0
0

Freedom to Invest in a Sustainable Future Act

12/15/2023, 4:06 PM

Summary of Bill S 523

Bill 118 s 523, also known as the Freedom to Invest in a Sustainable Future Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to promote sustainable investing by removing barriers that prevent individuals and institutions from investing in companies that prioritize environmental, social, and governance (ESG) factors.

The bill aims to achieve this goal by requiring the Securities and Exchange Commission (SEC) to establish a Sustainable Finance Advisory Committee. This committee would be responsible for advising the SEC on how to incorporate ESG factors into its regulatory framework and promote sustainable investing practices.

Additionally, the bill would require the SEC to conduct a study on the impact of ESG factors on investment performance and provide guidance to investors on how to evaluate the sustainability of their investments. Overall, the Freedom to Invest in a Sustainable Future Act seeks to encourage more responsible and sustainable investing practices in the US financial markets. It is currently being debated in Congress and has garnered support from both Democrats and Republicans who believe in the importance of promoting sustainability in the investment sector.

Congressional Summary of S 523

Freedom to Invest in a Sustainable Future Act

This bill provides statutory authority for fiduciaries of employer-sponsored retirement plans to consider environmental, social, governance, or similar factors when making investment decisions.

Current Status of Bill S 523

Bill S 523 is currently in the status of Bill Introduced since February 16, 2023. Bill S 523 was introduced during Congress 118 and was introduced to the Senate on February 16, 2023.  Bill S 523's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of February 16, 2023

Bipartisan Support of Bill S 523

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
16
Democrat Cosponsors
14
Republican Cosponsors
0
Unaffiliated Cosponsors
2

Policy Area and Potential Impact of Bill S 523

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill S 523

Freedom to Invest in a Sustainable Future Act
Freedom to Invest in a Sustainable Future Act
A bill to amend the Employee Retirement Income Security Act of 1974 to permit retirement plans to consider certain factors in investment decisions.

Comments