; 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. 5. Study on climate change and other environmental disclosures in municipal bond market (a) In general The Securities and Exchange Commission shall solicit public comment and thereafter 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 disclosure to investors regarding climate change and other environmental matters. (b) Contents The study under subsection (a) shall consider and analyze, among other things— (1) the frequency of such disclosures; (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 other audiences other than investors; (3) any voluntary or mandatory disclosure standards observed by issuers of municipal securities in the course of making such disclosures