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This bill would create a new fund in the Treasury to help pay down the national debt. Starting 100 days after the law takes effect, part of the money earned from certain federal oil and gas lease sales, and part of the money tied to activities under a recent executive order on AI infrastructure, would be sent into this fund each quarter. The money in the fund could be used only to reduce federal debt, mainly by paying off Treasury securities and other government debt. The Treasury Secretary would also have to report to Congress on the amounts used and how much debt was reduced.
- Creates a “Debt Reduction Fund” in the U.S. Treasury.
- Each quarter, 25% of revenue from federal onshore and offshore oil and gas lease sales would be deposited into the fund.
- Each quarter, 25% of revenue from activities connected to the executive order on advancing AI infrastructure would also go into the fund.
- The Treasury Secretary must use the money only to reduce federal debt and must send Congress a report within 1 year, then every quarter after that.
Official Summaries
Energy for America’s Economic Future Act
This bill establishes a fund to reduce the principal of the federal debt. Each fiscal quarter, 25% of the total revenue generated by activities relating to advancing artificial intelligence infrastructure in the United States as well as 25% of the total revenue generated by federal oil and gas lease sales must be deposited into the fund. Total revenue includes bonus bid amounts collected at the time of an oil or gas lease sale, as well as royalties, rental payments, and fees accrued over the life of the lease that were disbursed to the Treasury as miscellaneous receipts.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 168 Introduced in Senate (IS)]
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119th CONGRESS
1st Session
S. 168
To establish a debt reduction fund to reduce the national debt of the
United States, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 21, 2025
Mr. Schmitt introduced the following bill; which was read twice and
referred to the Committee on Energy and Natural Resources
_______________________________________________________________________
A BILL
To establish a debt reduction fund to reduce the national debt of the
United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Energy for America's Economic Future
Act''.
SEC. 2. DEBT REDUCTION FUND.
(a) Definitions.--In this Act:
(1) Fund.--The term ``Fund'' means the Debt Reduction Fund
established by subsection (b).
(2) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(3) Total revenue.--The term ``total revenue'' means all
bonus bid amounts collected at the time of an oil or gas lease
sale, as well as royalties, rental payments, and fees accrued
over the life of the lease, that were disbursed to the Treasury
of the United States as miscellaneous receipts.
(b) Establishment.--There is established in the Treasury of the
United States a fund, to be known as the ``Debt Reduction Fund''.
(c) Deposits.--Notwithstanding any other provision of law,
effective beginning on the date that is 100 days after the date of
enactment of this Act, there shall be deposited into the Fund for each
fiscal quarter--
(1) an amount equal to 25 percent of the total revenue
generated by each onshore and offshore Federal oil and gas
lease sale conducted under the Mineral Leasing Act (30 U.S.C.
181 et seq.), the Act of August 7, 1947 (commonly known as the
``Mineral Leasing Act for Acquired Lands'') (30 U.S.C. 351 et
seq.), or the Outer Continental Shelf Lands Act (43 U.S.C. 1331
et seq.), as applicable, during the preceding fiscal quarter;
and
(2) an amount equal to 25 percent of the total revenue
generated by activities associated with the Executive Order
14141 (90 Fed. Reg. 5469; relating to advancing United States
leadership in artificial intelligence infrastructure).
(d) Use.--
(1) In general.--Subject to paragraph (2), any amounts
deposited into the Fund shall be used solely to reduce the
principal of the Federal debt.
(2) Treasury securities.--Not later than the last day of
each fiscal quarter, the Secretary shall apply all amounts
deposited into the Fund solely towards reduction of outstanding
Treasury securities held by the public, or other debt
instruments.
(e) Report.--Not later than 1 year after the date of enactment of
this Act, and quarterly thereafter, the Secretary shall submit to
Congress a report detailing the amounts deposited into the Fund that
were applied in accordance with subsection (d) during the period
covered by the report, specifying--
(1) the Treasury securities or other debt instruments
redeemed; and
(2) the associated reduction in total Federal debt.
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