I 

117TH CONGRESS 

1ST SESSION H. R. 2570 

To amend the Securities Exchange Act of 1934 to require certain disclosures 

relating to climate change, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 15, 2021 

Mr. CASTEN (for himself, Mr. CARTWRIGHT, Mr. FOSTER, Mr. LOWENTHAL, 

Ms. BARRAGA ́N, Mr. NEGUSE, and Mr. LEVIN of California) introduced 

the following bill; which was referred to the Committee on Financial Services 

A BILL 

To amend the Securities Exchange Act of 1934 to require 

certain disclosures relating to climate change, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Climate Risk Disclo5 sure Act of 2021’’. 

6 SEC. 2. SENSE OF CONGRESS. 

7 It is the sense of Congress that— 


pamtmann on DSKBC07HB2PROD with BILLS
2 

•HR 2570 IH

1 (1) climate change poses a significant and in2 creasing threat to the growth and stability of the 

3 economy of the United States; 

4 (2) many sectors of the economy of the United 

5 States and many American businesses are exposed 

6 to climate-related risk, which may include exposure 

7 to— 

8 (A) the physical impacts of climate change, 

9 including the rise of the average global tem10 perature, accelerating sea-level rise, desertifica11 tion, ocean acidification, intensification of 

12 storms, increase in heavy precipitation, more 

13 frequent and intense temperature extremes, 

14 more severe droughts, and longer wildfire sea15 sons; 

16 (B) the economic disruptions and security 

17 threats that result from the physical impacts 

18 described in subparagraph (A) including con19 flicts over scarce resources, conditions condu20 cive to violent extremism, the spread of infec21 tious diseases, and forced migration; 

22 (C) the transition impacts that result as 

23 the global economy transitions to a clean and 

24 renewable energy, low-emissions economy, in25 cluding financial impacts as climate change fosVerDate Sep 11 2014 20:18 May 14, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2570.IH H2570

pamtmann on DSKBC07HB2PROD with BILLS
3 

•HR 2570 IH

1 sil fuel assets becoming stranded and it be2 comes uneconomic for companies to develop fos3 sil fuel assets as policymakers act to limit the 

4 worst impacts of climate change by keeping the 

5 rise in average global temperature to 1.5 de6 grees Celsius above pre-industrial levels; and 

7 (D) actions by Federal, State, Tribal, and 

8 local governments to limit the worst effects of 

9 climate change by enacting policies that keep 

10 the global average surface temperature rise to 

11 1.5 degrees Celsius above pre-industrial levels; 

12 (3) assessing the potential impact of climate-re13 lated risks on national and international financial 

14 systems is an urgent concern; 

15 (4) companies have a duty to disclose financial 

16 risks that climate change presents to their investors, 

17 lenders, and insurers; 

18 (5) the Commission has a duty to promote a 

19 risk-informed securities market that is worthy of the 

20 trust of the public as families invest for their fu21 tures; 

22 (6) investors, lenders, and insurers are increas23 ingly demanding climate risk information that is 

24 consistent, comparable, reliable, and clear; 


pamtmann on DSKBC07HB2PROD with BILLS
4 

•HR 2570 IH

1 (7) including standardized, material climate 

2 change risk and opportunity disclosure that is useful 

3 for decision makers in annual reports to the Com4 mission will increase transparency with respect to 

5 risk accumulation and exposure in financial markets; 

6 (8) requiring companies to disclose climate-re7 lated risk exposure and risk management strategies 

8 will encourage a smoother transition to a clean and 

9 renewable energy, low-emissions economy and guide 

10 capital allocation to mitigate, and adapt to, the ef11 fects of climate change and limit damages associated 

12 with climate-related events and disasters; and 

13 (9) a critical component in fighting climate 

14 change is a transparent accounting of the risks that 

15 climate change presents and the implications of con16 tinued inaction with respect to climate change. 

17 SEC. 3. DISCLOSURES RELATING TO CLIMATE CHANGE. 

18 Section 13 of the Securities Exchange Act of 1934 

19 (15 U.S.C. 78m) is amended by adding at the end the 

20 following: 

21 ‘‘(s) DISCLOSURES RELATING TO CLIMATE

22 CHANGE.— 

23 ‘‘(1) DEFINITIONS.—In this subsection: 

24 ‘‘(A) 1.5 DEGREE SCENARIO.—The term 

25 ‘1.5 degree scenario’ means a scenario that 


pamtmann on DSKBC07HB2PROD with BILLS
5 

•HR 2570 IH

1 aligns with greenhouse gas emissions pathways 

2 that aim for limiting global warming to 1.5 de3 grees Celsius above pre-industrial levels. 

4 ‘‘(B) APPROPRIATE CLIMATE PRIN5 CIPALS.—The term ‘appropriate climate prin6 cipals’ means— 

7 ‘‘(i) the Administrator of the Environ8 mental Protection Agency; 

9 ‘‘(ii) the Administrator of the Na10 tional Oceanic and Atmospheric Adminis11 tration; 

12 ‘‘(iii) the Director of the Office of 

13 Management and Budget; 

14 ‘‘(iv) the Secretary of the Interior; 

15 ‘‘(v) the Secretary of Energy; and 

16 ‘‘(vi) the head of any other Federal 

17 agency, as determined appropriate by the 

18 Commission. 

19 ‘‘(C) BASELINE SCENARIO.—The term 

20 ‘baseline scenario’ means a widely recognized 

21 analysis scenario in which levels of greenhouse 

22 gas emissions, as of the date on which the anal23 ysis is performed, continue to grow, resulting in 

24 an increase in the global average temperature 


pamtmann on DSKBC07HB2PROD with BILLS
6 

•HR 2570 IH

1 of 1.5 degrees Celsius or more above pre-indus2 trial levels. 

3 ‘‘(D) CARBON DIOXIDE EQUIVALENT.— 

4 The term ‘carbon dioxide equivalent’ means the 

5 number of metric tons of carbon dioxide emis6 sions with the same global warming potential as 

7 one metric ton of another greenhouse gas, as 

8 determined under table A–1 of subpart A of 

9 part 98 of title 40, Code of Federal Regula10 tions, as in effect on the date of enactment of 

11 this subsection. 

12 ‘‘(E) CLIMATE CHANGE.—The term ‘cli13 mate change’ means a change of climate that 

14 is— 

15 ‘‘(i) attributed directly or indirectly to 

16 human activity that alters the composition 

17 of the global atmosphere; and 

18 ‘‘(ii) in addition to natural climate 

19 variability observed over comparable time 

20 periods. 

21 ‘‘(F) COMMERCIAL DEVELOPMENT OF FOS22 SIL FUELS.—The term ‘commercial develop23 ment of fossil fuels’ includes— 

24 ‘‘(i) exploration, extraction, proc25 essing, exporting, transporting, refining, 


pamtmann on DSKBC07HB2PROD with BILLS
7 

•HR 2570 IH

1 and any other significant action with re2 spect to oil, natural gas, coal, or any by3 product thereof or any other solid or liquid 

4 hydrocarbons that are commercially pro5 duced; or 

6 ‘‘(ii) acquiring a license for any activ7 ity described in clause (i). 

8 ‘‘(G) COVERED ISSUER.—The term ‘cov9 ered issuer’ means an issuer that is required to 

10 file an annual report under subsection (a) or 

11 section 15(d). 

12 ‘‘(H) DIRECT AND INDIRECT GREENHOUSE

13 GAS EMISSIONS.—The term ‘direct and indirect 

14 greenhouse gas emissions’ includes, with respect 

15 to a covered issuer— 

16 ‘‘(i) all direct greenhouse gas emis17 sions released by the covered issuer; 

18 ‘‘(ii) all indirect greenhouse gas emis19 sions with respect to electricity, heat, or 

20 steam purchased by the covered issuer; 

21 ‘‘(iii) significant indirect emissions, 

22 other than the emissions described in 

23 clause (ii), emitted in the value chain of 

24 the covered issuer; and 


pamtmann on DSKBC07HB2PROD with BILLS
8 

•HR 2570 IH

1 ‘‘(iv) all indirect greenhouse gas emis2 sions that are attributable to assets owned 

3 or managed, including assets that are par4 tially owned or managed, by the covered 

5 issuer. 

6 ‘‘(I) FOSSIL FUEL RESERVES.—The term 

7 ‘fossil fuel reserves’ has the meaning given the 

8 term ‘reserves’ under the final rule of the Com9 mission titled ‘Modernization of Oil and Gas 

10 Reporting’ (74 Fed. Reg. 2158; published Jan11 uary 14, 2009). 

12 ‘‘(J) GREENHOUSE GAS.—The term 

13 ‘greenhouse gas’— 

14 ‘‘(i) means carbon dioxide, hydrofluo15 rocarbons, methane, nitrous oxide, perfluo16 rocarbons, sulfur hexafluoride, nitrogen 

17 triflouride, and chlorofluorocarbons; 

18 ‘‘(ii) includes any other anthropogeni19 cally emitted gas that the Administrator of 

20 the Environmental Protection Agency de21 termines, after notice and comment, to 

22 contribute to climate change; and 

23 ‘‘(iii) includes any other anthropogeni24 cally emitted gas that the IntergovernVerDate Sep 11 2014 20:18 May 14, 2021 Jkt 019200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H2570.IH H2570

pamtmann on DSKBC07HB2PROD with BILLS
9 

•HR 2570 IH

1 mental Panel on Climate Change deter2 mines to contribute to climate change. 

3 ‘‘(K) GREENHOUSE GAS EMISSIONS.—The 

4 term ‘greenhouse gas emissions’ means the 

5 emissions of greenhouse gas, expressed in terms 

6 of metric tons of carbon dioxide equivalent. 

7 ‘‘(L) PHYSICAL RISKS.—The term ‘phys8 ical risks’ means financial risks to long-lived 

9 fixed assets, locations, operations, or value 

10 chains that result from exposure to physical cli11 mate-related effects, including— 

12 ‘‘(i) increased average global tempera13 tures and increased frequency of tempera14 ture extremes; 

15 ‘‘(ii) increased severity and frequency 

16 of extreme weather events; 

17 ‘‘(iii) increased flooding; 

18 ‘‘(iv) sea level rise; 

19 ‘‘(v) ocean acidification; 

20 ‘‘(vi) increased frequency of wildfires; 

21 ‘‘(vii) decreased arability of farmland; 

22 ‘‘(viii) decreased availability of fresh 

23 water; and 

24 ‘‘(ix) any other financial risks to long25 lived fixed assets, locations, operations, or 


pamtmann on DSKBC07HB2PROD with BILLS
10 

•HR 2570 IH

1 value chains determined appropriate by the 

2 Commission, in consultation with appro3 priate climate principals. 

4 ‘‘(M) SOCIAL COST OF CARBON.—The term 

5 ‘social cost of carbon’ means the social cost of 

6 carbon, as described in the technical support 

7 document entitled ‘Technical Support Docu8 ment: Technical Update of the Social Cost of 

9 Carbon for Regulatory Impact Analysis Under 

10 Executive Order 12866’, published by the Inter11 agency Working Group on Social Cost of Green12 house Gases, United States Government, in Au13 gust 2016 or any successor or substantially re14 lated estimate of the monetized damages associ15 ated with an incremental increase in carbon di16 oxide emissions in a given year. 

17 ‘‘(N) TRANSITION RISKS.—The term ‘tran18 sition risks’ means financial risks that are at19 tributable to climate change mitigation and ad20 aptation, including efforts to reduce greenhouse 

21 gas emissions and strengthen resilience to the 

22 impacts of climate change, including— 

23 ‘‘(i) costs relating to— 

24 ‘‘(I) international treaties and 

25 agreements; 


pamtmann on DSKBC07HB2PROD with BILLS
11 

•HR 2570 IH

1 ‘‘(II) Federal, State, and local 

2 policy; 

3 ‘‘(III) new technologies; 

4 ‘‘(IV) changing markets; 

5 ‘‘(V) reputational impacts rel6 evant to changing consumer behavior; 

7 and 

8 ‘‘(VI) litigation; and 

9 ‘‘(ii) assets that may lose value or be10 come stranded due to any of the costs de11 scribed in subclauses (I) through (VI) of 

12 clause (i). 

13 ‘‘(O) VALUE CHAIN.—The term ‘value 

14 chain’— 

15 ‘‘(i) means the total lifecycle of a 

16 product or service, both before and after 

17 production of the product or service, as ap18 plicable; and 

19 ‘‘(ii) may include the sourcing of ma20 terials, production, transportation, and dis21 posal with respect to the product or service 

22 described in clause (i). 

23 ‘‘(2) FINDINGS.—Congress finds that— 

24 ‘‘(A) short-, medium-, and long-term finan25 cial and economic risks and opportunities relatVerDate Sep 11 2014 20:18 May 14, 2021 Jkt 019200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H2570.IH H2570

pamtmann on DSKBC07HB2PROD with BILLS
12 

•HR 2570 IH

1 ing to climate change, and the national and 

2 global reduction of greenhouse gas emissions, 

3 constitute information that issuers— 

4 ‘‘(i) may reasonably expect to affect 

5 shareholder decision making; and 

6 ‘‘(ii) should regularly identify, evalu7 ate, and disclose; and 

8 ‘‘(B) the disclosure of information de9 scribed in paragraph (1) should— 

10 ‘‘(i) identify, and evaluate— 

11 ‘‘(I) material physical and transi12 tion risks posed by climate change; 

13 and 

14 ‘‘(II) the potential financial im15 pact of such risks; 

16 ‘‘(ii) detail any implications such risks 

17 have on corporate strategy; 

18 ‘‘(iii) detail any board-level oversight 

19 of material climate related risks and op20 portunities; 

21 ‘‘(iv) allow for intra- and cross-indus22 try comparison, to the extent practicable, 

23 of climate-related risk exposure through 

24 the inclusion of standardized industry-spe25 cific and sector-specific disclosure metrics, 


pamtmann on DSKBC07HB2PROD with BILLS
13 

•HR 2570 IH

1 as identified by the Commission, in con2 sultation with the appropriate climate prin3 cipals; 

4 ‘‘(v) allow for tracking of performance 

5 over time with respect to mitigating cli6 mate risk exposure; and 

7 ‘‘(vi) incorporate a price on green8 house gas emissions in financial analyses 

9 that reflects, at minimum, the social cost 

10 of carbon that is attributable to issuers. 

11 ‘‘(3) DISCLOSURE.—Each covered issuer, in any 

12 annual report filed by the covered issuer under sub13 section (a) or section 15(d), shall, in accordance 

14 with any rules issued by the Commission pursuant 

15 to this subsection, include in each such report infor16 mation regarding— 

17 ‘‘(A) the identification of, the evaluation of 

18 potential financial impacts of, and any risk19 management strategies relating to— 

20 ‘‘(i) physical risks posed to the cov21 ered issuer by climate change; and 

22 ‘‘(ii) transition risks posed to the cov23 ered issuer by climate change; 

24 ‘‘(B) a description of any established cor25 porate governance processes and structures to 


pamtmann on DSKBC07HB2PROD with BILLS
14 

•HR 2570 IH

1 identify, assess, and manage climate-related 

2 risks; 

3 ‘‘(C) a description of specific actions that 

4 the covered issuer is taking to mitigate identi5 fied risks; 

6 ‘‘(D) a description of the resilience of any 

7 strategy the covered issuer has for addressing 

8 climate risks when differing climate scenarios 

9 are taken into consideration; and 

10 ‘‘(E) a description of how climate risk is 

11 incorporated into the overall risk management 

12 strategy of the covered issuer. 

13 ‘‘(4) RULE OF CONSTRUCTION.—Nothing in 

14 paragraph (3) may be construed as precluding a cov15 ered issuer from including, in an annual report sub16 mitted under subsection (a) or section 15(d), any in17 formation not explicitly referenced in such para18 graph. 

19 ‘‘(5) RULEMAKING.—The Commission, in con20 sultation with the appropriate climate principals, 

21 shall, not later than 2 years after the date of the en22 actment of this subsection, issue rules with respect 

23 to the information that a covered issuer is required 

24 to disclose pursuant to this subsection and such 

25 rules shall— 


pamtmann on DSKBC07HB2PROD with BILLS
15 

•HR 2570 IH

1 ‘‘(A) establish climate-related risk disclo2 sure rules, which shall— 

3 ‘‘(i) be, to the extent practicable, spe4 cialized for industries within specific sec5 tors of the economy, which shall include— 

6 ‘‘(I) the sectors of finance, insur7 ance, transportation, electric power, 

8 mining, and non-renewable energy; 

9 and 

10 ‘‘(II) any other sector determined 

11 appropriate by the Commission, in 

12 consultation with the appropriate cli13 mate principals; 

14 ‘‘(ii) include reporting standards for 

15 estimating and disclosing direct and indi16 rect greenhouse gas emissions by a covered 

17 issuer, and any affiliates of the covered 

18 issuer, which shall— 

19 ‘‘(I) disaggregate, to the extent 

20 practicable, total emissions of each 

21 specified greenhouse gas by the cov22 ered issuer; and 

23 ‘‘(II) include greenhouse gas 

24 emissions by the covered issuer during 

25 the period covered by the disclosure; 


pamtmann on DSKBC07HB2PROD with BILLS
16 

•HR 2570 IH

1 ‘‘(iii) include reporting standards for 

2 disclosing, with respect to a covered 

3 issuer— 

4 ‘‘(I) the total amount of fossil 

5 fuel-related assets owned or managed 

6 by the covered issuer; and 

7 ‘‘(II) the percentage of fossil 

8 fuel-related assets as a percentage of 

9 total assets owned or managed by the 

10 covered issuer; 

11 ‘‘(iv) specify requirements for, and the 

12 disclosure of, input parameters, assump13 tions, and analytical choices to be used in 

14 climate scenario analyses required under 

15 subparagraph (B)(i), including— 

16 ‘‘(I) present value discount rates; 

17 and 

18 ‘‘(II) time frames to consider, in19 cluding 5, 10, and 20 year time 

20 frames; and 

21 ‘‘(v) include reporting standards and 

22 guidance with respect to the information 

23 required under subparagraph (B)(iii); 


pamtmann on DSKBC07HB2PROD with BILLS
17 

•HR 2570 IH

1 ‘‘(B) require that a covered issuer, with re2 spect to a disclosure required under this sub3 section— 

4 ‘‘(i) incorporate into such disclosure— 

5 ‘‘(I) quantitative analysis to sup6 port any qualitative statement made 

7 by the covered issuer; 

8 ‘‘(II) the rules established under 

9 subparagraph (A); 

10 ‘‘(III) industry-specific metrics 

11 that comply with the requirements 

12 under subparagraph (A)(i); 

13 ‘‘(IV) specific risk management 

14 actions that the covered issuer is tak15 ing to address identified risks; 

16 ‘‘(V) a discussion of the short-, 

17 medium-, and long-term resilience of 

18 any risk management strategy, and 

19 the evolution of applicable risk 

20 metrics, of the covered issuer under 

21 each scenario described in clause (ii); 

22 and 

23 ‘‘(VI) the total cost attributable 

24 to the direct and indirect greenhouse 

25 gas emissions of the covered issuer, 


pamtmann on DSKBC07HB2PROD with BILLS
18 

•HR 2570 IH

1 using, at minimum, the social cost of 

2 carbon; 

3 ‘‘(ii) consider, when preparing any 

4 qualitative or quantitative risk analysis 

5 statement contained in the disclosure— 

6 ‘‘(I) a baseline scenario that in7 cludes physical impacts of climate 

8 change; 

9 ‘‘(II) a 1.5 degrees scenario; and 

10 ‘‘(III) any additional climate 

11 analysis scenario considered appro12 priate by the Commission, in consulta13 tion with the appropriate climate prin14 cipals; 

15 ‘‘(iii) if the covered issuer engages in 

16 the commercial development of fossil fuels, 

17 include in the disclosure— 

18 ‘‘(I) an estimate of the total and 

19 a disaggregated amount of direct and 

20 indirect greenhouse gas emissions of 

21 the covered issuer that are attrib22 utable to— 

23 ‘‘(aa) combustion; 

24 ‘‘(bb) flared hydrocarbons; 

25 ‘‘(cc) process emissions; 


pamtmann on DSKBC07HB2PROD with BILLS
19 

•HR 2570 IH

1 ‘‘(dd) directly vented emis2 sions; 

3 ‘‘(ee) fugitive emissions or 

4 leaks; and 

5 ‘‘(ff) land use changes; 

6 ‘‘(II) a description of— 

7 ‘‘(aa) the sensitivity of fossil 

8 fuel reserve levels to future price 

9 projection scenarios that incor10 porate the social cost of carbon; 

11 ‘‘(bb) the percentage of the 

12 reserves of the covered issuer 

13 that will be developed under the 

14 scenarios established in clause 

15 (ii), as well as a forecast for the 

16 development prospects of each re17 serve under the scenarios estab18 lished in clause (ii); 

19 ‘‘(cc) the potential amount 

20 of direct and indirect greenhouse 

21 gas emissions that are embedded 

22 in proved and probable reserves, 

23 with each such calculation pre24 sented as a total and in subVerDate Sep 11 2014 20:18 May 14, 2021 Jkt 019200 PO 00000 Frm 00019 Fmt 6652 Sfmt 6201 E:\BILLS\H2570.IH H2570

pamtmann on DSKBC07HB2PROD with BILLS
20 

•HR 2570 IH

1 divided categories by the type of 

2 reserve; 

3 ‘‘(dd) the methodology of 

4 the covered issuer for detecting 

5 and mitigating fugitive methane 

6 emissions, which shall include the 

7 frequency with which applicable 

8 assets of the covered issuer are 

9 observed for methane leaks, the 

10 processes and technology that the 

11 covered issuer uses to detect 

12 methane leaks, the percentage of 

13 assets of the covered issuer that 

14 the covered issuer inspects under 

15 that methodology, and quan16 titative and time-bound reduction 

17 goals of the issuer with respect to 

18 methane leaks; 

19 ‘‘(ee) the amount of water 

20 that the covered issuer withdraws 

21 from freshwater sources for use 

22 and consumption in operations of 

23 the covered issuer; and 

24 ‘‘(ff) the percentage of the 

25 water described in item (ee) that 


pamtmann on DSKBC07HB2PROD with BILLS
21 

•HR 2570 IH

1 comes from regions of water 

2 stress or that face wastewater 

3 management challenges; and 

4 ‘‘(III) any other information that 

5 the Commission determines is— 

6 ‘‘(aa) necessary; 

7 ‘‘(bb) appropriate to safe8 guard the public interest; or 

9 ‘‘(cc) directed at ensuring 

10 that investors are informed in ac11 cordance with the findings de12 scribed in paragraph (2); 

13 ‘‘(C) with respect to a disclosure required 

14 under section 13(s) of the Securities Exchange 

15 Act of 1934, require that a covered issuer in16 clude in such disclosure any other information, 

17 or use any climate-related or greenhouse gas 

18 emissions metric, that the Commission, in con19 sultation with the appropriate climate prin20 cipals, determines is— 

21 ‘‘(i) necessary; 

22 ‘‘(ii) appropriate to safeguard the 

23 public interest; or 


pamtmann on DSKBC07HB2PROD with BILLS
22 

•HR 2570 IH

1 ‘‘(iii) directed at ensuring that inves2 tors are informed in accordance with the 

3 findings described in paragraph (2); and 

4 ‘‘(D) with respect to a disclosure required 

5 under section 13(s) of the Securities Exchange 

6 Act of 1934, establish how and where the re7 quired disclosures shall be addressed in the cov8 ered issuer’s annual financial filing. 

9 ‘‘(6) FORMATTING.—The Commission shall re10 quire issuers to disclose information in an interactive 

11 data format and shall develop standards for such 

12 format, which shall include electronic tags for infor13 mation that the Commission determines is— 

14 ‘‘(A) necessary; 

15 ‘‘(B) appropriate to safeguard the public 

16 interest; or 

17 ‘‘(C) directed at ensuring that investors 

18 are informed in accordance with the findings 

19 described in paragraph (2). 

20 ‘‘(7) PERIODIC UPDATE OF RULES.—The Com21 mission shall periodically update the rules issued 

22 under this subsection. 

23 ‘‘(8) COMPILATION OF INFORMATION DIS24 CLOSED.—The Commission shall, to the maximum 

25 extent practicable make a compilation of the inforVerDate Sep 11 2014 20:18 May 14, 2021 Jkt 019200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6201 E:\BILLS\H2570.IH H2570

pamtmann on DSKBC07HB2PROD with BILLS
23 

•HR 2570 IH

1 mation disclosed by issuers under this subsection 

2 publicly available on the website of the Commission 

3 and update such compilation at least once each year. 

4 ‘‘(9) REPORTS.— 

5 ‘‘(A) REPORT TO CONGRESS.—The Com6 mission shall— 

7 ‘‘(i) conduct an annual assessment re8 garding the compliance of covered issuers 

9 with the requirements of this subsection; 

10 ‘‘(ii) submit to the appropriate con11 gressional committees a report that con12 tains the results of each assessment con13 ducted under clause (i); and 

14 ‘‘(iii) make each report submitted 

15 under clause (ii) accessible to the public. 

16 ‘‘(B) GAO REPORT.—The Comptroller 

17 General of the United States shall periodically 

18 evaluate, and report to the appropriate congres19 sional committees on, the effectiveness of the 

20 Commission in carrying out and enforcing this 

21 subsection.’’. 

22 SEC. 4. BACKSTOP. 

23 If, 2 years after the date of the enactment of this 

24 Act, the Securities and Exchange Commission has not 

25 issued the rules required under section 13(s) of the SecuriVerDate Sep 11 2014 20:18 May 14, 2021 Jkt 019200 PO 00000 Frm 00023 Fmt 6652 Sfmt 6201 E:\BILLS\H2570.IH H2570

pamtmann on DSKBC07HB2PROD with BILLS
24 

•HR 2570 IH

1 ties Exchange Act of 1934, and until such rules are issued, 

2 a covered issuer (as defined in such section 13(s)) shall 

3 be deemed in compliance with such section 13(s) if disclo4 sures set forth in the annual report of such issuer satisfy 

5 the recommendations of the Task Force on Climate-re6 lated Financial Disclosures of the Financial Stability 

7 Board as reported in June, 2017, or any successor report, 

8 and as supplemented or adjusted by such rules, guidance, 

9 or other comments from the Commission. 

10 SEC. 5. AUTHORIZATION OF APPROPRIATIONS. 

11 There are authorized to be appropriated to the Com12 mission such sums as may be necessary to carry out this 

13 Act and the amendments made by this Act. 

Æ 


pamtmann on DSKBC07HB2PROD with BILLS