To require the Board of Governors of the Federal Reserve System and the Securities and Exchange Commission to issue an annual report to Congress projecting and accounting for the economic costs directly and indirectly caused by the impacts of climate change, to require the Federal Retirement Thrift Investment Board to establish a Federal Advisory Panel on the Economics of Climate Change, and for other purposes.
About This Bill
Committee
Latest Action · March 12, 2024
Read twice and referred to the Committee on Homeland Security and Governmental Affairs.
The RESPOND Act of 2024 requires the Federal Reserve and Securities and Exchange Commission to jointly produce an annual report to Congress analyzing the economic costs of climate change, including its effects on labor markets, economic growth, property damage, and disaster relief expenses. The bill also directs the Federal Retirement Thrift Investment Board to establish a nine-member advisory panel of experts in labor policy and climate-focused finance to study how federal employee pension funds can align investment strategies with the nation's net-zero emissions goal by 2050 while maintaining fiduciary responsibility. The advisory panel must deliver its findings within one year and examine whether divesting from fossil fuel holdings would be financially beneficial, including analyzing low-carbon investment opportunities and comparing federal pension practices with other pension funds that have divested from fossil fuels. If the board determines it cannot profitably implement low-carbon strategies, the bill authorizes the creation of a new Climate Choice Stock Index Fund within the federal employee retirement system that excludes fossil fuel companies. The legislation authorizes up to $500,000 in funding for the advisory panel's operations.
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