Sec. 104. Sustainable Finance Advisory Committee
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Section 4 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d ) is amended by adding at the end the following: The Commission shall establish a permanent advisory committee to be called the Sustainable Finance Advisory Committee (in this subsection referred to as the Committee ). The Committee shall— submit a report to the Commission not later than 18 months after the date of the first meeting of the Committee that— identifies the challenges and opportunities for investors associated with sustainable finance; and recommends policy changes to facilitate the flow of capital towards sustainable investments, in particular environmentally sustainable investments; when solicited, advise the Commission on sustainable finance; and communicate with individuals and entities with an interest in sustainable finance.
The Committee shall consist of no more than 20 members who shall each serve for one four-year term. Each member shall represent individuals and entities with an interest in sustainable finance, such as— experts on sustainable finance; operators of financial infrastructure; entities that provide analysis, data, or methodologies that facilitate sustainable finance; insurance companies, pension funds, asset managers, depository institutions, or credit unions; or other financial institutions that intermediate investments in sustainable finance or manage risks related to sustainable development.
A member may not represent a single individual or entity and shall represent types of individuals and entities with similar interests in sustainable finance. The Commission shall— publish criteria for selection of members on the website of the Commission and in the Federal Register; and solicit applications for membership on the website of the Commission and in the Federal Register. From the individuals who submit applications for membership, each Commissioner of the Commission shall select an equal number of the members of the Committee.
Members may not receive pay by reason of their service on the Committee but may receive travel or transportation expenses in accordance with applicable provisions under subchapter I of chapter 57 of title 5, United States Code. The name of each member and the types of individuals and entities that such member represents shall be published on the website of the Commission. The Committee shall be supported by staff from the Office of the Investor Advocate of the Commission that are dedicated to environmental, social and governance (in this subsection referred to as ESG ) issues.
There are authorized to be appropriated such sums as are necessary to finance costs associated with staff dedicated to ESG issues in the Office of the Investor Advocate of the Commission. For the purposes of this subsection, the term sustainable finance means the provision of finance with respect to investments taking into account environmental, social, and governance considerations. The Commission shall, not later than 6 months after the date on which the Committee submits a report to the Commission pursuant to paragraph (2)(A), publish a response to such report. .
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Sec. 104
Sustainable Finance Advisory Committee
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