Bill > S3922

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 Board of Governors of the Federal Reserve System 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 effects on the labor market, economic growth, public health, property and land damage, and the costs of natural disaster relief and mitigation. 2. It establishes the Federal Advisory Panel on the Economics of Climate Change within the Federal Retirement Thrift Investment Board, which will advise the Board on investment strategies that align with the goal of the United States to achieve net zero greenhouse gas emissions by 2050, identify clean and renewable energy investment opportunities, and recommend ways to identify, assess, and manage climate-related investment risks. 3. If the Federal Retirement Thrift Investment Board determines that it would be financially profitable and consistent with its fiduciary duties, it must establish a plan to transition its investment practices to low-carbon strategies. 4. If the Board is unable to make such a determination, the bill amends federal law to require the establishment of a "Climate Choice Stock Index Fund" within the Thrift Savings Plan, which would invest in a portfolio designed to replicate the performance of a commonly recognized index while excluding investments in fossil fuel entities.