IB 

Union Calendar No. 22 

117TH CONGRESS 

1ST SESSION H. R. 2570 

[Report No. 117–39] 

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 

MAY 20, 2021 

Additional sponsors: Ms. BROWNLEY, Ms. VELA ́ZQUEZ, Mr. PHILLIPS, Mr. 

SHERMAN, Mr. GRIJALVA, Mr. GARCI ́A of Illinois, Ms. PRESSLEY, and 

Mr. HUFFMAN

MAY 20, 2021 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on April 15, 2021] 


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A BILL 

To amend the Securities Exchange Act of 1934 to require 

certain disclosures relating to climate change, and for 

other purposes. 


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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 Disclosure 

5 Act of 2021’’. 

6 SEC. 2. SENSE OF CONGRESS. 

7 It is the sense of Congress that— 

8 (1) climate change poses a significant and in9 creasing threat to the growth and stability of the 

10 economy of the United States; 

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

12 States and many American businesses are exposed to 

13 climate-related risk, which may include exposure to— 

14 (A) the physical impacts of climate change, 

15 including the rise of the average global tempera16 ture, accelerating sea-level rise, desertification, 

17 ocean acidification, intensification of storms, in18 crease in heavy precipitation, more frequent and 

19 intense temperature extremes, more severe 

20 droughts, and longer wildfire seasons; 

21 (B) the economic disruptions and security 

22 threats that result from the physical impacts de23 scribed in subparagraph (A) including conflicts 

24 over scarce resources, conditions conducive to 


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1 violent extremism, the spread of infectious dis2 eases, and forced migration; 

3 (C) the transition impacts that result as the 

4 global economy transitions to a clean and renew5 able energy, low-emissions economy, including fi6 nancial impacts as climate change fossil fuel as7 sets becoming stranded and it becomes uneco8 nomic for companies to develop fossil fuel assets 

9 as policymakers act to limit the worst impacts of 

10 climate change by keeping the rise in average 

11 global temperature to 1.5 degrees Celsius above 

12 pre-industrial levels; and 

13 (D) actions by Federal, State, Tribal, terri14 torial, and local governments to limit the worst 

15 effects of climate change by enacting policies that 

16 keep the global average surface temperature rise 

17 to 1.5 degrees Celsius above pre-industrial levels; 

18 (3) assessing the potential impact of climate-re19 lated risks on national and international financial 

20 systems is an urgent concern; 

21 (4) companies have a duty to disclose financial 

22 risks that climate change presents to their investors, 

23 lenders, and insurers; 

24 (5) the Securities and Exchange Commission has 

25 a duty to promote a risk-informed securities market 


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1 that is worthy of the trust of the public as families 

2 invest for their futures; 

3 (6) investors, lenders, and insurers are increas4 ingly demanding climate risk information that is 

5 consistent, comparable, reliable, and clear; 

6 (7) including standardized, material climate 

7 change risk and opportunity disclosure that is useful 

8 for decision makers in annual reports to the Commis9 sion will increase transparency with respect to risk 

10 accumulation and exposure in financial markets; 

11 (8) requiring companies to disclose climate-re12 lated risk exposure and risk management strategies 

13 will encourage a smoother transition to a clean and 

14 renewable energy, low-emissions economy and guide 

15 capital allocation to mitigate, and adapt to, the ef16 fects of climate change and limit damages associated 

17 with climate-related events and disasters; and 

18 (9) a critical component in fighting climate 

19 change is a transparent accounting of the risks that 

20 climate change presents and the implications of con21 tinued inaction with respect to climate change. 

22 SEC. 3. DISCLOSURES RELATING TO CLIMATE CHANGE. 

23 Section 13 of the Securities Exchange Act of 1934 (15 

24 U.S.C. 78m) is amended by adding at the end the following: 

25 ‘‘(s) DISCLOSURES RELATING TO CLIMATE CHANGE.— 


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

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

3 degree scenario’ means a scenario that aligns 

4 with greenhouse gas emissions pathways that 

5 aim to limit global warming to 1.5 degrees Cel6 sius above pre-industrial levels. 

7 ‘‘(B) APPROPRIATE CLIMATE PRINCIPALS.— 

8 The term ‘appropriate climate principals’ 

9 means— 

10 ‘‘(i) the Administrator of the Environ11 mental Protection Agency; 

12 ‘‘(ii) the Administrator of the National 

13 Oceanic and Atmospheric Administration; 

14 ‘‘(iii) the Director of the Office of Man15 agement and Budget; 

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

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

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

19 agency, as determined appropriate by the 

20 Commission. 

21 ‘‘(C) BASELINE SCENARIO.—The term ‘base22 line scenario’ means a widely-recognized anal23 ysis scenario in which levels of greenhouse gas 

24 emissions, as of the date on which the analysis 

25 is performed, continue to grow, resulting in an 


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1 increase in the global average temperature of 1.5 

2 degrees Celsius or more above pre-industrial lev3 els. 

4 ‘‘(D) CARBON DIOXIDE EQUIVALENT.—The 

5 term ‘carbon dioxide equivalent’ means the num6 ber of metric tons of carbon dioxide emissions 

7 with the same global warming potential as one 

8 metric ton of another greenhouse gas, as deter9 mined under table A–1 of subpart A of part 98 

10 of title 40, Code of Federal Regulations, as in ef11 fect on the date of enactment of this subsection. 

12 ‘‘(E) CLIMATE CHANGE.—The term ‘climate 

13 change’ means a change of climate that is— 

14 ‘‘(i) attributed directly or indirectly to 

15 human activity that alters the composition 

16 of the global atmosphere; and 

17 ‘‘(ii) in addition to natural climate 

18 variability observed over comparable time 

19 periods. 

20 ‘‘(F) COMMERCIAL DEVELOPMENT OF FOS21 SIL FUELS.—The term ‘commercial development 

22 of fossil fuels’ includes— 

23 ‘‘(i) exploration, extraction, processing, 

24 exporting, transporting, refining, and any 

25 other significant action with respect to oil, 


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1 natural gas, coal, or any byproduct thereof 

2 or any other solid or liquid hydrocarbons 

3 that are commercially produced; and 

4 ‘‘(ii) acquiring a license for any activ5 ity described in clause (i). 

6 ‘‘(G) COVERED ISSUER.—The term ‘covered 

7 issuer’ means an issuer that is required to file 

8 an annual report under subsection (a) or section 

9 15(d). 

10 ‘‘(H) DIRECT AND INDIRECT GREENHOUSE

11 GAS EMISSIONS.—The term ‘direct and indirect 

12 greenhouse gas emissions’ includes, with respect 

13 to a covered issuer— 

14 ‘‘(i) all direct greenhouse gas emissions 

15 released by the covered issuer; 

16 ‘‘(ii) all indirect greenhouse gas emis17 sions with respect to electricity, heat, or 

18 steam purchased by the covered issuer; 

19 ‘‘(iii) significant indirect emissions, 

20 other than the emissions described in clause 

21 (ii), emitted in the value chain of the cov22 ered issuer; and 

23 ‘‘(iv) all indirect greenhouse gas emis24 sions that are attributable to assets owned 

25 or managed, including assets that are parVerDate Sep 11 2014 20:03 May 20, 2021 Jkt 019200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6203 E:\BILLS\H2570.RH H2570

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1 tially owned or managed, by the covered 

2 issuer. 

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

4 ‘fossil fuel reserves’ has the meaning given the 

5 term ‘reserves’ under the final rule of the Com6 mission titled ‘Modernization of Oil and Gas Re7 porting’ (74 Fed. Reg. 2158; published January 

8 14, 2009). 

9 ‘‘(J) GREENHOUSE GAS.—The term ‘green10 house gas’— 

11 ‘‘(i) means carbon dioxide, 

12 hydrofluorocarbons, methane, nitrous oxide, 

13 perfluorocarbons, sulfur hexafluoride, nitro14 gen triflouride, and chlorofluorocarbons; 

15 ‘‘(ii) includes any other 

16 anthropogenically-emitted gas that the Ad17 ministrator of the Environmental Protec18 tion Agency determines, after notice and 

19 comment, to contribute to climate change; 

20 and 

21 ‘‘(iii) includes any other 

22 anthropogenically-emitted gas that the 

23 Intergovernmental Panel on Climate 

24 Change determines to contribute to climate 

25 change. 


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

2 term ‘greenhouse gas emissions’ means the emis3 sions of greenhouse gas, expressed in terms of 

4 metric tons of carbon dioxide equivalent. 

5 ‘‘(L) PHYSICAL RISKS.—The term ‘physical 

6 risks’ means financial risks to long-lived fixed 

7 assets, locations, operations, or value chains that 

8 result from exposure to physical climate-related 

9 effects, including— 

10 ‘‘(i) increased average global tempera11 tures and increased frequency of tempera12 ture extremes; 

13 ‘‘(ii) increased severity and frequency 

14 of extreme weather events; 

15 ‘‘(iii) increased flooding; 

16 ‘‘(iv) sea level rise; 

17 ‘‘(v) ocean acidification; 

18 ‘‘(vi) increased frequency of wildfires; 

19 ‘‘(vii) decreased arability of farmland; 

20 ‘‘(viii) decreased availability of fresh 

21 water; and 

22 ‘‘(ix) any other financial risks to long23 lived fixed assets, locations, operations, or 

24 value chains determined appropriate by the 


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1 Commission, in consultation with appro2 priate climate principals. 

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

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

5 carbon, as described in the technical support doc6 ument entitled ‘Technical Support Document: 

7 Technical Update of the Social Cost of Carbon 

8 for Regulatory Impact Analysis Under Executive 

9 Order 12866’, published by the Interagency 

10 Working Group on Social Cost of Greenhouse 

11 Gases, United States Government, in August 

12 2016 or any successor or substantially related es13 timate of the monetized damages associated with 

14 an incremental increase in carbon dioxide emis15 sions in a given year. 

16 ‘‘(N) TRANSITION RISKS.—The term ‘transi17 tion risks’ means financial risks that are attrib18 utable to climate change mitigation and adapta19 tion, including efforts to reduce greenhouse gas 

20 emissions and strengthen resilience to the im21 pacts of climate change, including— 

22 ‘‘(i) costs relating to— 

23 ‘‘(I) international treaties and 

24 agreements; 


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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 prod16 uct or service, both before and after produc17 tion of the product or service, as applicable; 

18 and 

19 ‘‘(ii) may include the sourcing of mate20 rials, 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 20:03 May 20, 2021 Jkt 019200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6203 E:\BILLS\H2570.RH H2570

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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 described 

9 in subparagraph (A) should— 

10 ‘‘(i) identify, and evaluate— 

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

13 ‘‘(II) the potential financial im14 pact of such risks; 

15 ‘‘(ii) detail any implications such risks 

16 have on corporate strategy; 

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

18 of material climate related risks and oppor19 tunities; 

20 ‘‘(iv) allow for intra- and cross-indus21 try comparison, to the extent practicable, of 

22 climate-related risk exposure through the in23 clusion of standardized industry-specific 

24 and sector-specific disclosure metrics, as 

25 identified by the Commission, in consultaVerDate Sep 11 2014 20:03 May 20, 2021 Jkt 019200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6203 E:\BILLS\H2570.RH H2570

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1 tion with the appropriate climate prin2 cipals; 

3 ‘‘(v) allow for tracking of performance 

4 over time with respect to mitigating climate 

5 risk exposure; and 

6 ‘‘(vi) incorporate a price on greenhouse 

7 gas emissions in financial analyses that re8 flects, at minimum, the social cost of carbon 

9 that is attributable to issuers. 

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

11 annual report filed by the covered issuer under sub12 section (a) or section 15(d), shall, in accordance with 

13 any rules issued by the Commission pursuant to this 

14 subsection, include in each such report information 

15 regarding— 

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

17 potential financial impacts of, and any risk18 management strategies relating to— 

19 ‘‘(i) physical risks posed to the covered 

20 issuer by climate change; and 

21 ‘‘(ii) transition risks posed to the cov22 ered issuer by climate change; 

23 ‘‘(B) a description of any established cor24 porate governance processes and structures to 


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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 identified 

5 risks; 

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

7 strategy the covered issuer has for addressing cli8 mate risks when differing climate scenarios are 

9 taken into consideration; and 

10 ‘‘(E) a description of how climate risk is in11 corporated 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 to 

23 the information that a covered issuer is required to 

24 disclose pursuant to this subsection and such rules 

25 shall— 


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1 ‘‘(A) establish climate-related risk disclosure 

2 rules, which shall— 

3 ‘‘(i) be, to the extent practicable, spe4 cialized for industries within specific sectors 

5 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 covered 

22 issuer; and 

23 ‘‘(II) include greenhouse gas emis24 sions by the covered issuer during the 

25 period covered by the disclosure; 


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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 fuel8 related assets as a percentage of total 

9 assets owned or managed by the cov10 ered 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 re23 quired under subparagraph (B)(iii); 


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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 the 

19 evolution of applicable risk metrics, of 

20 the covered issuer under each scenario 

21 described in clause (ii); and 

22 ‘‘(VI) the total cost attributable to 

23 the direct and indirect greenhouse gas 

24 emissions of the covered issuer, using, 

25 at minimum, the social cost of carbon; 


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1 ‘‘(ii) consider, when preparing any 

2 qualitative or quantitative risk analysis 

3 statement contained in the disclosure— 

4 ‘‘(I) a baseline scenario that in5 cludes physical impacts of climate 

6 change; 

7 ‘‘(II) a 1.5 degrees scenario; and 

8 ‘‘(III) any additional climate 

9 analysis scenario considered appro10 priate by the Commission, in consulta11 tion with the appropriate climate 

12 principals; 

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

14 the commercial development of fossil fuels, 

15 include in the disclosure— 

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

17 a disaggregated amount of direct and 

18 indirect greenhouse gas emissions of the 

19 covered issuer that are attributable 

20 to— 

21 ‘‘(aa) combustion; 

22 ‘‘(bb) flared hydrocarbons; 

23 ‘‘(cc) process emissions; 

24 ‘‘(dd) directly vented emis25 sions; 


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1 ‘‘(ee) fugitive emissions or 

2 leaks; and 

3 ‘‘(ff) land use changes; 

4 ‘‘(II) a description of— 

5 ‘‘(aa) the sensitivity of fossil 

6 fuel reserve levels to future price 

7 projection scenarios that incor8 porate the social cost of carbon; 

9 ‘‘(bb) the percentage of the 

10 reserves of the covered issuer that 

11 will be developed under the sce12 narios established in clause (ii), 

13 as well as a forecast for the devel14 opment prospects of each reserve 

15 under the scenarios established in 

16 clause (ii); 

17 ‘‘(cc) the potential amount of 

18 direct and indirect greenhouse gas 

19 emissions that are embedded in 

20 proved and probable reserves, with 

21 each such calculation presented as 

22 a total and in subdivided cat23 egories by the type of reserve; 

24 ‘‘(dd) the methodology of the 

25 covered issuer for detecting and 


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1 mitigating fugitive methane emis2 sions, which shall include the fre3 quency with which applicable as4 sets of the covered issuer are ob5 served for methane leaks, the proc6 esses and technology that the cov7 ered issuer uses to detect methane 

8 leaks, the percentage of assets of 

9 the covered issuer that the covered 

10 issuer inspects under that method11 ology, and quantitative and time12 bound reduction goals of the issuer 

13 with respect to methane leaks; 

14 ‘‘(ee) the amount of water 

15 that the covered issuer withdraws 

16 from freshwater sources for use 

17 and consumption in operations of 

18 the covered issuer; and 

19 ‘‘(ff) the percentage of the 

20 water described in item (ee) that 

21 comes from regions of water stress 

22 or that face wastewater manage23 ment challenges; and 

24 ‘‘(III) any other information that 

25 the Commission determines is— 


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1 ‘‘(aa) necessary; 

2 ‘‘(bb) appropriate to safe3 guard the public interest; or 

4 ‘‘(cc) directed at ensuring 

5 that investors are informed in ac6 cordance with the findings de7 scribed in paragraph (2); 

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

9 under section 13(s) of the Securities Exchange 

10 Act of 1934, require that a covered issuer include 

11 in such disclosure any other information, or use 

12 any climate-related or greenhouse gas emissions 

13 metric, that the Commission, in consultation 

14 with the appropriate climate principals, deter15 mines is— 

16 ‘‘(i) necessary; 

17 ‘‘(ii) appropriate to safeguard the pub18 lic interest; or 

19 ‘‘(iii) directed at ensuring that inves20 tors are informed in accordance with the 

21 findings described in paragraph (2); and 

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

23 under section 13(s) of the Securities Exchange 

24 Act of 1934, establish how and where the reVerDate Sep 11 2014 20:03 May 20, 2021 Jkt 019200 PO 00000 Frm 00022 Fmt 6652 Sfmt 6203 E:\BILLS\H2570.RH H2570

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1 quired disclosures shall be addressed in the cov2 ered issuer’s annual financial filing. 

3 ‘‘(6) FORMATTING.—The Commission shall re4 quire issuers to disclose information in an interactive 

5 data format and shall develop standards for such for6 mat, which shall include electronic tags for informa7 tion that the Commission determines is— 

8 ‘‘(A) necessary; 

9 ‘‘(B) appropriate to safeguard the public 

10 interest; or 

11 ‘‘(C) directed at ensuring that investors are 

12 informed in accordance with the findings de13 scribed in paragraph (2). 

14 ‘‘(7) PERIODIC UPDATE OF RULES.—The Com15 mission shall periodically update the rules issued 

16 under this subsection. 

17 ‘‘(8) COMPILATION OF INFORMATION DIS18 CLOSED.—The Commission shall, to the maximum ex19 tent practicable make a compilation of the informa20 tion disclosed by issuers under this subsection pub21 licly available on the website of the Commission and 

22 update such compilation at least once each year. 

23 ‘‘(9) REPORTS.— 

24 ‘‘(A) REPORT TO CONGRESS.—The Commis25 sion shall— 


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1 ‘‘(i) conduct an annual assessment re2 garding the compliance of covered issuers 

3 with the requirements of this subsection; 

4 ‘‘(ii) submit to the appropriate con5 gressional committees a report that contains 

6 the results of each assessment conducted 

7 under clause (i); and 

8 ‘‘(iii) make each report submitted 

9 under clause (ii) accessible to the public. 

10 ‘‘(B) GAO REPORT.—The Comptroller Gen11 eral of the United States shall periodically evalu12 ate, and report to the appropriate congressional 

13 committees on, the effectiveness of the Commis14 sion in carrying out and enforcing this sub15 section.’’. 

16 SEC. 4. BACKSTOP. 

17 If, 2 years after the date of the enactment of this Act, 

18 the Securities and Exchange Commission has not issued the 

19 rules required under section 13(s) of the Securities Ex20 change Act of 1934, and until such rules are issued, a cov21 ered issuer (as defined in such section 13(s)) shall be deemed 

22 in compliance with such section 13(s) if disclosures set forth 

23 in the annual report of such issuer satisfy the recommenda24 tions of the Task Force on Climate-related Financial Dis25 closures of the Financial Stability Board as reported in 


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1 June, 2017, or any successor report, and as supplemented 

2 or adjusted by such rules, guidance, or other comments from 

3 the Commission. 

4 SEC. 5. AUTHORIZATION OF APPROPRIATIONS. 

5 There are authorized to be appropriated to the Securi6 ties and Exchange Commission such sums as may be nec7 essary to carry out this Act and the amendments made by 

8 this Act. 


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Union Calendar No. 22 

117TH CONGRESS 

1ST SESSION H. R. 2570 

[Report No. 117–39] 

A BILL 

To amend the Securities Exchange Act of 1934 to 

change, and for other purposes. require certain disclosures relating to climate 

MAY 20, 2021 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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