>agraph 7#a7-- 7i7 9 subp>agraph
 7,e71 by /rik+ & at ! end2  7ii7 9     
subp>agraph 7,f71 by /rik+ ! p]iod at ! 
end & ins]t+ 2 &2 &  7iii7 by add+ at ! 
end ! foll[+3  7,g7 a ,climate ,*oice   
,/ock ,index ,fund z provid$ 9 p>agraph 
7#f74  2 &  7,b7 by add+ at ! end !     
foll[+3  7#f7 7,a7 ,! ,bo>d %all select 
an index :i* is a commonly recogniz$    
index compris$ ( common /ock4  7,b7 ,!  
hi/orical p]=mance ( ! index select$ "u 
subp>agraph 7,a7 %all be comp>able to t 
( ! o!r inve/m5t funds & options        
available "u ?is subsection4  7,c7 ,!   
,climate ,*oice ,/ock ,index ,fund %all 
be inve/$ 9 a portfolio t is design$--  
7i7 to replicate ! p]=mance ( ! index   
select$ "u subp>agraph 7,a72  7ii7 su*  
t1 to ! ext5t practicable1 ! p]c5tage ( 
! ,climate ,*oice ,/ock ,index ,fund t  
is inve/$ 9 ea* /ock is ! same z !      

p]c5tage det]m9$ by divid+ ! aggregate  
m>ket value ( all %>es ( t /ock by !    
aggregate m>ket value ( all %>es ( all  
/ocks includ$ 9 ! index select$ "u      
subp>agraph 7,a72 &  7iii7 to ensure t  
no inve/m5t 9 ! portfolio is an inve/m5t
 ) respect to a fossil fuel entity4  4  
7b7 ,effective date ,! am5dm5ts made by 
subsection 7a7 %all take effect-- 7#a7  
only if ! ,f$]al ,retirem5t ,?rift      
,inve/m5t ,bo>d1 9 ! report submitt$ "u 
section #c7;f77#b71 indicates t ! ,bo>d 
is unable to det]m9e t x w\ld be        
f9ancially pr(itable1 & consi/5t ) !    
fiduci>y duties ( ! ,bo>d1 to implem5t  
l[-c>bon inve/m5t /rategies2 &  7#b7 on 
! date on :i* ! ,bo>d submits ! report  
describ$ 9 p>agraph 7#a74