b'2021 ANNUAL REPORTInvestor Protection: With a new presidential administration and new leadership at the helm of the Securities and Exchange Commission (SEC) and the Department of Labor (DOL), the steady march of anti-investor regulations that characterized the previous administration has largely ceased. Instead, under newleadership, rules and regulations intended to undergird the health and transparency of our capital markets, strengthen shareholder rights, and enhance corporate accountability have been issued and continue to be proposed.Filing comment letters, recruiting other organizations to sign on to comments, briefing members of Congress and congressional staff, and helping to coordinate coalition meetings, CFA was a leader on several key issues, including closing loopholes that weaken the standards that apply to retirement investment advice; pushing for enhanced disclosures of the material climate and environmental, social, and governance (ESG) impacts of corporate issuers, and finally, delivering support for several pieces of pro-investor legislation, including a bipartisan bill aimed at preventing fraud and abuse against elder investors.While certain late-2020 rules at both the SEC and DOL that CFA fought against went into effectnamely Regulation Best Interest (the SECs weak and inadequate regulations governing broker-dealers investment recommendations to retail investors) and a DOL rule that applies to the advice that financial services providers can offer clients on how to best manage retirement accountsCFA continued to work with these agencies to help usher in strong subsequent guidance that will seek to close gaps left by the shortcomings of these rulemakings. CFAs advocacy was instrumental in providing the kind of detailed critique that supported the efforts of the new administration to enhance these rules.Separately, CFA produced a report analyzing the policy implications of a forthcoming SEC rule that will expand and enhance corporate issuer disclosures relating to climate and ESG impacts of corporate issuers, a rule that will fundamentally alter the landscape of mandatory regulatory reporting for a large swath of companies in the U.S. CFA also co-hosted a virtual panel discussion addressing this topic, moderated by former SEC Commissioner Kara Stein. These 12 Consumer Federation of America'