Bill > S606

This bill, the RESPOND Act of 2021 (Restructuring Environmentally Sound Pensions in Order to Negate Disaster Act of 2021), has several key provisions: 1. It requires the Federal Reserve and Securities and Exchange Commission to jointly submit an annual report to Congress projecting and accounting for the economic costs caused directly and indirectly by the impacts of climate change, including effects on the labor market, economic growth, public health, property/land damage from rising sea levels and extreme weather, and costs associated with natural disaster relief and mitigation. 2. It establishes a Federal Advisory Panel on the Economics of Climate Change under the Federal Retirement Thrift Investment Board to advise the Board on investing in a way that helps the U.S. achieve net zero greenhouse gas emissions by 2050, identify investment opportunities in clean/renewable energy, and assess the investment risks and opportunities of climate change. 3. It directs the Federal Retirement Thrift Investment Board to establish a "Climate Choice Stock Index Fund" that would invest in a portfolio designed to replicate a commonly recognized stock index while ensuring no investment is made in fossil fuel entities.