The Territories Health Equity Act (Cong. Rec., June 16, 2021)
Summary
Congressional Record, House, page H2830, June 16, 2021. In one-minute speeches, Bustos describes a visit to Lifescape in Rockford, Illinois, Garcia of Texas urges investment in an inclusive care economy, and Plaskett speaks in support of a bill, the Territories Health Equity Act of 2021, on Medicaid, Medicare, and other Federal health programs for the territories. Waters, pursuant to House Resolution 473, calls up the bill to provide for disclosure of additional material information about public companies and establish a Sustainable Finance Advisory Committee. The printed text of the ESG Disclosure Simplification Act of 2021 includes findings and a rulemaking requirement for ESG metrics.
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“The Territories Health Equity Act (Cong. Rec., June 16, 2021).”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crec-crec-2021-06-16-crec-2021-06-16-pt1-pgh2830-f85bebcbce/
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H2830 CONGRESSIONAL RECORD — HOUSE June 16, 2021
LIFESCAPE HELPS FAMILIES b 1230 SEC. 102. FINDINGS.
Congress finds the following:
(Mrs. BUSTOS asked and was given CONGRESS MUST INVEST IN AN (1) The Securities and Exchange Commission
permission to address the House for 1 INCLUSIVE CARE ECONOMY has broad authority to require the disclosure of
minute.) (Ms. GARCIA of Texas asked and was information if such information is in the interest
Mrs. BUSTOS. Mr. Speaker, I rise in of, or is material to investors.
given permission to address the House (2) The Commission does not require compa-
support of efforts to build back our for 1 minute and to revise and extend
care economy. I recently toured a place nies to disclose information related to environ-
her remarks.) mental, social, and governance (‘‘ESG’’) mat-
called Lifescape in Rockford, Illinois, Ms. GARCIA of Texas. Mr. Speaker, I ters, and does not require companies to adhere
where I met a woman named Miss rise today to urge my colleagues to in- to standards for disclosing such information.
Selma. vest in an inclusive care economy to (3) Investors have reported that voluntary dis-
Miss Selma lives with her daughter help our families recover from the dev- closures of ESG metrics are inadequate.
and her granddaughter, and she has astating effects of this pandemic. (4) A rule requiring reporting and standard-
three generations under one roof. ization of ESG disclosures is in the interest of
As the price of childcare and investors.
Three generations where she was the eldercare increases, many mothers and
major caretaker for many years. (5) ESG matters are material to investors, and
women in my district had to leave the the Commission must establish standards for dis-
About a decade ago she had a stroke, workforce. In a country like ours, this closure of such matters.
and so now her daughter has to take is totally unacceptable. Mothers are SEC. 103. ESG DISCLOSURES.
care of her. But she has to go to work the backbone of our society and the (a) IN GENERAL.—Section 14 of the Securities
also. So it is places like Lifescape that pillar of my district. Exchange Act of 1934 (15 U.S.C. 78n) is amended
help families get back to work so they This is why, during our week of ac- by adding at the end the following:
can make sure that their loved ones tion last week, I visited a childcare ‘‘(k) ESG DISCLOSURES.—
are cared for while they also make a center run by a constituent in Deer ‘‘(1) IN GENERAL.—Each issuer the securities
living. of which are registered under section 12 or that
Park servicing children with special is required to file annual reports under section
The global pandemic put a spotlight needs; and I also visited an eldercare 15(d) shall disclose in any proxy or consent so-
on the need to invest in our care econ- center in Pasadena, in my district. licitation material for an annual meeting of the
omy and places like Lifescape. Because I witnessed firsthand the lifesaving, shareholders—
of the CARES Act, Lifescape expanded life-changing benefits out of an inclu- ‘‘(A) a clear description of the views of the
their home meal delivery service by 800 sive care economy for our children and issuer about the link between ESG metrics and
meals every single day and allowed for our seniors. the long-term business strategy of the issuer;
the care of people like Miss Selma. Investing in an inclusive care econ- and
As we continue to negotiate an infra- ‘‘(B) a description of any process the issuer
omy could benefit my district and com- uses to determine the impact of ESG metrics on
structure package, we need to invest in munities of color that lack resources the long-term business strategy of the issuer.
our care economy in order to get our to overcome the impacts of this pan- ‘‘(2) ESG METRICS DEFINED.—In this sub-
national economy back in place. demic. section, the term ‘ESG metrics’ has the meaning
Let’s invest in our most vulnerable given the term in part 210 of title 17, Code of
f with the American Families Plan. Federal Regulations as amended pursuant to
We can recover. ‘‘We can do it,’’ ‘‘Si section 3(b) of the ESG Disclosure Simplification
se puede.’’ Act of 2021.’’.
THE TERRITORIES HEALTH (b) RULEMAKING.—
EQUITY ACT f (1) IN GENERAL.—The Securities and Exchange
(Ms. PLASKETT asked and was given Commission (in this Act referred to as the ‘‘Com-
ESG DISCLOSURE SIMPLIFICATION
permission to address the House for 1 mission’’) shall amend part 210 of title 17, Code
ACT OF 2021 of Federal Regulations (or any successor there-
minute and to revise and extend her re- to) to—
Ms. WATERS. Mr. Speaker, pursuant
marks.) (A) require each issuer, in any filing of the
to House Resolution 473, I call up the
Ms. PLASKETT. Mr. Speaker, today issuer described in such part that requires au-
bill (H.R. 1187) to provide for disclosure
I rise in support of my bill, H.R. 3434, dited financial statements, to disclose environ-
of additional material information
the Territories Health Equity Act of mental, social, and governance metrics (in this
about public companies and establish a title referred to as ESG metrics); and
2021.
Sustainable Finance Advisory Com- (B) define ESG metrics.
This bill will address the existing in- mittee, and for other purposes, and ask (2) SUSTAINABLE FINANCE ADVISORY COM-
equalities the territories face under for its immediate consideration in the MITTEE.—The Sustainable Finance Advisory
Medicaid, Medicare, and other Federal House. Committee established pursuant to section 4(k)
health programs. Importantly, regard- The Clerk read the title of the bill. of the Securities and Exchange Act of 1934 shall,
ing Medicaid, it would provide us with The SPEAKER pro tempore (Mr. not later than 180 days after the date of the first
the equitable share of Federal funding CUELLAR). Pursuant to House Resolu- meeting of such Committee, submit to the Com-
for Medicaid beyond the upcoming fis- mission recommendations about what ESG
tion 473, in lieu of the amendment in metrics the Commission should require issuers to
cal cliff when much of the existing the nature of a substitute rec-
funding for the territories is scheduled disclose.
ommended by the Committee on Fi- (3) MATERIALITY.—It is the sense of Congress
to expire at the end of September 2021. nancial Services printed in the bill, an that ESG metrics, as such term is defined by the
In the midst of a global pandemic, amendment in the nature of a sub- Commission pursuant to paragraph (1), are de
with more Federal attention on how stitute consisting of the text of Rules facto material for the purposes of disclosures
healthcare funding disparities have had Committee Print 117–5 is adopted and under the Securities Exchange Act of 1934 and
a deleterious impact on the finances of the bill, as amended, is considered the Securities Act of 1933.
local governments and hospitals (4) INCORPORATION OF INTERNATIONAL STAND-
read. ARDS.—When amending part 210 of title 17, Code
throughout the country, we believe The text of the bill, as amended, is as of Federal Regulations (or any successor there-
this is an opportune time to press for follows: to) pursuant to paragraph (1), the Commission
equity in Medicaid and Medicare. may, as the Commission determines appropriate,
Be it enacted by the Senate and House of Rep-
The inequities in Federal funding resentatives of the United States of America in incorporate any internationally recognized,
provided to the territories for Medicaid Congress assembled, independent, multi-stakeholder environmental,
and Medicare have put access to afford- SECTION 1. SHORT TITLE. social, and governance disclosure standards.
able healthcare out of reach for too This Act may be cited as the ‘‘Corporate Gov- (5) LOCATION OF DISCLOSURE.—Any disclosure
many in the Virgin Islands and the ernance Improvement and Investor Protection required by paragraph (1) may be included in a
ctelli on DSK11ZRN23PROD with HOUSE
other territories, making our hospitals’ Act’’. notes section of the filing.
(6) DELAY FOR SMALL ISSUERS.—The Commis-
emergency rooms the primary TITLE I—ESG DISCLOSURE sion may use a phased approach when applying
healthcare provider for one-third of our SIMPLIFICATION any amendments made pursuant to paragraph
population without health insurance, SEC. 101. SHORT TITLE. (1) to small issuers and may determine the cri-
which contributes to unmanageable This title may be cited as the ‘‘ESG Disclosure teria by which an issuer qualifies as a small
costs. Please support H.R. 3434. Simplification Act of 2021’’. issuer for purposes of such phased approach.
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