II 

116TH CONGRESS 

1ST SESSION S. 2075 

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 SENATE OF THE UNITED STATES 

JULY 10, 2019 

Ms. WARREN (for herself, Mr. SCHATZ, Mr. WHITEHOUSE, Mr. VAN HOLLEN, 

Ms. KLOBUCHAR, Mrs. GILLIBRAND, Mr. BENNET, Mr. BLUMENTHAL, 

Mr. BOOKER, Mr. MARKEY, Mr. MERKLEY, Ms. HARRIS, Ms. SMITH, 

Mrs. FEINSTEIN, Mr. SCHUMER, and Mr. CARPER) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

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 terms ‘‘appropriate climate principals’’, 

2 ‘‘climate change’’, ‘‘covered issuer’’, ‘‘physical risks’’, 

3 and ‘‘transition risks’’ have the meanings given 

4 those terms in subsection (s) of section 13 of the Se5 curities Exchange Act of 1934 (15 U.S.C. 78m), as 

6 added by section 5; 

7 (2) the term ‘‘appropriate congressional com8 mittees’’ means— 

9 (A) the Committee on Banking, Housing, 

10 and Urban Affairs of the Senate; and 

11 (B) the Committee on Financial Services 

12 of the House of Representatives; 

13 (3) the term ‘‘baseline scenario’’ means a widely 

14 recognized analysis scenario in which levels of green15 house gas emissions, as of the date on which the 

16 analysis is performed, continue to grow, resulting 

17 in— 

18 (A) an increase in the global average tem19 perature of 1.5 degrees Celsius or more above 

20 pre-industrial levels; and 

21 (B) the realization of physical risks relat22 ing to global climate change; 

23 (4) the term ‘‘carbon dioxide equivalent’’ means 

24 the number of metric tons of carbon dioxide emis25 sions with the same global warming potential as 1 


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1 metric ton of another greenhouse gas, as determined 

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

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

4 of enactment of this Act; 

5 (5) the term ‘‘commercial development of fossil 

6 fuels’’ includes— 

7 (A) exploration, extraction, processing, ex8 porting, transporting, and any other significant 

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

10 any byproduct thereof; and 

11 (B) acquiring a license for any activity de12 scribed in subparagraph (A); 

13 (6) the term ‘‘Commission’’ means the Securi14 ties and Exchange Commission; 

15 (7) the term ‘‘direct and indirect greenhouse 

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

17 issuer— 

18 (A) all direct greenhouse gas emissions re19 leased by the covered issuer; 

20 (B) all indirect greenhouse gas emissions 

21 with respect to electricity, heat, or steam pur22 chased by the covered issuer; 

23 (C) significant indirect emissions, other 

24 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 (8) 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 (9) 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 anthropogenically 

17 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 (10) the term ‘‘greenhouse gas emissions’’ 

22 means the emissions of greenhouse gas, expressed in 

23 terms of metric tons of carbon dioxide equivalent; 

24 (11) the term ‘‘social cost of carbon’’ means the 

25 monetized present value, discounted at a 3 percent 


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

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

3 net global costs over 300 years caused by the emis4 sion of carbon dioxide (or carbon dioxide equivalent, 

5 as applicable) that result from— 

6 (A) changes in net agricultural produc7 tivity; 

8 (B) decreases in capital and labor produc9 tivity; 

10 (C) effects on human health; 

11 (D) property damage from increased sea12 level rise, flooding, wildfires, and frequency and 

13 severity of extreme weather events; 

14 (E) the value of ecosystem services; and 

15 (F) any other type of economic, social, po16 litical, or natural disruption; 

17 (12) the term ‘‘value chain’’— 

18 (A) means the total lifecycle of a product 

19 or service, both before and after production of 

20 the product or service, as applicable; and 

21 (B) may include the sourcing of materials, 

22 production, and disposal with respect to the 

23 product or service described in subparagraph 

24 (A); 


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1 (13) the term ‘‘well below 1.5 degrees scenario’’ 

2 means a widely recognized, publicly available anal3 ysis scenario in which human interventions to com4 bat global climate change are likely to prevent the 

5 global average temperature from reaching 1.5 de6 grees Celsius above pre-industrial levels; and 

7 (14) the term ‘‘1.5 degree scenario’’ means a 

8 widely recognized, publicly available analysis sce9 nario in which human interventions to combat global 

10 climate change are likely to prevent the global aver11 age temperature from reaching 1.5 degrees Celsius 

12 above pre-industrial levels. 

13 SEC. 3. SENSE OF CONGRESS. 

14 It is the sense of Congress that— 

15 (1) climate change poses a significant and in16 creasing threat to the growth and stability of the 

17 economy of the United States; 

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

19 States and many businesses in the United States are 

20 exposed to multiple channels of climate-related risk, 

21 which may include exposure to— 

22 (A) the physical impacts of climate change, 

23 including the rise of the average global tem24 perature, accelerating sea-level rise, desertifica25 tion, ocean acidification, intensification of 


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1 storms, increase in heavy precipitation, more 

2 frequent and intense temperature extremes, 

3 more severe droughts, and longer wildfire sea4 sons; 

5 (B) the economic disruptions and security 

6 threats that result from the physical impacts 

7 described in subparagraph (A), including con8 flicts over scarce resources, conditions condu9 cive to violent extremism, the spread of infec10 tious diseases, and forced migration; and 

11 (C) the transition impacts that result as 

12 the global economy transitions to a clean and 

13 renewable energy, low-emissions economy, in14 cluding financial impacts as fossil fuel assets 

15 risk becoming stranded and it becomes uneco16 nomic for companies to develop fossil fuel assets 

17 as policymakers act to limit the worst impacts 

18 of climate change by keeping the rise in average 

19 global temperature to 1.5 degrees Celsius above 

20 pre-industrial levels; 

21 (3) assessing the potential impact of climate-re22 lated risks on national and international financial 

23 systems is an urgent concern; 


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1 (4) companies have a duty to disclose financial 

2 risks that climate change presents to their investors, 

3 lenders, and insurers; 

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

5 risk-informed securities market that is worthy of the 

6 trust of the public as families invest for their fu7 tures; 

8 (6) investors, lenders, and insurers are increas9 ingly demanding climate risk information that is 

10 consistent, comparable, reliable, and clear; 

11 (7) including standardized, material climate 

12 change risk and opportunity disclosure that is useful 

13 for decision makers in annual reports to the Com14 mission will increase transparency with respect to 

15 risk accumulation and exposure in financial markets; 

16 (8) requiring companies to disclose climate-re17 lated risk exposure and risk management strategies 

18 will encourage a smoother transition to a clean and 

19 renewable energy, low-emissions economy and guide 

20 capital allocation to mitigate, and adapt to, the ef21 fects of climate change and limit damages associated 

22 with climate-related events and disasters; and 

23 (9) a critical component in fighting climate 

24 change is a transparent accounting of the risks that 


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1 climate change presents and the implications of con2 tinued inaction with respect to climate change. 

3 SEC. 4. FINDINGS. 

4 Congress finds that— 

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

6 and economic risks and opportunities relating to cli7 mate change, and the national and global reduction 

8 of greenhouse gas emissions, constitute information 

9 that issuers— 

10 (A) may reasonably expect to affect share11 holder decision making; and 

12 (B) should regularly identify, evaluate, and 

13 disclose; and 

14 (2) the disclosure of information described in 

15 paragraph (1) should— 

16 (A) identify, and evaluate— 

17 (i) material physical and transition 

18 risks posed by climate change; and 

19 (ii) the potential financial impact of 

20 risks described in clause (i); 

21 (B) detail any implications that the risks 

22 described in subparagraph (A)(i) have on cor23 porate strategy; 

24 (C) detail any board-level oversight of ma25 terial climate-related risks and opportunities; 


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

2 comparison, to the extent practicable, of cli3 mate-related risk exposure through the inclu4 sion of standardized industry-specific and sec5 tor-specific disclosure metrics, as identified by 

6 the Commission, in consultation with the appro7 priate climate principals; 

8 (E) allow for tracking of performance over 

9 time with respect to mitigating climate risk ex10 posure; and 

11 (F) incorporate a price on greenhouse gas 

12 emissions in financial analyses that reflects, at 

13 minimum, the social cost of carbon that is at14 tributable to issuers. 

15 SEC. 5. DISCLOSURES RELATING TO CLIMATE CHANGE. 

16 (a) IN GENERAL.—Section 13 of the Securities Ex17 change Act of 1934 (15 U.S.C. 78m) is amended by add18 ing at the end the following: 

19 ‘‘(s) DISCLOSURES RELATING TO CLIMATE

20 CHANGE.— 

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

22 ‘‘(A) the term ‘appropriate climate prin23 cipals’ means— 

24 ‘‘(i) the Administrator of the Environ25 mental Protection Agency; 


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1 ‘‘(ii) the Secretary of Energy; 

2 ‘‘(iii) the Administrator of the Na3 tional Oceanic and Atmospheric Adminis4 tration; 

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

6 Management and Budget; and 

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

8 agency determined appropriate by the 

9 Commission; 

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

11 change of climate that is— 

12 ‘‘(i) attributed directly or indirectly to 

13 human activity that alters the composition 

14 of the global atmosphere; and 

15 ‘‘(ii) in addition to natural climate 

16 variability observed over comparable time 

17 periods; 

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

19 issuer that is required to file an annual report 

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

21 ‘‘(D) the term ‘physical risks’ means finan22 cial risks to long-lived fixed assets, locations, 

23 operations, or value chains that result from ex24 posure to physical climate-related effects, in25 cluding— 


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1 ‘‘(i) increased average global tempera2 tures and increased frequency of tempera3 ture extremes; 

4 ‘‘(ii) increased severity and frequency 

5 of extreme weather events; 

6 ‘‘(iii) increased flooding; 

7 ‘‘(iv) sea-level rise; 

8 ‘‘(v) ocean acidification; 

9 ‘‘(vi) increased frequency of wildfires; 

10 ‘‘(vii) decreased arability of farmland; 

11 ‘‘(viii) decreased availability of fresh 

12 water; and 

13 ‘‘(ix) any other financial risks to long14 lived fixed assets, locations, operations, or 

15 value chains determined appropriate by the 

16 Commission, in consultation with appro17 priate climate principals; 

18 ‘‘(E) the term ‘transition risks’ means fi19 nancial risks that are attributable to climate 

20 change mitigation and adaptation, including ef21 forts to reduce greenhouse gas emissions and 

22 strengthen resilience to the impacts of climate 

23 change, including— 

24 ‘‘(i) costs relating to— 


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1 ‘‘(I) international treaties and 

2 agreements; 

3 ‘‘(II) Federal, State, and local 

4 policy; 

5 ‘‘(III) new technologies; 

6 ‘‘(IV) changing markets; 

7 ‘‘(V) reputational impacts rel8 evant to changing consumer behavior; 

9 and 

10 ‘‘(VI) litigation; and 

11 ‘‘(ii) assets that may lose value or be12 come stranded due to any of the costs de13 scribed in subclauses (I) through (VI) of 

14 clause (i); 

15 ‘‘(2) DISCLOSURE.—Each covered issuer, in any 

16 annual report filed by the covered issuer under sub17 section (a) or section 15(d), shall, in accordance 

18 with any rules issued by the Commission pursuant 

19 to the Climate Risk Disclosure Act of 2019, include 

20 in each such report information regarding— 

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

22 potential financial impacts of, and any risk 

23 management strategies relating to— 

24 ‘‘(i) physical risks posed to the cov25 ered issuer by climate change; and 


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1 ‘‘(ii) transition risks posed to the cov2 ered issuer by climate change; 

3 ‘‘(B) a description of any established cor4 porate governance processes and structures to 

5 identify, assess, and manage climate-related 

6 risks; 

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

8 the covered issuer is taking to mitigate identi9 fied risks; 

10 ‘‘(D) a description of the resilience of the 

11 strategy of the covered issuer for addressing cli12 mate risks, taking into account different cli13 mate scenarios; and 

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

15 incorporated into the overall risk management 

16 strategy of the covered issuer. 

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

18 paragraph (2) may be construed as precluding a cov19 ered issuer from including, in an annual report sub20 mitted under subsection (a) or section 15(d), any in21 formation not explicitly referenced in that para22 graph.’’. 

23 SEC. 6. RULEMAKING. 

24 (a) CLIMATE RISK DISCLOSURE RULES.—Not later 

25 than 2 years after the date of enactment of this Act, the 


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1 Commission, in consultation with the appropriate climate 

2 principals, shall issue rules with respect to the information 

3 that a covered issuer is required to disclose pursuant to 

4 subsection (s) of section 13 of the Securities Exchange 

5 Act of 1934 (15 U.S.C. 78m), as added by section 5, 

6 which shall— 

7 (1) establish, in consultation with the appro8 priate climate principals, climate-related risk disclo9 sure guidance, which shall— 

10 (A) be, to the extent practicable, special11 ized for industries within specific sectors of the 

12 economy, which shall include— 

13 (i) the sectors of finance, insurance, 

14 transportation, electric power, mining, and 

15 non-renewable energy; and 

16 (ii) any other sector determined ap17 propriate by the Commission, in consulta18 tion with the appropriate climate prin19 cipals; 

20 (B) include reporting standards for esti21 mating and disclosing direct and indirect green22 house gas emissions by a covered issuer, and 

23 any affiliates of the covered issuer, which 

24 shall— 


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1 (i) separate, to the extent practicable, 

2 the total emissions of each specified green3 house gas by the covered issuer; and 

4 (ii) include greenhouse gas emissions 

5 by the covered issuer during the period 

6 covered by the disclosure; 

7 (C) include reporting standards for dis8 closing, with respect to a covered issuer— 

9 (i) the total amount of fossil fuel-re10 lated assets owned or managed by the cov11 ered issuer; and 

12 (ii) the percentage of fossil fuel-re13 lated assets as a percentage of total assets 

14 owned or managed by the covered issuer; 

15 (D) establish a minimum social cost of car16 bon, which— 

17 (i) shall be considered a minimum 

18 price with respect to costs associated with 

19 carbon emissions; 

20 (ii) a covered issuer shall use in pre21 paring climate-related disclosure state22 ments; and 

23 (iii) the Commission shall make pub24 licly available, including all assumptions 

25 and methods used in the calculations; 


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1 (E) not preclude a covered issuer from 

2 using and disclosing, as compared with the 

3 price established under subparagraph (D), a 

4 higher price of greenhouse gas emissions; 

5 (F) specify requirements for, and the dis6 closure of, input parameters, assumptions, and 

7 analytical choices to be used in climate scenario 

8 analyses required under paragraph (2)(A), in9 cluding— 

10 (i) present value discount rates; 

11 (ii) time frames to consider, including 

12 5-, 10-, and 20-year time frames; and 

13 (iii) the minimum pricing of green14 house gas emissions, as established under 

15 subparagraph (D) and subject to subpara16 graph (E); and 

17 (G) include, after consultation with the 

18 Administrator of the Environmental Protection 

19 Agency, the Secretary of Energy, the Secretary 

20 of the Interior, the Secretary of Agriculture, the 

21 Secretary of Transportation, the Chair of the 

22 Council on Environmental Quality, and the Di23 rector of the Office of Science and Technology 

24 Policy documentation standards and guidance 


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1 with respect to the information required under 

2 paragraph (2)(C); 

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

4 to a disclosure required under subsection (s) of sec5 tion 13 of the Securities Exchange Act of 1934 (15 

6 U.S.C. 78m), as added by section 5— 

7 (A) incorporate into the disclosure— 

8 (i) quantitative analysis to support 

9 any qualitative statement made by the cov10 ered issuer; 

11 (ii) the guidance established under 

12 paragraph (1); 

13 (iii) industry-specific metrics that 

14 comply with the requirements under para15 graph (1)(A); 

16 (iv) specific risk management actions 

17 that the covered issuer is taking to address 

18 identified risks; 

19 (v) a discussion of the short-, me20 dium-, and long-term resilience of any risk 

21 management strategy, and the evolution of 

22 applicable risk metrics, of the covered 

23 issuer under each scenario described in 

24 paragraph (1)(B); 


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1 (vi) the total cost of carbon attrib2 utable to the direct and indirect green3 house gas emissions of the covered issuer, 

4 using, at minimum, the social cost of car5 bon; and 

6 (vii) any other information, or use any 

7 climate-related or greenhouse gas emis8 sions metric, that the Commission, in con9 sultation with the appropriate climate prin10 cipals, determines is— 

11 (viii) necessary; 

12 (ix) appropriate to safeguard the pub13 lic interest; or 

14 (x) directed at ensuring that investors 

15 are informed in accordance with the find16 ings described in section 4; 

17 (B) consider, when preparing any quali18 tative or quantitative risk analysis statement 

19 contained in the disclosure— 

20 (i) a baseline scenario that includes 

21 physical impacts of climate change; 

22 (ii) a well below 1.5 degrees scenario; 

23 and 

24 (iii) any additional climate analysis 

25 scenario considered appropriate by the 


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1 Commission, in consultation with the ap2 propriate climate principals; and 

3 (C) if the covered issuer engages in the 

4 commercial development of fossil fuels, include 

5 in the disclosure— 

6 (i) an estimate of the total and a 

7 disaggregated amount of direct and indi8 rect greenhouse gas emissions of the cov9 ered issuer that are attributable to— 

10 (I) combustion; 

11 (II) flared hydrocarbons; 

12 (III) process emissions; 

13 (IV) directly vented emissions; 

14 (V) fugitive emissions or leaks; 

15 and 

16 (VI) land use changes; 

17 (ii) a description of— 

18 (I) the sensitivity of fossil fuel re19 serves levels to future price projection 

20 scenarios that incorporate the social 

21 cost of carbon into hydrocarbon pric22 ing; 

23 (II) the percentage of the re24 serves of the covered issuer that will 

25 be developed under the scenarios esVerDate Sep 11 2014 00:40 Jul 12, 2019 Jkt 089200 PO 00000 Frm 00020 Fmt 6652 Sfmt 6201 E:\BILLS\S2075.IS S2075

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1 tablished in subparagraph (B), as well 

2 as a forecast for the development 

3 prospects of each reserve under the 

4 scenarios established in subparagraph 

5 (B); 

6 (III) the potential amount of di7 rect and indirect greenhouse gas emis8 sions that are embedded in proved 

9 and probable hydrocarbon reserves, 

10 with each such calculation presented 

11 as a total and in subdivided categories 

12 by the type of reserve; 

13 (IV) the methodology of the cov14 ered issuer for detecting and miti15 gating fugitive methane emissions, 

16 which shall include— 

17 (aa) the frequency with 

18 which applicable assets of the 

19 covered issuer are observed for 

20 methane leaks; 

21 (bb) the processes and tech22 nology that the covered issuer 

23 uses to detect methane leaks; 

24 (cc) the percentage of assets 

25 of the covered issuer that the 


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1 covered issuer inspects under 

2 that methodology; and 

3 (dd) quantitative and time4 bound reduction goals of the cov5 ered issuer with respect to meth6 ane leaks; 

7 (V) the amount of water that the 

8 covered issuer withdraws from fresh9 water sources for use and consump10 tion in operations of the covered 

11 issuer; and 

12 (VI) the percentage of the water 

13 described in subclause (V) that comes 

14 from regions of water stress or that 

15 face wastewater management chal16 lenges; and 

17 (iii) any other information that the 

18 Commission, in consultation with the ap19 propriate climate principals and the Ad20 ministrator of the Environmental Protec21 tion Agency, the Secretary of Energy, the 

22 Secretary of the Interior, and the Sec23 retary of Agriculture determines is— 

24 (I) necessary; 


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1 (II) appropriate to safeguard the 

2 public interest; or 

3 (III) directed at ensuring that in4 vestors are informed in accordance 

5 with the findings described in section 

6 4; and 

7 (3) establish how and where the required disclo8 sures shall be addressed in the annual financial fil9 ing of a covered issuer. 

10 (b) FORMATTING.—The Commission shall— 

11 (1) require covered issuers to disclose informa12 tion in an interactive data format; and 

13 (2) develop standards for the format described 

14 in paragraph (1), which shall include electronic tags 

15 for information that the Commission determines is— 

16 (A) necessary; 

17 (B) appropriate to safeguard the public in18 terest; or 

19 (C) directed at ensuring that investors are 

20 informed in accordance with the findings de21 scribed in section 4. 

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

23 shall periodically update the rules issued under this sec24 tion to ensure that the rules further the findings described 

25 in section 4(2). 


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1 SEC. 7. COMPILATION OF INFORMATION DISCLOSED. 

2 The Commission shall, to the maximum extent prac3 ticable— 

4 (1) make a compilation of the information dis5 closed by issuers pursuant to subsection (s) of sec6 tion 13 of the Securities Exchange Act of 1934 (15 

7 U.S.C. 78m), as added by section 5, publicly avail8 able on the website of the Commission; and 

9 (2) update the compilation described in para10 graph (1) not less frequently than once each year. 

11 SEC. 8. BACKSTOP. 

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

13 the Commission has not issued rules pursuant to section 

14 6, and until those rules are issued, a covered issuer shall 

15 be deemed in compliance with subsection (s) of section 13 

16 of the Securities Exchange Act of 1934 (15 U.S.C. 78m), 

17 as added by section 5, if disclosures set forth in the annual 

18 report of the covered issuer satisfy the recommendations 

19 of the Task Force on Climate-related Financial Disclo20 sures of the Financial Stability Board as reported in June 

21 2017, or any successor report, and as supplemented or ad22 justed by such rules, guidance, or other comments from 

23 the Commission. 

24 SEC. 9. REPORTS. 

25 (a) SECURITIES AND EXCHANGE COMMISSION.—The 

26 Commission shall— 


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1 (1) conduct an annual assessment regarding the 

2 compliance of covered issuers with the requirements 

3 of subsection (s) of section 13 of the Securities Ex4 change Act of 1934 (15 U.S.C. 78m), as added by 

5 section 5; 

6 (2) submit to the appropriate congressional 

7 committees a report that contains the results of each 

8 assessment conducted under paragraph (1); and 

9 (3) make each report submitted under para10 graph (2) accessible to the public. 

11 (b) GOVERNMENT ACCOUNTABILITY OFFICE.—The 

12 Comptroller General of the United States shall periodically 

13 evaluate, and report to the appropriate congressional com14 mittees on, the effectiveness of the Commission in carrying 

15 out and enforcing subsection (s) of section 13 of the Secu16 rities Exchange Act of 1934 (15 U.S.C. 78m), as added 

17 by section 5. 

18 SEC. 10. SEVERABILITY. 

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

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

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

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

23 to— 

24 (1) the remainder of this Act; and 


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1 (2) the application of the provision or amend2 ment, as applicable, to any other person or cir3 cumstance. 

4 SEC. 11. AUTHORIZATION OF APPROPRIATIONS. 

5 There are authorized to be appropriated to the Com6 mission such sums as may be necessary to carry out this 

7 Act. 

Æ 


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