I 

118TH CONGRESS 

2D SESSION H. R. 9543 

To establish a commission to study the creation of a national sovereign 

wealth fund by the United States, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 11, 2024 

Mr. MCGARVEY introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

To establish a commission to study the creation of a national 

sovereign wealth fund by the United States, and for 

other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘American Sovereign 

5 Wealth Fund Exploration Act’’. 

6 SEC. 2. COMMISSION ON EXPLORING THE CREATION OF A 

7 SOVEREIGN WEALTH FUND OF THE UNITED 

8 STATES. 

9 (a) ESTABLISHMENT.—Not later than 90 days after 

10 the date of the enactment of this Act, the Secretary of 


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1 the Treasury shall establish a commission to be known as 

2 the ‘‘Commission on Exploring the Creation of a Sovereign 

3 Wealth Fund of the United States’’ (in this Act referred 

4 to as the ‘‘Commission’’) to study and make recommenda5 tions to Congress and to the President about the creation 

6 of a national sovereign wealth fund owned and managed 

7 by the United States. 

8 (b) MEMBERSHIP.—The Commission shall be com9 posed of the following members: 

10 (1) 9 representatives from the Department of 

11 the Treasury, appointed by the Secretary of the 

12 Treasury. 

13 (2) 3 representatives from the Department of 

14 Commerce, appointed by the Secretary of Commerce. 

15 (3) 3 representatives from the Securities and 

16 Exchange Commission, appointed by the Chairman 

17 of the Securities and Exchange Commission. 

18 (4) 3 representatives from the Board of Gov19 ernors of the Federal Reserve System or a Federal 

20 reserve bank, appointed by the Chairman of the 

21 Federal Reserve. 

22 (5) 7 representatives from academia or experts 

23 in the fields of economics, monetary policy, fiscal 

24 policy, investment policy, industrial policy, or other 


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1 aspects involving sovereign wealth funds, appointed 

2 by the Secretary of the Treasury. 

3 (c) TERMS AND VACANCIES.— 

4 (1) TERMS.—A member of the Commission 

5 shall be appointed for a term of 2 years. A member 

6 may be reappointed for such additional 2-year term 

7 as the individual appointing such member deter8 mines appropriate. 

9 (2) VACANCIES.—The relevant individual ap10 pointing each member shall fill a vacancy in the 

11 Commission in the same manner as the original ap12 pointment not later than 30 days after such vacancy 

13 occurs. 

14 (d) MEETINGS.— 

15 (1) FREQUENCY.—The Commission shall meet 

16 not less frequently than once a quarter. The Com17 mission shall meet within 60 days of the appoint18 ment of all members. 

19 (2) SUBCOMMITTEES.—The Commission may 

20 form subcommittees, which shall meet as often as re21 quired. 

22 (3) QUORUM.—A majority of the members of 

23 the Commission shall constitute a quorum. 

24 (e) CHAIRPERSON.—Members of the Commission 

25 shall select a Chairperson from among the members of the 


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1 Commission. If the position of Chairperson becomes va2 cant, the members of the Commission shall select a new 

3 Chairperson not later than 30 days after the date on which 

4 the position became vacant. 

5 (f) INVESTIGATION.—The Commission shall conduct 

6 an investigation that includes the following: 

7 (1) An examination of the feasibility, consider8 ations, and implications of creating and operating a 

9 sovereign wealth fund of the United States, includ10 ing— 

11 (A) sources of revenue into the fund, such 

12 as— 

13 (i) natural resources; 

14 (ii) existing assets owned by the Fed15 eral Government; 

16 (iii) taxes and levies; and 

17 (iv) borrowed money, deficit spending, 

18 bond issuance, and other mechanisms; 

19 (B) management logistics, such as— 

20 (i) the creation and composition of an 

21 independent board or commission to ad22 minister the funds; 

23 (ii) how investments would be deter24 mined; and 


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1 (iii) whether and how the fund would 

2 be subject to audits, reports, transparency, 

3 and other accountability mechanisms; 

4 (C) composition of the fund and which as5 sets would be attainable by the fund, such as— 

6 (i) domestic and international hold7 ings of— 

8 (I) stocks; 

9 (II) bonds; 

10 (III) real estate; and 

11 (IV) other wealth generating ven12 tures; and 

13 (ii) limitations on which assets to in14 vest in; 

15 (D) ownership rights in the assets and how 

16 these would be exercised, including withdrawals; 

17 (E) usage of funds and wealth generated 

18 by the sovereign wealth fund for— 

19 (i) general revenue; 

20 (ii) existing government programs; 

21 and 

22 (iii) dividends or direct payments; and 

23 (F) implications of the operation and 

24 usage of the sovereign wealth fund on— 


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1 (i) the general fiscal balance of the 

2 United States; 

3 (ii) domestic and foreign wealth in4 equality; 

5 (iii) economic growth and gross do6 mestic product; 

7 (iv) inflation; 

8 (v) the real estate market; 

9 (vi) financial stability; 

10 (vii) political interference; 

11 (viii) protectionism and trade wars; 

12 (ix) asset prices; 

13 (x) exchange rates; 

14 (xi) corruption; 

15 (xii) national security; and 

16 (xiii) any other aspect of the economy. 

17 (2) A solicitation of views of all parties con18 cerned with creation of a sovereign wealth fund of 

19 the United States. 

20 (3) An evaluation of the advisability of pro21 posals and current arrangements with respect to any 

22 issues so identified. 

23 (g) POWERS.— 

24 (1) IN GENERAL.—The Commission may hold 

25 such hearings, sit, and act at such times and places, 


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1 take such testimony, and receive such evidence as 

2 the Commission considers appropriate to perform 

3 the investigation described in subsection (f). 

4 (2) DETAIL OF FEDERAL EMPLOYEES.—Upon 

5 request of the Commission, the head of an agency 

6 that appoints a member under subsection (b) may 

7 detail, on a reimbursable basis, any of the personnel 

8 of their respective department or agency to the Com9 mission to assist the Commission to perform the in10 vestigation described in subsection (f). 

11 (3) EXPERTS AND CONSULTANTS.—The Com12 mission may procure such temporary and intermit13 tent services from experts and consultants as are 

14 necessary to enable the Commission to perform the 

15 investigation described in subsection (f). 

16 (4) USE OF THE POSTAL SERVICE.—The Com17 mission may use the United States postal service in 

18 the same manner and under the same conditions as 

19 other Federal agencies. 

20 (5) OBTAIN ADMINISTRATIVE SUPPORT.—Upon 

21 request of the Commission, the Administrator of 

22 General Services shall make available to the Com23 mission, at a normal rental rate for Federal agen24 cies, such assistance and facilities as may be necVerDate Sep 11 2014 19:41 Sep 16, 2024 Jkt 049200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H9543.IH H9543

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1 essary for the Commission to perform the investiga2 tion described in subsection (f). 

3 (6) CONTRACT AUTHORITY.—The Commission 

4 may enter into contracts with and compensate the 

5 Federal Government, State and local governments, 

6 private entities, or individuals to enable the Commis7 sion to perform the investigation described in sub8 section (f). 

9 (7) COMPENSATION.—The Chairperson of the 

10 Commission, in accordance with rules agreed upon 

11 by the Commission, shall appoint and fix the com12 pensation of a staff director and such other per13 sonnel as may be necessary to enable the Commis14 sion to perform the investigation described in sub15 section (f), without regard to the provisions of title 

16 5, United States Code, governing appointments in 

17 the competitive service, and without regard to the 

18 provisions of chapter 51 and subchapter III of chap19 ter 53 of such title relating to classification and 

20 General Schedule pay rates, except that no rate of 

21 pay fixed under this subsection may exceed the 

22 equivalent of that payable to a person occupying a 

23 position at level V of the Executive Schedule under 

24 section 5316 of such title. 


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1 (8) TRAVEL EXPENSES.—Members of the Com2 mission shall be allowed travel expenses, including 

3 per diem in lieu of subsistence, at rates authorized 

4 for employees under subchapter I of chapter 57 of 

5 title 5, United States Code, while away from their 

6 homes or regular places of business in the perform7 ance of services for the Commission. 

8 (h) REPORT.—Not later than 2 years after the date 

9 of the first meeting of the Commission, the Commission 

10 shall submit to the public, the President, relevant Federal 

11 agencies, and relevant Congressional committees, as deter12 mined by the Commission, a report that includes the fol13 lowing: 

14 (1) The findings of the investigation described 

15 in subsection (f). 

16 (2) Recommendations, based on such findings, 

17 which shall include— 

18 (A) recommendations for legislative action; 

19 and 

20 (B) recommendations for guidance, regula21 tions, and other administrative rulemaking for 

22 the relevant Federal departments and agencies, 

23 as determined by the Commission. 


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1 (3) The report may include any minority views 

2 or opinions. 

Æ 


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