Study on climate change and other environmental disclosures in municipal bond market

(a) In general The Securities and Exchange Commission shall— (1) conduct a study to determine the extent to which issuers of municipal securities (as such term is defined in section 3(a)(29) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(29)) make disclosures to investors regarding climate change and other environmental matters; and (2) solicit public comment with respect to such study. (b) Contents The study required under subsection (a) shall consider and analyze— (1) the frequency with which disclosures described in subsection (a)(1) are made; (2) whether such disclosures made by issuers of municipal securities in connection with offerings of securities align with such disclosures made by issuers of municipal securities in other contexts or to audiences other than investors; (3) any voluntary or mandatory disclosure standards observed by issuers of municipal securities in the course of making such disclosures; (4) the degree to which investors consider such disclosures in connection with making an investment decision; and (5) such other information as the Securities and Exchange Commission determines appropriate. (c) Report Not later than 1 year after the date of the enactment of this Act, the Securities and Exchange Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes— (1) the results of the study required under this section; (2) a detailed discussion of the financial risks to investors from investments in municipal securities; (3) whether such risks are adequately disclosed to investors; and (4) recommended regulatory or legislative steps to address any concerns identified in the study.