; and (2) legislative and administrative actions that, if implemented at the Federal level, would prevent such pension plans from subordinating the interests of participants and beneficiaries to environmental, social, or governance objectives. (b) Report Not later than 12 months after the date of enactment of this Act, the Comptroller General submit to Congress a report containing the results of the study. 6. Study on climate change and other environmental disclosures in municipal bond market (a) In general The Commission shall solicit public comment and thereafter conduct a study to determine the extent to which issuers of municipal securities make disclosures to investors regarding climate change and other environmental matters (referred to in this section as covered disclosures ). (b) Contents The study under subsection (a) shall consider and analyze, among other things— (1) the frequency of covered disclosures; (2) whether covered disclosures made by issuers of municipal securities in connection with offerings of securities align with covered disclosures made by issuers of municipal securities in other contexts or to other audiences other than investors; (3) any voluntary or mandatory disclosure standards observed by issuers of municipal securities in the course of making covered disclosures; and (4) the degree to which investors consider covered disclosures in connection with making an investment decision. (c) Report (1) In general Not later than 1 year after the date of enactment of this Act, the 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 on the study required under this section. (2) Contents The report required under paragraph (1) shall include— (A) a detailed discussion of— (i) the financial risks to investors from investments in municipal securities; and (ii) whether the risks described in clause (i) are being adequately disclosed