Energy for America’s Economic Future Act

Bill: 118-s-5623
Sponsor: full_name: Sen. Schmitt, Eric [R-MO]
Introduced: 2024-12-19
Policy area: Economics and Public Finance
Latest action: action_date: 2024-12-19
text: Read twice and referred to the Committee on Energy and Natural Resources.

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 5623 IN THE SENATE OF THE UNITED STATES December 19 (legislative day, December 16), 2024 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.

1. Short title This Act may be cited as the Energy for America’s Economic Future Act . 2. Debt reduction fund (a) Definitions In this Act: (1) Fund The term Fund means the Debt Reduction Fund established under subsection (b). (2) Secretary The term Secretary means the Secretary of the Treasury. (3) Total revenue The term total revenue means all initial bid amounts collected at the time of an oil or gas lease sale, including royalties, rental payments, and fees accrued over the life of the lease. (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, 25 percent of the total revenue generated by an onshore or offshore Federal oil and gas lease sale conducted under the Mineral Leasing Act ( 30 U.S.C. 181 et seq. ) or the Outer Continental Shelf Lands Act ( 43 U.S.C. 1331 et seq. ), as applicable, shall be deposited into the Fund. (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), specifying— (1) the Treasury securities or other debt instruments redeemed; and (2) the associated reduction in total Federal debt.