I 

116TH CONGRESS 

1ST SESSION H. R. 3623 

To amend the Securities Exchange Act of 1934 to require issuers to disclose 

certain activities relating to climate change, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 5, 2019 

Mr. CASTEN of Illinois (for himself and Mr. CARTWRIGHT) introduced the following bill; which was referred to the Committee on Financial Services, 

and in addition to the Committee on Energy and Commerce, for a period 

to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee 

concerned 

A BILL 

To amend the Securities Exchange Act of 1934 to require 

issuers to disclose certain activities 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 2019’’. 

6 SEC. 2. DEFINITIONS. 

7 In this Act— 


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1 (1) the term ‘‘appropriate climate principals’’ 

2 means— 

3 (A) the Administrator of the Environ4 mental Protection Agency; 

5 (B) the Secretary of Energy; 

6 (C) the Administrator of the National Oce7 anic and Atmospheric Administration; 

8 (D) the Director of the Office of Manage9 ment and Budget; and 

10 (E) the head of any other Federal agency 

11 determined appropriate by the Commission; 

12 (2) the term ‘‘appropriate congressional com13 mittees’’ means— 

14 (A) the Committee on Banking, Housing, 

15 and Urban Affairs of the Senate; and 

16 (B) the Committee on Financial Services 

17 of the House of Representatives; 

18 (3) the term ‘‘climate change’’ means a change 

19 of climate that is— 

20 (A) attributed directly or indirectly to 

21 human activity that alters the composition of 

22 the global atmosphere; and 

23 (B) in addition to natural climate varia24 bility observed over comparable time periods; 


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1 (4) the term ‘‘Commission’’ means the Securi2 ties and Exchange Commission; 

3 (5) the term ‘‘covered issuer’’ has the meaning 

4 given the term in section 13(s) of the Securities Ex5 change Act of 1934, as added by section 5; 

6 (6) the term ‘‘1.5 degree scenario’’ means a 

7 widely recognized, publicly available analysis sce8 nario in which human interventions to combat global 

9 climate change are likely to prevent the global aver10 age temperature from reaching 1.5 degrees Celsius 

11 above pre-industrial levels; 

12 (7) the terms ‘‘appropriate climate principals’’ 

13 and ‘‘climate change’’ have the meanings given those 

14 terms in section 13(s) of the Securities Exchange 

15 Act of 1934; 

16 (8) the term ‘‘baseline scenario’’ means a widely 

17 recognized analysis scenario in which levels of green18 house gas emissions, as of the date on which the 

19 analysis is performed, continue to grow, resulting 

20 in— 

21 (A) an increase in the global average tem22 perature of 1.5 degrees Celsius or more above 

23 pre-industrial levels; and 

24 (B) the realization of physical risks relat25 ing to global climate change; 


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1 (9) the term ‘‘carbon dioxide equivalent’’ means 

2 the number of metric tons of carbon dioxide emis3 sions with the same global warming potential as one 

4 metric ton of another greenhouse gas, as determined 

5 under table A–1 of subpart A of part 98 of title 40, 

6 Code of Federal Regulations, as in effect on the date 

7 of enactment of this subsection; 

8 (10) the term ‘‘commercial development of fos9 sil fuels’’ includes— 

10 (A) exploration, extraction, processing, ex11 porting, transporting, and any other significant 

12 action with respect to oil, natural gas, coal, or 

13 any byproduct thereof; and 

14 (B) acquiring a license for any activity de15 scribed in subparagraph (A); 

16 (11) the term ‘‘direct and indirect greenhouse 

17 gas emissions’’ includes, with respect to a covered 

18 issuer— 

19 (A) all direct greenhouse gas emissions re20 leased by the covered issuer; 

21 (B) all indirect greenhouse gas emissions 

22 with respect to electricity, heat, or steam pur23 chased by the covered issuer; 

24 (C) significant indirect emissions, other 

25 than the emissions described in subparagraph 


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1 (B), that occur in the value chain of the covered 

2 issuer; and 

3 (D) all indirect greenhouse gas emissions 

4 that are attributable to assets owned or man5 aged, including assets that are partially owned 

6 or managed, by the covered issuer; 

7 (12) the term ‘‘fossil fuel reserves’’ means all 

8 producing assets, proved reserves, unproved re9 sources, and any other ownership stake in sources of 

10 fossil fuels; 

11 (13) the term ‘‘greenhouse gas’’— 

12 (A) means carbon dioxide, hydrofluorocar13 bons, methane, nitrous oxide, perfluorocarbons, 

14 sulfur hexafluoride, nitrogen triflouride, and 

15 chlorofluorocarbons; and 

16 (B) includes any other anthropogenically17 emitted gas or particulate that the Adminis18 trator of the Environmental Protection Agency 

19 determines, after notice and comment, to con20 tribute to climate change; 

21 (14) the term ‘‘greenhouse gas emissions’’ 

22 means the emissions of greenhouse gas, expressed in 

23 terms of metric tons of carbon dioxide equivalent; 


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1 (15) the term ‘‘physical risks’’ has meaning 

2 given the term in section 13(s) of the Securities Ex3 change Act of 1934; 

4 (16) the term ‘‘social cost of carbon’’ means the 

5 monetized present value, discounted at a 3 percent 

6 or lower discount rate, in dollars, per metric ton of 

7 carbon dioxide (or carbon dioxide equivalent), of the 

8 net global costs over 300 years caused by the emis9 sion of carbon dioxide (or carbon dioxide equivalent, 

10 as applicable) that result from— 

11 (A) changes in net agricultural produc12 tivity; 

13 (B) decreases in capital and labor produc14 tivity; 

15 (C) effects on human health; 

16 (D) property damage from increased sea17 level rise, flooding, wildfires, and frequency and 

18 severity of extreme weather events; 

19 (E) the value of ecosystem services; and 

20 (F) any other type of economic, social, po21 litical, or natural disruption; 

22 (17) the term ‘‘transition risks’’ has meaning 

23 given the term in section 13(s) of the Securities Ex24 change Act of 1934; 

25 (18) the term ‘‘value chain’’— 


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1 (A) means the total lifecycle of a product 

2 or service, both before and after production of 

3 the product or service, as applicable; and 

4 (B) may include the sourcing of materials, 

5 production, and disposal with respect to the 

6 product or service described in subparagraph 

7 (A); and 

8 (19) the term ‘‘well below 1.5 degrees scenario’’ 

9 means a widely recognized, publicly available anal10 ysis scenario in which human interventions to com11 bat global climate change are likely to prevent the 

12 global average temperature from reaching 1.5 de13 grees Celsius above pre-industrial levels. 

14 SEC. 3. SENSE OF CONGRESS. 

15 It is the sense of Congress that— 

16 (1) continued inaction in addressing climate 

17 change poses a significant and increasing threat to 

18 the growth and stability of the economy of the 

19 United States; 

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

21 States and many American businesses are exposed 

22 to multiple channels of climate-related risk, which 

23 may include exposure to— 

24 (A) the physical impacts of climate change, 

25 including the rise of the average global temVerDate Sep 11 2014 22:29 Jul 11, 2019 Jkt 089200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H3623.IH H3623

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1 perature, accelerating sea-level rise, desertifica2 tion, ocean acidification, intensification of 

3 storms, increase in heavy precipitation, more 

4 frequent and intense temperature extremes, 

5 more severe droughts, and longer wildfire sea6 sons; 

7 (B) the economic disruptions and security 

8 threats that result from the physical impacts 

9 described in subparagraph (A); and 

10 (C) the transition impacts that result as 

11 the global economy transitions to a clean and 

12 renewable energy, low-emissions economy, in13 cluding financial impacts as fossil fuel assets 

14 risk becoming stranded and it becomes uneco15 nomic for companies to develop fossil fuel assets 

16 as policymakers act to limit the worst impacts 

17 of climate change by keeping the average rise in 

18 global temperature to 1.5 degrees Celsius above 

19 pre-industrial levels; 

20 (3) assessing the potential impact of climate-re21 lated risks on national and international financial 

22 systems is an urgent concern; 

23 (4) companies have a duty to disclose financial 

24 risks that climate change presents to their investors, 

25 lenders, and insurers; 


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

2 risk-informed securities market that is worthy of the 

3 trust of the public as families invest for their fu4 tures; 

5 (6) investors, lenders, and insurers are increas6 ingly demanding climate risk information that is 

7 consistent, comparable, reliable, and clear; 

8 (7) including standardized, material climate 

9 change risk and opportunity disclosure that is useful 

10 for decision makers in annual reports to the Com11 mission will increase transparency with respect to 

12 risk accumulation and exposure in financial markets; 

13 (8) requiring companies to disclose climate-re14 lated risk exposure and risk management strategies 

15 will encourage a smoother transition to a clean and 

16 renewable energy, low-emissions economy and guide 

17 capital allocation to mitigate, and adapt to, the ef18 fects of climate change and limit damages associated 

19 with climate-related events and disasters; and 

20 (9) a critical component in fighting climate 

21 change is a transparent accounting of the risks that 

22 climate change presents and the implications of con23 tinued inaction with respect to climate change. 

24 SEC. 4. FINDINGS. 

25 Congress finds that— 


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1 (1) short-, medium-, and long-term financial 

2 and economic risks and opportunities relating to cli3 mate change, and the national and global reduction 

4 of greenhouse gas emissions, constitute information 

5 that issuers— 

6 (A) may reasonably expect to affect share7 holder decision making; and 

8 (B) should regularly identify, evaluate, and 

9 disclose; and 

10 (2) the disclosure of information described in 

11 paragraph (1) should— 

12 (A) identify, and evaluate— 

13 (i) material physical and transition 

14 risks posed by climate change; and 

15 (ii) the potential financial impact of 

16 such risks; 

17 (B) detail any implications such risks have 

18 on corporate strategy; 

19 (C) detail any board-level oversight of ma20 terial climate-related risks and opportunities; 

21 (D) allow for intra- and cross-industry 

22 comparison, to the extent practicable, of cli23 mate-related risk exposure through the inclu24 sion of standardized industry-specific and sec25 tor-specific disclosure metrics, as identified by 


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1 the Commission, in consultation with the appro2 priate climate principals; 

3 (E) allow for tracking of performance over 

4 time with respect to mitigating climate risk ex5 posure; and 

6 (F) incorporate a price on greenhouse gas 

7 emissions in financial analyses that reflects, at 

8 minimum, the social cost of carbon that is at9 tributable to issuers. 

10 SEC. 5. DISCLOSURES RELATING TO CLIMATE CHANGE. 

11 (a) IN GENERAL.—Section 13 of the Securities Ex12 change Act of 1934 (15 U.S.C. 78m) is amended by add13 ing at the end the following: 

14 ‘‘(s) DISCLOSURES RELATING TO CLIMATE

15 CHANGE.— 

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

17 ‘‘(A) the term ‘appropriate climate prin18 cipals’ means— 

19 ‘‘(i) the Administrator of the Environ20 mental Protection Agency; 

21 ‘‘(ii) the Secretary of Energy; 

22 ‘‘(iii) the Administrator of the Na23 tional Oceanic and Atmospheric Adminis24 tration; 


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1 ‘‘(iv) the Director of the Office of 

2 Management and Budget; and 

3 ‘‘(v) the head of any other Federal 

4 agency determined appropriate by the 

5 Commission; 

6 ‘‘(B) the term ‘climate change’ means a 

7 change of climate that is— 

8 ‘‘(i) attributed directly or indirectly to 

9 human activity that alters the composition 

10 of the global atmosphere; and 

11 ‘‘(ii) in addition to natural climate 

12 variability observed over comparable time 

13 periods; 

14 ‘‘(C) the term ‘covered issuer’ means an 

15 issuer that is required to file an annual report 

16 under subsection (a) or section 15(d); 

17 ‘‘(D) the term ‘physical risks’ means finan18 cial risks to long-lived fixed assets, locations, 

19 operations, or value chains that result from ex20 posure to physical climate-related effects, in21 cluding— 

22 ‘‘(i) increased average global tempera23 tures and increased frequency of tempera24 ture extremes; 


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1 ‘‘(ii) increased severity and frequency 

2 of extreme weather events; 

3 ‘‘(iii) increased flooding; 

4 ‘‘(iv) sea-level rise; 

5 ‘‘(v) ocean acidification; 

6 ‘‘(vi) increased frequency of wildfires; 

7 ‘‘(vii) decreased arability of farmland; 

8 ‘‘(viii) decreased availability of fresh 

9 water; and 

10 ‘‘(ix) any other financial risks to long11 lived fixed assets, locations, operations, or 

12 value chains determined appropriate by the 

13 Commission, in consultation with appro14 priate climate principals; 

15 ‘‘(E) the term ‘transition risks’ means fi16 nancial risks that are attributable to climate 

17 change mitigation and adaptation, including ef18 forts to reduce greenhouse gas emissions and 

19 strengthen resilience to the impacts of climate 

20 change, including— 

21 ‘‘(i) costs relating to— 

22 ‘‘(I) international treaties and 

23 agreements; 

24 ‘‘(II) Federal, State, and local 

25 policy; 


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1 ‘‘(III) new technologies; 

2 ‘‘(IV) changing markets; 

3 ‘‘(V) reputational impacts rel4 evant to changing consumer behavior; 

5 and 

6 ‘‘(VI) litigation; and 

7 ‘‘(ii) assets that may lose value or be8 come stranded due to any of the costs de9 scribed in subclauses (I) through (VI) of 

10 clause (i); 

11 ‘‘(2) 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 the Climate Risk Disclosure Act of 2019, include 

16 in each such report information 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 


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1 identify, assess, and manage climate-related 

2 risks; and 

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

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

6 ‘‘(3) RULE OF CONSTRUCTION.—Nothing in 

7 paragraph (2) may be construed as precluding a cov8 ered issuer from including, in an annual report sub9 mitted under subsection (a) or section 15(d), any in10 formation not explicitly referenced in those para11 graphs.’’. 

12 SEC. 6. RULEMAKING. 

13 (a) CLIMATE RISK DISCLOSURE RULES.—The Com14 mission, in consultation with the appropriate climate prin15 cipals, shall not later than 2 years after the date of the 

16 enactment of this Act, issue rules with respect to the infor17 mation that a covered issuer is required to disclose pursu18 ant to section 13(s) of the Securities Exchange Act of 

19 1934 and such rules shall— 

20 (1) establish, in consultation with the appro21 priate climate principals, climate-related risk disclo22 sure guidance, which shall— 

23 (A) be, to the extent practicable, special24 ized for industries within specific sectors of the 

25 economy, which shall include— 


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1 (i) the sectors of finance, insurance, 

2 transportation, electric power, mining, and 

3 non-renewable energy; and 

4 (ii) any other sector determined ap5 propriate by the Commission, in consulta6 tion with the appropriate climate prin7 cipals; 

8 (B) include reporting standards for esti9 mating and disclosing direct and indirect green10 house gas emissions by a covered issuer, and 

11 any affiliates of the covered issuer, which 

12 shall— 

13 (i) separate, to the extent practicable, 

14 total emissions of each specified green15 house gas by the covered issuer; and 

16 (ii) include greenhouse gas emissions 

17 by the covered issuer during the period 

18 covered by the disclosure; 

19 (C) include reporting standards for dis20 closing, with respect to a covered issuer— 

21 (i) the total amount of fossil fuel-re22 lated assets owned or managed by the cov23 ered issuer; and 


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1 (ii) the percentage of fossil fuel-re2 lated assets as a percentage of total assets 

3 owned or managed by the covered issuer; 

4 (D) establish a minimum social cost of car5 bon, which— 

6 (i) shall be considered a minimum 

7 price with respect to costs associated with 

8 carbon emissions; 

9 (ii) a covered issuer shall use in pre10 paring climate-related disclosure state11 ments; and 

12 (iii) the Commission shall make pub13 licly available all assumptions and methods 

14 used in the calculations; 

15 (E) not preclude a covered issuer from 

16 using and disclosing, as compared with the 

17 price established under subparagraph (D), a 

18 higher price of greenhouse gas emissions; 

19 (F) specify requirements for, and the dis20 closure of, input parameters, assumptions, and 

21 analytical choices to be used in climate scenario 

22 analyses required under paragraph (2)(A), in23 cluding— 

24 (i) present value discount rates; 


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1 (ii) time frames to consider, including 

2 5-, 10-, and 20-year time frames; and 

3 (iii) minimum pricing of greenhouse 

4 gas emissions, as established under sub5 paragraph (D) and subject to subpara6 graph (E); and 

7 (G) include, after consultation with the 

8 Administrator of the Environmental Protection 

9 Agency, the Secretary of Energy, the Secretary 

10 of the Interior, the Secretary of Agriculture, the 

11 Secretary of Transportation, the Chair of the 

12 Council on Environmental Quality, and the Di13 rector of the Office of Science and Technology 

14 Policy documentation standards and guidance 

15 with respect to the information required under 

16 paragraph (2)(C); 

17 (2) require that a covered issuer, with respect 

18 to a disclosure required under section 3(s) of the Se19 curities Exchange Act of 1934— 

20 (A) incorporate into such disclosure— 

21 (i) quantitative analysis to support 

22 any qualitative statement made by the cov23 ered issuer; 

24 (ii) the guidance established under 

25 paragraph (1); 


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1 (iii) industry-specific metrics that 

2 comply with the requirements under para3 graph (1)(A); 

4 (iv) specific risk management actions 

5 that the covered issuer is taking to address 

6 identified risks; 

7 (v) a discussion of the short-, me8 dium-, and long-term resilience of any risk 

9 management strategy, and the evolution of 

10 applicable risk metrics, of the covered 

11 issuer under each scenario described in 

12 paragraph (1)(B); and 

13 (vi) the total cost of carbon attrib14 utable to the direct and indirect green15 house gas emissions of the covered issuer, 

16 using, at minimum, the social cost of car17 bon; 

18 (B) consider, when preparing any quali19 tative or quantitative risk analysis statement 

20 contained in the disclosure— 

21 (i) a baseline scenario that includes 

22 physical impacts of climate change; 

23 (ii) a well below 1.5 degrees scenario; 

24 and 


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1 (iii) any additional climate analysis 

2 scenario considered appropriate by the 

3 Commission, in consultation with the ap4 propriate climate principals; 

5 (C) if the covered issuer engages in the 

6 commercial development of fossil fuels, include 

7 in the disclosure— 

8 (i) an estimate of the total and a 

9 disaggregated amount of direct and indi10 rect greenhouse gas emissions of the cov11 ered issuer that are attributable to— 

12 (I) combustion; 

13 (II) flared hydrocarbons; 

14 (III) process emissions; 

15 (IV) directly vented emissions; 

16 (V) fugitive emissions or leaks; 

17 and 

18 (VI) land use changes; 

19 (ii) a description of— 

20 (I) the sensitivity of fossil fuel re21 serve levels to future price projection 

22 scenarios that incorporate the social 

23 cost of carbon into hydrocarbon pric24 ing; 


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1 (II) the percentage of the re2 serves of the covered issuer that will 

3 be developed under the scenarios es4 tablished in subparagraph (B), as well 

5 as a forecast for the development 

6 prospects of each reserve under the 

7 scenarios established in subparagraph 

8 (B); 

9 (III) the potential amount of di10 rect and indirect greenhouse gas emis11 sions that are embedded in proved 

12 and probable hydrocarbon reserves, 

13 with each such calculation presented 

14 as a total and in subdivided categories 

15 by the type of reserve; 

16 (IV) the methodology of the cov17 ered issuer for detecting and miti18 gating fugitive methane emissions, 

19 which shall include the frequency with 

20 which applicable assets of the covered 

21 issuer are observed for methane leaks, 

22 the processes and technology that the 

23 covered issuer uses to detect methane 

24 leaks, the percentage of assets of the 

25 covered issuer that the covered issuer 


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1 inspects under that methodology, and 

2 quantitative and time-bound reduction 

3 goals of the issuer with respect to 

4 methane leaks; 

5 (V) the amount of water that the 

6 covered issuer withdraws from fresh7 water sources for use and consump8 tion in operations of the covered 

9 issuer; and 

10 (VI) the percentage of the water 

11 described in subclause (V) that comes 

12 from regions of water stress or that 

13 face wastewater management chal14 lenges; and 

15 (iii) any other information that the 

16 Commission, in consultation with the ap17 propriate climate principals and the Ad18 ministrator of the Environmental Protec19 tion Agency, the Secretary of Energy, the 

20 Secretary of the Interior, the Secretary of 

21 Agriculture determines is— 

22 (I) necessary; 

23 (II) appropriate to safeguard the 

24 public interest; or 


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1 (III) directed at ensuring that in2 vestors are informed in accordance 

3 with the findings described in section 

4 4; 

5 (3) with respect to a disclosure required under 

6 section 13(s) of the Securities Exchange Act of 

7 1934, require that a covered issuer include in such 

8 disclosure any other information, or use any climate9 related or greenhouse gas emissions metric, that the 

10 Commission, in consultation with the appropriate cli11 mate principals, determines is— 

12 (A) necessary; 

13 (B) appropriate to safeguard the public in14 terest; or 

15 (C) directed at ensuring that investors are 

16 informed in accordance with the findings de17 scribed in section 4; and 

18 (4) with respect to a disclosure required under 

19 section 13(s) of the Securities Exchange Act of 

20 1934, establish how and where the required disclo21 sures shall be addressed in the covered issuer’s an22 nual financial filing. 

23 (b) FORMATTING.—The Commission shall require 

24 issuers to disclose information in an interactive data for25 mat and shall develop standards for such format, which 


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1 shall include electronic tags for information that the Com2 mission determines is— 

3 (1) necessary; 

4 (2) appropriate to safeguard the public interest; 

5 or 

6 (3) directed at ensuring that investors are in7 formed in accordance with the findings described in 

8 paragraph (2)(B). 

9 (c) PERIODIC UPDATE OF RULES.—The Commission 

10 shall periodically update the rules issued under this sec11 tion to ensure that such rules further the purposes de12 scribed in section 4(2). 

13 SEC. 7. COMPILATION OF INFORMATION DISCLOSED. 

14 The Commission shall, to the maximum extent prac15 ticable make a compilation of the information disclosed by 

16 issuers pursuant to section 13(s) of the Securities Ex17 change Act of 1934 publicly available on the website of 

18 the Commission; and update such compilation at least 

19 once each year. 

20 SEC. 8. BACKSTOP. 

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

22 Act, the Commission has not issued rules pursuant to sec23 tion 6, and until such rules are issued, a covered issuer 

24 shall be deemed in compliance with section 13(s) of the 

25 Securities Exchange Act of 1934 if disclosures set forth 


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1 in the annual report of such issuer satisfy the rec2 ommendations of the Task Force on Climate-Related Fi3 nancial Disclosures of the Financial Stability Board as re4 ported in June 2017, or any successor report, and as sup5 plemented or adjusted by such rules, guidance, or other 

6 comments from the Commission. 

7 SEC. 9. REPORTS. 

8 (a) SECURITIES AND EXCHANGE COMMISSION.—The 

9 Commission shall— 

10 (1) conduct an annual assessment regarding the 

11 compliance of covered issuers with the requirements 

12 of section 13(s) of the Securities Exchange Act of 

13 1934, as added by section 5; 

14 (2) submit to the appropriate congressional 

15 committees a report that contains the results of each 

16 assessment conducted under paragraph (1); and 

17 (3) make each report submitted under para18 graph (2) accessible to the public. 

19 (b) GOVERNMENT ACCOUNTABILITY OFFICE.—The 

20 Comptroller General of the United States shall periodically 

21 evaluate, and report to the appropriate congressional com22 mittees on, the effectiveness of the Commission in carrying 

23 out and enforcing section 13(s) of the Securities Exchange 

24 Act of 1934, as added by section 5. 


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1 SEC. 10. SEVERABILITY. 

2 If any provision of this Act, an amendment made by 

3 this Act, or the application of this Act (or an amendment 

4 made by this Act) to any person or circumstance is held 

5 to be invalid, that holding shall have no effect with respect 

6 to— 

7 (1) the remainder of this Act; and 

8 (2) the application of the provision or amend9 ment, as applicable, to any other person or cir10 cumstance. 

11 SEC. 11. AUTHORIZATION OF APPROPRIATIONS. 

12 There are authorized to be appropriated to the Com13 mission such sums as may be necessary to carry out this 

14 Act. 

Æ 


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