establish how and where the required disclosures shall 
be addressed in the covered issuer’s annual financial 
filing. 
(b) FORMATTING.—The Commission shall require 
issuers to disclose information in an interactive data for-
mat and shall develop standards for such format, which 
shall include electronic tags for information that the Com-
mission determines is— 
(1) necessary; 
(2) appropriate to safeguard the public interest; 
or 
(3) directed at ensuring that investors are in-
formed in accordance with the findings described in 
section 4. 
(c) PERIODIC UPDATE OF RULES.—The Commission 
shall periodically update the rules issued under this section 
to ensure that such rules further the findings in section 4(2). 
SEC. 7. COMPILATION OF INFORMATION DISCLOSED. 
The Commission shall, to the maximum extent prac-
ticable make a compilation of the information disclosed by 
issuers pursuant to section 13(s) of the Securities Exchange 
Act of 1934 publicly available on the website of the Commis-
sion and update such compilation at least once each year. 
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SEC. 8. BACKSTOP. 
If, 2 years after the date of the enactment of this Act, 
the Commission has not issued rules pursuant to section 
6, and until such rules are issued, a covered issuer shall 
be deemed in compliance with section 13(s) of the Securities 
Exchange Act of 1934 if disclosures set forth in the annual 
report of such issuer satisfy the recommendations of the 
Task Force on Climate-related Financial Disclosures of the 
Financial Stability Board as reported in June, 2017, or 
any successor report, and as supplemented or adjusted by 
such rules, guidance, or other comments from the Commis-
sion. 
SEC. 9. REPORTS. 
(a) SECURITIES AND EXCHANGE COMMISSION.—The 
Commission shall— 
(1) conduct an annual assessment regarding the 
compliance of covered issuers with the requirements of 
section 13(s) of the Securities Exchange Act of 1934, 
as added by section 5; 
(2) submit to the appropriate congressional com-
mittees a report that contains the results of each as-
sessment conducted under paragraph (1); and 
(3) make each report submitted under paragraph 
(2) accessible to the public. 
(b) GOVERNMENT
ACCOUNTABILITY
OFFICE.—The 
Comptroller General of the United States shall periodically 
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evaluate, and report to the appropriate congressional com-
mittees on, the effectiveness of the Commission in carrying 
out and enforcing section 13(s) of the Securities Exchange 
Act of 1934, as added by section 5. 
SEC. 10. SEVERABILITY. 
If any provision of this Act, an amendment made by 
this Act, or the application of this Act (or an amendment 
made by this Act) to any person or circumstance is held 
to be invalid, that holding shall have no effect with respect 
to— 
(1) the remainder of this Act; and 
(2) the application of the provision or amend-
ment, as applicable, to any other person or cir-
cumstance. 
SEC. 11. AUTHORIZATION OF APPROPRIATIONS. 
There are authorized to be appropriated to the Com-
mission such sums as may be necessary to carry out this 
Act. 
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Union Calendar No. 461 
116TH CONGRESS 
2D SESSION 
H. R. 3623 
[Report No. 116–563, Part I] 
A BILL 
To amend the Securities Exchange Act of 1934 to 
require issuers to disclose certain activities relat-
ing to climate change, and for other purposes. 
OCTOBER 27, 2020 
Reported from the Committee on Financial Services with 
an amendment 
OCTOBER 27, 2020 
Committee on Energy and Commerce discharged; com-
mitted to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
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