1. Short title This Act may be cited as the Restructuring Environmentally Sound Pensions in Order to Negate Disaster Act of 2020 or the RESPOND Act of 2020 . 2. Climate change economic cost report The Board of Governors of the Federal Reserve System and the Securities and Exchange Commission shall, jointly, issue an annual report to the Congress projecting and accounting for the economic costs directly and indirectly caused by the impacts of climate change, including the labor market, economic growth, property and land damage from rising sea levels and extreme weather, natural disaster relief and mitigation, public health, and other broad areas of the economy. 3. Federal Advisory Panel on the Economics of Climate Change Section 8438 of title 5, United States Code, is amended by adding at the end the following: (i) Federal Advisory Panel on the Economics of Climate Change (1) Establishment The Board shall establish a panel to be known as the Federal Advisory Panel on the Economics of Climate Change (the Advisory Panel ). (2) Membership (A) In general The Advisory Panel shall consist of 9 members, appointed by the Board as follows: (i) Three members shall be chosen from among persons generally recognized for their impartiality, knowledge, and experience in the field of labor relations and pay policy. (ii) Six members shall be chosen from among persons with expertise in local, national, or transnational financing that seeks to support mitigation and adaptation actions to combat climate change. (B) Limitation Not more than 3 members of the Advisory Panel may represent a single employee organization, council, federation, alliance, association, or affiliation of employee organizations. (C) Chair The Board shall appoint one member of the Advisory Panel appointed pursuant to subparagraph (A)(i) to serve as the Chair of the Advisory Panel. (D) Compensation (i) In general Members of the Advisory Council may not receive pay by reason of their service on the Advisory Council, nor shall members who are not otherwise