```

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9543 Introduced in House (IH)]

<DOC>

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.

    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 ``American Sovereign Wealth Fund 
Exploration Act''.

SEC. 2. COMMISSION ON EXPLORING THE CREATION OF A SOVEREIGN WEALTH FUND 
              OF THE UNITED STATES.

    (a) Establishment.--Not later than 90 days after the date of the 
enactment of this Act, the Secretary of the Treasury shall establish a 
commission to be known as the ``Commission on Exploring the Creation of 
a Sovereign Wealth Fund of the United States'' (in this Act referred to 
as the ``Commission'') to study and make recommendations to Congress 
and to the President about the creation of a national sovereign wealth 
fund owned and managed by the United States.
    (b) Membership.--The Commission shall be composed of the following 
members:
            (1) 9 representatives from the Department of the Treasury, 
        appointed by the Secretary of the Treasury.
            (2) 3 representatives from the Department of Commerce, 
        appointed by the Secretary of Commerce.
            (3) 3 representatives from the Securities and Exchange 
        Commission, appointed by the Chairman of the Securities and 
        Exchange Commission.
            (4) 3 representatives from the Board of Governors of the 
        Federal Reserve System or a Federal reserve bank, appointed by 
        the Chairman of the Federal Reserve.
            (5) 7 representatives from academia or experts in the 
        fields of economics, monetary policy, fiscal policy, investment 
        policy, industrial policy, or other aspects involving sovereign 
        wealth funds, appointed by the Secretary of the Treasury.
    (c) Terms and Vacancies.--
            (1) Terms.--A member of the Commission shall be appointed 
        for a term of 2 years. A member may be reappointed for such 
        additional 2-year term as the individual appointing such member 
        determines appropriate.
            (2) Vacancies.--The relevant individual appointing each 
        member shall fill a vacancy in the Commission in the same 
        manner as the original appointment not later than 30 days after 
        such vacancy occurs.
    (d) Meetings.--
            (1) Frequency.--The Commission shall meet not less 
        frequently than once a quarter. The Commission shall meet 
        within 60 days of the appointment of all members.
            (2) Subcommittees.--The Commission may form subcommittees, 
        which shall meet as often as required.
            (3) Quorum.--A majority of the members of the Commission 
        shall constitute a quorum.
    (e) Chairperson.--Members of the Commission shall select a 
Chairperson from among the members of the Commission. If the position 
of Chairperson becomes vacant, the members of the Commission shall 
select a new Chairperson not later than 30 days after the date on which 
the position became vacant.
    (f) Investigation.--The Commission shall conduct an investigation 
that includes the following:
            (1) An examination of the feasibility, considerations, and 
        implications of creating and operating a sovereign wealth fund 
        of the United States, including--
                    (A) sources of revenue into the fund, such as--
                            (i) natural resources;
                            (ii) existing assets owned by the Federal 
                        Government;
                            (iii) taxes and levies; and
                            (iv) borrowed money, deficit spending, bond 
                        issuance, and other mechanisms;
                    (B) management logistics, such as--
                            (i) the creation and composition of an 
                        independent board or commission to administer 
                        the funds;
                            (ii) how investments would be determined; 
                        and
                            (iii) whether and how the fund would be 
                        subject to audits, reports, transparency, and 
                        other accountability mechanisms;
                    (C) composition of the fund and which assets would 
                be attainable by the fund, such as--
                            (i) domestic and international holdings 
                        of--
                                    (I) stocks;
                                    (II) bonds;
                                    (III) real estate; and
                                    (IV) other wealth generating 
                                ventures; and
                            (ii) limitations on which assets to invest 
                        in;
                    (D) ownership rights in the assets and how these 
                would be exercised, including withdrawals;
                    (E) usage of funds and wealth generated by the 
                sovereign wealth fund for--
                            (i) general revenue;
                            (ii) existing government programs; and
                            (iii) dividends or direct payments; and
                    (F) implications of the operation and usage of the 
                sovereign wealth fund on--
                            (i) the general fiscal balance of the 
                        United States;
                            (ii) domestic and foreign wealth 
                        inequality;
                            (iii) economic growth and gross domestic 
                        product;
                            (iv) inflation;
                            (v) the real estate market;
                            (vi) financial stability;
                            (vii) political interference;
                            (viii) protectionism and trade wars;
                            (ix) asset prices;
                            (x) exchange rates;
                            (xi) corruption;
                            (xii) national security; and
                            (xiii) any other aspect of the economy.
            (2) A solicitation of views of all parties concerned with 
        creation of a sovereign wealth fund of the United States.
            (3) An evaluation of the advisability of proposals and 
        current arrangements with respect to any issues so identified.
    (g) Powers.--
            (1) In general.--The Commission may hold such hearings, 
        sit, and act at such times and places, take such testimony, and 
        receive such evidence as the Commission considers appropriate 
        to perform the investigation described in subsection (f).
            (2) Detail of federal employees.--Upon request of the 
        Commission, the head of an agency that appoints a member under 
        subsection (b) may detail, on a reimbursable basis, any of the 
        personnel of their respective department or agency to the 
        Commission to assist the Commission to perform the 
        investigation described in subsection (f).
            (3) Experts and consultants.--The Commission may procure 
        such temporary and intermittent services from experts and 
        consultants as are necessary to enable the Commission to 
        perform the investigation described in subsection (f).
            (4) Use of the postal service.--The Commission may use the 
        United States postal service in the same manner and under the 
        same conditions as other Federal agencies.
            (5) Obtain administrative support.--Upon request of the 
        Commission, the Administrator of General Services shall make 
        available to the Commission, at a normal rental rate for 
        Federal agencies, such assistance and facilities as may be 
        necessary for the Commission to perform the investigation 
        described in subsection (f).
            (6) Contract authority.--The Commission may enter into 
        contracts with and compensate the Federal Government, State and 
        local governments, private entities, or individuals to enable 
        the Commission to perform the investigation described in 
        subsection (f).
            (7) Compensation.--The Chairperson of the Commission, in 
        accordance with rules agreed upon by the Commission, shall 
        appoint and fix the compensation of a staff director and such 
        other personnel as may be necessary to enable the Commission to 
        perform the investigation described in subsection (f), without 
        regard to the provisions of title 5, United States Code, 
        governing appointments in the competitive service, and without 
        regard to the provisions of chapter 51 and subchapter III of 
        chapter 53 of such title relating to classification and General 
        Schedule pay rates, except that no rate of pay fixed under this 
        subsection may exceed the equivalent of that payable to a 
        person occupying a position at level V of the Executive 
        Schedule under section 5316 of such title.
            (8) Travel expenses.--Members of the Commission shall be 
        allowed travel expenses, including per diem in lieu of 
        subsistence, at rates authorized for employees under subchapter 
        I of chapter 57 of title 5, United States Code, while away from 
        their homes or regular places of business in the performance of 
        services for the Commission.
    (h) Report.--Not later than 2 years after the date of the first 
meeting of the Commission, the Commission shall submit to the public, 
the President, relevant Federal agencies, and relevant Congressional 
committees, as determined by the Commission, a report that includes the 
following:
            (1) The findings of the investigation described in 
        subsection (f).
            (2) Recommendations, based on such findings, which shall 
        include--
                    (A) recommendations for legislative action; and
                    (B) recommendations for guidance, regulations, and 
                other administrative rulemaking for the relevant 
                Federal departments and agencies, as determined by the 
                Commission.
            (3) The report may include any minority views or opinions.
                                 <all>
```