I 
119TH CONGRESS 
1ST SESSION H. R. 3116 
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 
APRIL 30, 2025 
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 Representa-
tives 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 Chair of the 
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Federal Reserve shall establish a commission to be known 
as the ‘‘Commission on Exploring the Creation of a Sov-
ereign Wealth Fund of the United States’’ (in this Act 
referred to as the ‘‘Commission’’) to study and make rec-
ommendations to Congress about the creation of a na-
tional sovereign wealth fund owned and managed by the 
United States. 
(b) MEMBERSHIP.—The Commission shall be com-
posed of the following members: 
(1) 6 representatives from the Board of Gov-
ernors of the Federal Reserve System or a Federal 
reserve bank, appointed by the Chair of the Federal 
Reserve. 
(2) 3 representatives from the Department of 
the Treasury, appointed by the Secretary of the 
Treasury. 
(3) 3 representatives from the Securities and 
Exchange Commission, appointed by the Chairman 
of the Securities and Exchange Commission. 
(4) 2 representatives from the Department of 
Commerce, appointed by the Secretary of Commerce. 
(5) 1 representative from the Office of the 
United States Trade Representative, appointed by 
the United States Trade Representative. 
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(6) 10 representatives from academia or experts 
in the fields of economics, monetary policy, fiscal 
policy, investment policy, social policy, industrial pol-
icy, or other aspects involving sovereign wealth 
funds, appointed by the Chair of the Federal Re-
serve. 
(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 deter-
mines appropriate. 
(2) VACANCIES.—The relevant individual ap-
pointing each member shall fill a vacancy in the 
Commission in the same manner as the original ap-
pointment 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 Com-
mission shall meet within 60 days of the appoint-
ment of all members. 
(2) SUBCOMMITTEES.—The Commission may 
form subcommittees, which shall meet as often as re-
quired. 
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(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 va-
cant, 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, consider-
ations, limitations, and implications of creating and 
operating a sovereign wealth fund of the United 
States (in this Act referred to as the ‘‘Fund’’), in-
cluding— 
(A) sources of revenue into the Fund, such 
as— 
(i) natural resources; 
(ii) existing assets owned by the Fed-
eral Government; 
(iii) royalties; 
(iv) taxes and levies; 
(v) tariffs and duties; 
(vi) foreign exchange reserves; 
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(vii) borrowed money, deficit spend-
ing, bond issuance; 
(viii) budgetary surpluses; 
(ix) private contributions; 
(x) foreign contributions; and 
(xi) other revenue streams; 
(B) composition of the Fund and which as-
sets would be attainable by the Fund for hold-
ings, such as— 
(i) domestic and international hold-
ings of— 
(I) stocks and equities; 
(II) bonds, debts, and other fixed 
income; 
(III) real estate, infrastructure, 
commodities, and other assets; 
(IV) private equity; 
(V) cash and currency reserves; 
(VI) other wealth generating ven-
tures; and 
(VII) other ventures of strategic 
importance; and 
(ii) limitations on which assets to in-
vest in; 
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(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 Com-
mission to assist the Commission to perform the in-
vestigation described in subsection (f). 
(3) EXPERTS AND CONSULTANTS.—The Com-
mission may procure such temporary and intermit-
tent 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 Com-
mission 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 Com-
mission, at a normal rental rate for Federal agen-
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cies, such assistance and facilities as may be nec-
essary for the Commission to perform the investiga-
tion 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 Commis-
sion to perform the investigation described in sub-
section (f). 
(7) COMPENSATION.—The Chairperson of the 
Commission, in accordance with rules agreed upon 
by the Commission, shall appoint and fix the com-
pensation of a staff director and such other per-
sonnel as may be necessary to enable the Commis-
sion to perform the investigation described in sub-
section (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 chap-
ter 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. 
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(8) TRAVEL EXPENSES.—Members of the Com-
mission 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 perform-
ance 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 deter-
mined by the Commission, a report that includes the fol-
lowing: 
(1) The findings of the investigation described 
in subsection (f). 
(2) Recommendations, based on such findings, 
which shall include detailed recommendations for 
legislative action. 
(3) The report may include any minority views 
or opinions. 
Æ 
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