SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Protecting Retail In-
vestors’ Savings Act’’. 
SEC. 2. BEST INTEREST BASED ON PECUNIARY FACTORS. 
(a) IN GENERAL.—Section 211(g) of the Investment 
Advisers Act of 1940 (15 U.S.C. 80b–11(g)) is amended 
by adding at the end the following: 
‘‘(3) BEST
INTEREST
BASED
ON
PECUNIARY 
FACTORS.— 
‘‘(A) IN GENERAL.—For purposes of para-
graph (1), the best interest of a customer shall 
be determined using pecuniary factors, which 
may not be subordinated to or limited by non- 
pecuniary factors, unless the customer provides 
informed consent, in writing, that such non-pe-
cuniary factors be considered. 
‘‘(B) DISCLOSURE
OF
PECUNIARY
FAC-
TORS.—If a customer provides a broker, dealer, 
or investment adviser with the informed consent 
to consider non-pecuniary factors described 
under subparagraph (A), the broker, dealer, or 
investment adviser shall— 
‘‘(i) disclose the expected pecuniary 
effects to the customer over a time period 
selected by the customer and not to exceed 
three years; and 
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‘‘(ii) at the end of the time period de-
scribed in clause (i), disclose, by compari-
son to a reasonably comparable index or 
basket of securities selected by the cus-
tomer, the actual pecuniary effects of that 
time period, including all fees, costs, and 
other expenses incurred to consider non-pe-
cuniary factors. 
‘‘(C) PECUNIARY
FACTOR
DEFINED.—In 
this paragraph, the term ‘pecuniary factor’ 
means a factor that a fiduciary prudently deter-
mines is expected to have a material effect on 
the risk or return of an investment based on 
appropriate investment horizons.’’. 
(b) RULEMAKING.—Not later than the end of the 12- 
month period beginning on the date of enactment of this 
Act, the Securities and Exchange Commission shall revise 
or issue such rules as may be necessary to implement the 
amendment made by subsection (a). 
(c) APPLICABILITY.—The amendment made by sub-
section (a) shall apply to actions taken by a broker, dealer, 
or investment adviser beginning on the date that is 12 
months after the date of enactment of this Act. 
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SEC. 3. STUDY ON CLIMATE CHANGE AND OTHER ENVIRON-
MENTAL DISCLOSURES IN MUNICIPAL BOND 
MARKET. 
(a) IN GENERAL.—The Securities and Exchange 
Commission shall— 
(1) conduct a study to determine the extent to 
which issuers of municipal securities (as such term 
is defined in section 3(a)(29) of the Securities Ex-
change Act of 1934 (15 U.S.C. 78c(a)(29)) make 
disclosures to investors regarding climate change 
and other environmental matters; and 
(2) solicit public comment with respect to such 
study. 
(b) CONTENTS.—The study required under sub-
section (a) shall consider and analyze— 
(1) the frequency with which disclosures de-
scribed in subsection (a)(1) are made; 
(2) whether such disclosures made by issuers of 
municipal securities in connection with offerings of 
securities align with such disclosures made by 
issuers of municipal securities in other contexts or to 
audiences other than investors; 
(3) any voluntary or mandatory disclosure 
standards observed by issuers of municipal securities 
in the course of making such disclosures; 
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(4) the degree to which investors consider such 
disclosures in connection with making an investment 
decision; and 
(5) such other information as the Securities 
and Exchange Commission determines appropriate. 
(c) REPORT.—Not later than 1 year after the date 
of the enactment of this Act, the Securities and Exchange 
Commission shall submit to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Com-
mittee on Financial Services of the House of Representa-
tives a report that includes— 
(1) the results of the study required under this 
section; 
(2) a detailed discussion of the financial risks 
to investors from investments in municipal securi-
ties; 
(3) whether such risks are adequately disclosed 
to investors; and 
(4) recommended regulatory or legislative steps 
to address any concerns identified in the study. 
SEC. 4. STUDY ON SOLICITATION OF MUNICIPAL SECURI-
TIES BUSINESS. 
(a) IN GENERAL.—The Securities and Exchange 
Commission shall— 
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(1) conduct a study on the effectiveness of each 
covered rule in preventing the payment of funds to 
elected officials or candidates for elected office in ex-
change for the receipt of government business in 
connection with the offer or sale of municipal securi-
ties; and 
(2) solicit public comment with respect to such 
study. 
(b) CONTENTS.—The study required under sub-
section (a) shall consider and analyze— 
(1) the effectiveness of each covered rule, in-
cluding whether each covered rule accomplishes the 
intended effect of such covered rule and has any un-
intended adverse effects; 
(2) the frequency and scope of enforcement ac-
tions undertaken pursuant to each covered rule; 
(3) the degree to which— 
(A) persons subject to each covered rule— 
(i) have in effect policies and proce-
dures intended to ensure compliance with 
each such covered rule; and 
(ii) are disadvantaged from partici-
pating in the political process generally 
and in relation to persons who solicit or re-
ceive government business or government 
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