Bill > HR7625

This bill, the Restructuring Environmentally Sound Pensions in Order to Negate Disaster Act of 2024 (or the RESPOND Act of 2024), has several key provisions: 1. It requires the Federal Reserve and the Securities and Exchange Commission to jointly submit an annual report to Congress projecting and accounting for the economic costs directly and indirectly caused by the impacts of climate change, including on the labor market, economic growth, public health, property and land damage, and natural disaster relief and mitigation. 2. It establishes a Federal Advisory Panel on the Economics of Climate Change within the Federal Retirement Thrift Investment Board to advise the Board on how to implement investment strategies aligned with the U.S. goal of achieving net-zero greenhouse gas emissions by 2050, identify clean energy investment opportunities, and assess the investment risks and opportunities of climate change. 3. If the Board is unable to determine that low-carbon investment strategies would be financially profitable and consistent with its fiduciary duties, the bill amends the law to create a "Climate Choice Stock Index Fund" that will invest in a portfolio designed to replicate a commonly recognized stock index while excluding investments in fossil fuel entities.